Rising Bank

Deposits held and insured by Midwest BankCentre

Overview / Commentary
2191 Lemay Ferry Road
Lemay, MO 63125
Deposits held and insured by Midwest BankCentre

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

Rising Bank Nationally Available 1-Year CD Is Newest Rate Leader - 9/15/2022

Rising Bank (internet bank) 1-year Term CD currently has the top rate for nationally available 1-year CDs. $1k minimum opening deposit with no stated balance cap.

Rising Bank Nationally Available 1-Year CD Is New Rate Leader - 9/1/2022

Rising Bank (internet bank) 1-year Term CD currently offers a top rate following a 35 bps increase. $1k minimum opening deposit with no stated balance cap.

Rising Bank Bumps Up Nationally Available 1-Year CD Rate - 8/6/2022

Rising Bank (internet bank) has boosted its 1-year Term CD rate to a very competitive rate. $1k minimum opening deposit with no stated balance cap.

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Quick And Painless Signup Process

Responsive, well designed web & mobile UI, was able to signup and get my account funded pretty quickly.

Small Warning About Rising Bank No-Penalty Cds

Posted by: |

To start, let me say that the folks who handle customer support at Rising Bank are friendly and competent. They fix stuff when it doesn't work and have been very honest in my experience.

The small gotcha I want to mention is that Rising Bank's no-penalty CDs are not exactly no-penalty.

If you need to close a CD early, you will not be credited with that month's interest if you do so before the posting date (monthly anniversary of the account opening date).

I had a few no-penalty CDs I needed to close just before the actual maturity and called to do this, but, as I mentioned above, the agent I spoke with was unfailingly honest and said that the last month's interest would not post since the posting date had passed.

I decided to pull the money from a regular savings account and hang in there for the remaining two weeks and let the CDs mature, at which point, I'd close them out through the web banking messaging feature.

Again, small gotcha, wish this wasn't the case, but I was warned and given the option, so kudos for honesty and being upfront.

Rising Bank Does Not Pay Accrued Interest If CD Early Withdrawal

Posted by: |

Rising Bank has a very good rate for a No Penalty CD a few months ago and I opened one.

The process was easy and I got quick and expert help with a few questions. Excellent service.

Now that rates have gone up, I looked into the details of closing the CD.

First, interest is credited to the account every three months (one month is typical in my experience). This reduces compounding a tiny bit (as I understand it).

Second, if the account is closed, accrued interest is not paid. Below is a copy/paste from the T&C document. Closing shortly after interest is paid can minimize this.

Effect of closing an account -
If you close your account before interest is credited, you will not receive the accrued interest.

Interest Is Not Compounded

Posted by: |

Read their disclosure statement, the fine print. They do not compound interest on their High Yield Savings account.



Data as of Q2 2022

Data displayed below is for insuring bank: Midwest BankCentre
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Health Grade Components

FDIC Certificate #1058
Year Established1906
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.04%
Return on Equity - YTD9.33%
Annual Interest Income$39.8MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$2.43B$2.33B
LoansQ2 2022vs Q2 2021$1.94B$1.81B
DepositsQ2 2022vs Q2 2021$1.91B$1.80B
Equity CapitalQ2 2022vs Q2 2021$266.0MM$258.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$22.9MM$20.7MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$5.4MM$6.0MM
Real Estate OwnedQ2 2022vs Q2 2021$904.00K$919.00K
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Rising Bank Savings Account Rates

2.35%$1k$500kHigh Yield Savings Account

Rising Bank Checking Account Rates

0.30%$1k$500kRising Checking

Rising Bank CD Rates

3.60%$100k$500k2 Year Jumbo CD
3.55%$1k$500k2 Year Term CD
3.30%$1k$500k1 Year Term CD
3.25%$1k$500k3 Year Term CD
3.20%$5k$500k18 Month Rising CD
3.15%$25k$500k36 Month Rising CD
3.15%$10k-26 Month Rising CD
2.55%$1k-5 Year Term CD
2.50%$1k-15 Month No Penalty CD

Rising Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 2191 Lemay Ferry Road - Lemay, MO 63125

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.