Competitive CDs and savings account

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Rising bench is an online bank that offers competitive returns on its savings and CD accounts. It also offers an interest-bearing checking account, which you can't get at many traditional, brick-and-mortar banks.

But how does Rising Bank, with a slightly high minimum balance, compare to other leading online banks like Ally or CIT Bank? And do they offer other benefits that people expect from them? best online banks?

We answer these and other questions in this Rising Bank review.

• Rising Bank is the online division of Midwest BankCentre.
• The high-yield savings account offers an annual percentage yield (APY) of 5.00%.
• Rising Bank also offers an interest-bearing checking account and CDs with favorable rates.

What is a Rising Bank?

Rising Bank is the online banking division of Midwest BankCentre, a community bank based in St. Louis, Missouri. While Midwest BankCentre has been around in some form since 1906, Rising Bank was founded in 2018.

What does it offer?

Rising Bank offers many different types of financial products, including business loans, mortgages and home equity loans. It even offers an insurance marketplace with connections to over 40 insurance partners. But for the purposes of this review, I'll focus on the personal deposit account products.

High interest savings account

Rising Bank's high-yield savings account offers an attractive APR of currently 5.00%. This is much higher than what you'll find at most traditional banks and competes with leading online banking offerings.

The downside is that you need at least $1,000 to open an account and you must maintain that balance to earn the high APR. Other high-yield savings accounts do not have this restriction.

Interest-bearing checking account

It's rare to find an interest-bearing checking account. But Rising Bank currently pays 0.30% APY on its checking account. Additionally, there is no monthly maintenance fee, your first set of checks is free, and if you need to withdraw cash, you can do so for free through Rising Banks' ATM network or get a refund when you use MoneyPass ATMs across the US

However, like the savings account, you must make a minimum deposit of $1,000 to open the account and maintain that balance in order to earn interest on your money. This is unfortunate because many people's account balances fluctuate throughout the month.

Certificates of Deposit

Rising Bank offers several certificates of deposit, or CDs, with terms ranging from six months to three years. Savers with a lot of money can also purchase jumbo CDs in addition to classic CDs. The bank also offers a “bump-up CD” option that can help you increase your interest rate over the life of the CD if market rates rise.

Here is a look at the current CD tariffs:

• Earn 5.20% APR with a traditional 6-month CD.
• Earn 5.10% APR with a traditional 12-month CD.
• Earn 4.50% APR with a traditional 15-month CD.
• Earn 4.25% APR with a traditional 2-year CD.
• Earn 3.85% APR with a traditional 3-year CD.

Traditional CDs require you to make a minimum deposit of at least $1,000. Interest will be credited to your account every three months.

If you want to invest at least $100,000, the 2-year jumbo CD offers an APR of 4.30%.

For savers who prefer a top-up option, you can use Rising CDs. You must make a deposit of at least $5,000 and the starting interest rate is 4.30% APR. A 26-month Rising CD is also offered with a 4.20% APR and a minimum required deposit of $10,000. Finally, you can purchase a 36-month Rising CD with a 4.35% APR and a minimum required deposit of $25,000. When you purchase a Rising CD, you have the option to increase your interest rate once during the life of the CD.

Are there any fees?

While there are no monthly fees for any of the retail deposit accounts, various actions may result in a fee. For example, CDs come with an early withdrawal penalty that can reduce your income.

Other fees you may incur include $5 for a cashier's check, $5 for replacement debit cards, $14 per chargeback, and a $25 insufficient funds fee. Be sure to read the fine print on your account to avoid surprise fees.

How does Rising Bank compare?

Rising Bank is far from the only online banking option. This is how it stacks up.

Ally Bench is a full-service online bank that also offers attractive conditions for savers, including an interest-bearing checking account. Ally also offers credit cards, investment accounts, retirement accounts, auto loans, personal loans and mortgages. While Ally's savings APY is slightly lower than Rising Bank's, Ally may be better suited for those who want to keep all of their finances with a single financial institution.

CIT Bank is another popular online option. You'll find an interest-bearing checking account, high-interest savings account options, CDs, and a money market account. With lower minimum balance requirements, CIT Bank may be better suited to savers who are just starting out.

How do I open an account?

If you want to work with Rising Bank, visit the company's website and select “Open Account.” You will be asked to select the account type you would like to apply for.

Be prepared to provide some personal information about yourself, such as your name, phone number, email address, Social Security number, mailing address, and more. If approved, you can fund your account and start using immediately.

Is it safe and secure?

Rising Bank is a division of an FDIC-insured financial institution. This protects your funds from loss up to $250,000 per person per account type.

How do I contact Rising Bank?

You can contact Rising Bank at 1-888-222-9484 or email support@risingbank.com. The app has positive reviews on both the Apple App Store and Google Play Store, which is a good sign of a good experience.

Is it worth it?

Rising Bank's biggest advantage is its high savings APY, which is currently 5.00%. And although the APR requires a minimum balance of $1,000, some online banks have higher minimum balances. For example, CIT Bank currently offers 5.05% APY on your Platinum savings, but only on balances over $5,000.

The downside to Rising Bank is its overall product range, which is quite limited compared to leading digital banks like Ally. For example, Ally Bank offers no fewer than three credit cards with no annual fee, with up to 3% cash back depending on the card you choose. They also offer multiple investment options, including a self-managed trading account with free stock and ETF trading.

The bottom line is that Rising Bank is worth considering if your main goal is to get a good interest rate on a savings account or CDs. If you're looking for a comprehensive online banking option that lets you manage your savings, expenses and investments under one roof, you may want to look elsewhere.

Check out Rising Bank here >>

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