Rising Bank is an online subsidiary of Midwest BankCentre, a well-established community bank based in St. Louis with total assets worth $1.9 billion. Rising Bank was launched in 2018, and carries a bare-bones suite of savings products, including:
- A high-yield savings account
- Term CDs (1-, 2- and 3-year terms available)
- A jumbo CD (2-year term available)
- Rising CDs (18- and 36-month terms available)
Each product comes with fairly standard terms. You can make up to six withdrawals per month from the high-yield savings account, and CDs will automatically renew unless you withdraw the money during a 10-day grace period.
The bank’s Rising CDs, on the other hand, are a unique twist on a traditional bump-up CD. You can opt to boost your interest rate once per term (or twice per term, for 36-month Rising CDs) if the rates that the bank offers do indeed increase. You can also make an additional deposit at any time (or two deposits, for 36-month Rising CDs), but each deposit has to be at least $5,000 or more.
The rates offered on each of these accounts are very competitive, and land near the top of the class within each of the product categories on DepositAccounts. In addition, there are no monthly fees with any of its accounts, although you do need to keep a high minimum deposit amount (at least $1,000 for its term CDs and high-yield savings account, $25,000 for Rising CDs and $100,000 for jumbo CDs) in order to earn any interest.
Rising Bank’s website is clean and easy to navigate, which isn’t surprising given that it only offers a small suite of products. All of your account management can be done from its online site. The bank also offers a mobile app, although it’s unclear if you can use it to do certain commonplace things, such as deposit a check into your savings account or open a new account type.
Related Posts
5/29 - Rising Bank Lowers All Cds And Savings Rate To 1.20% APY
3/21 - Rising Bank Rates Somewhat Increased
3/17 - Rising Bank High Yield Savings Now Down To 1.02% APY
2/29 - Rising Bank Savings Rate Falls To 1.80% APY
10/12 - Rising Bank Lowers Several Rates, Including HYS Falling To 2.00% APY
10/1 - Rising Bank 1-Year Term CD Now Earns 2.45% APY
9/22 - Rising Bank High Yield Savings Loses 10 Bps, Now 2.10%
8/10 - Rising Bank Reduces Most CD Rates Further
8/1 - Rising Bank Rates Drop, 1 Yr CD To 2.40%, High Yield Savings To 2.20%
7/18 - Rising Bank's CD Rates Fall Again
6/27 - Rising Bank Further Reduces Rates
6/20 - Rising Bank CD Rates Falling
2/7 - New Internet Bank, Rising Bank, Launches with Savings Account and CDs
Quick And Painless Signup Process
Responsive, well designed web & mobile UI, was able to signup and get my account funded pretty quickly.
No Problems
Opened account without a hitch.
2 comments
1) the fact that this online bank only offers savings and cd products at this time means the number of fees or charges they plan to assess is very small.
2) APY (Annual Percentage Yield) factors the compounding frequency. So an APY of 2.45 is the same for any compounding period (daily, monthly, quarterly or annually) though the stated periodic interest rates would differ. 2.45 APY vs 0.01% offered by many traditional banks....well you decide
Interest Is Not Compounded
Read their disclosure statement, the fine print. They do not compound interest on their High Yield Savings account.
Secret Transfer Limits Much Lower Than Published
I was a customer for about 3 months, during which time I linked a handful of external accounts and initiated about 10 ACH transfers in the 4 figure range (half in, half out). There were no issues with any of the transfers.
Then the bank decided to close my account, claiming that ACH transfers between verified external accounts and an online savings account are "unusual".
Rising Bank clearly doesn't understand how to operate an online bank. I suggest avoiding this bank.
It's a shame since their mobile app and website interface are quite good. And it's easy to open and fund an account (requires Plaid or a debit card, not a credit card).
Data as of Q2 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1058 |
| Year Established | 1906 |
| Employees | 271 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.95% |
| Return on Equity - YTD | 9.45% |
| Annual Interest Income | $38.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $2.33B$2.34B |
| Loans | Q2 2021vs Q2 2020 | $1.81B$1.77B |
| Deposits | Q2 2021vs Q2 2020 | $1.80B$1.81B |
| Equity Capital | Q2 2021vs Q2 2020 | $258.9MM$211.2MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $20.7MM$17.0MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $6.0MM$4.4MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $919.00K$1.0MM |