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.
Easy Banking
I’m giving this review from the perspective of a re-peat CD customer who knows nothing of their other financial products if they even have that. I haven’t read anything bad about Rising from searching them up on PACER system.
I’ve been running a CD ladder the past 3 years and found Rising Bank to be a worthy contender for good interest rates and customer satisfaction. Rising usually has some good rates on the short term CDs. They might fall short a point or two but I can overlook that as it is quick and easy to set up a CD account and ACH money into.
This is the easiest I found to set up, fund, and get my money back out of at the end of the CD term in a timely fashion. I found if your CD rolls it can still result in a like termed competitive rate CD. They offered to go .05% more if I allowed them to roll it. I wish I would’ve done that and probably will if they offer it this time. The secure messaging system is user friendly and prompt. They have an uncommon type of website that is simple yet modern. So Yes I would Recommend Rising Bank to a friend or relative.
Satisfied So Far
I've been banking with Rising Bank for over a couple of years now and haven't encountered any problems.
It was easy to open accounts and navigate the site. I only have CD's there so I can't comment with any experience on the other products such as checking with bill pay etc. but I've been happy with the communications, friendliness, and ease of customer service.
They also seem to keep up competitive rates with the other institutions.
So far so good.
Small Warning About Rising Bank No-Penalty Cds
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.
They Use The Plaid Service
If you you don't want to use the Plaid service then look elsewhere. CS was unaware until I contacted them about the missing option to input funding information manually was no longer there. A day later CS confirmed that using Plaid or a debit card are the only funding options now on saving account applications. I went elsewhere.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1058 |
| Year Established | 1906 |
| Employees | 281 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.14% |
| Return on Equity - YTD | 10.09% |
| Annual Interest Income | $37.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $2.87B$2.72B |
| Loans | Q1 2025vs Q1 2024 | $2.27B$2.13B |
| Deposits | Q1 2025vs Q1 2024 | $2.39B$2.27B |
| Equity Capital | Q1 2025vs Q1 2024 | $324.6MM$291.9MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $32MM$29.9MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $7.7MM$6.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |