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
9/1 - Rising Bank Nationally Available 1-Year CD Is New Rate Leader
8/6 - Rising Bank Bumps Up Nationally Available 1-Year CD Rate
8/6 - Another 3% 1Yr CD
6/20 - Rising Bank Hikes CD, No-Penalty CD, and Rising CD Rates
6/17 - Rising Bank Increases High Yield Savings, No-Penalty CD And Other CD Rates
5/23 - Rising Bank No-Penalty CD and Rising CDs Have New Competitive Rates
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.
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.
Rising Bank Does Not Pay Accrued Interest If CD Early Withdrawal
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
Read their disclosure statement, the fine print. They do not compound interest on their High Yield Savings account.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1058 |
| Year Established | 1906 |
| Employees | 276 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 9.33% |
| Annual Interest Income | $39.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $2.43B$2.33B |
| Loans | Q2 2022vs Q2 2021 | $1.94B$1.81B |
| Deposits | Q2 2022vs Q2 2021 | $1.91B$1.80B |
| Equity Capital | Q2 2022vs Q2 2021 | $266.0MM$258.9MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $22.9MM$20.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $5.4MM$6.0MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $904.00K$919.00K |