Rising Bank Review 2023: Mobile and Online Banking, No Monthly Maintenance Fees, but a Higher Minimum Deposit Upon Opening

Founded in 2018, Rising Bank is an online division of Midwest BankCentre, a St. Louis-based community bank. Rising Bank offers a range of financial products and services including a checking account and high-yield savings account, CDs, insurance products, credit products and more. All rates and fees are current as of January 4, 2023 and are subject to change.

Rising Bank offers

In addition to a large selection of CD types and maturities, Rising Bank offers a current and high-interest savings account.

checking and savings accounts

Rising checking account

  • APY: 0.30%
  • Minimum deposit at opening: $1,000
  • Monthly fee: $0
  • Minimum balance to earn APY: $1,000

Savings account with high return

Savings account with high return

  • APY: 3.50%
  • Minimum deposit at opening: $1,000
  • Monthly fee: $0
  • Minimum balance to earn APY: $1,000

Certificates of Deposit

Runtime CDs

  • APY:
    • 6-month CD: 3.50%
    • 1 year CD: 4.25%
    • 15 Month CD: 4.75%
    • 2 year CD: 3.80%
    • 3 year CD: 3.85%
  • Monthly fee: $0
  • Minimum balance to earn APY: $1,000
  • Minimum deposit at opening: $1,000

Jumbo CDs

  • APY:
  • Monthly fee: $0
  • Minimum deposit at opening: $100,000
  • Minimum balance to earn APY: $100,000

Ascending CDs

  • APY:
    • 18-month CD: 4.20%
    • 26-month CD: 3.80%
    • 36 month CD: 3.55%
  • Monthly fee: $0
  • Minimum deposit at opening: $5,000 to $25,000
  • Minimum balance to earn APY: $5,000 to $25,000

Other services offered by Rising Bank

Rising Bank offers a number of other services in addition to its basic financial products. Customers can also benefit from:

  • Automatic refinancing: Customers can refinance their car loan and potentially secure a lower interest rate by refinancing their car loan with Rising Bank.
  • Small Business Loans: Rising Bank offers two types of SBA loans for business owners looking to grow their business, acquire others, buy new equipment, and more.
  • Home loans: Mortgage loans and home equity loans are also available through Rising Bank for those looking for a new home or wanting to make improvements to their current home.
  • Insurance: Customers can get a free online quote for auto, home, business, life, pet, wedding, flood, umbrella insurance and more in minutes.
  • Cell: Rising Bank app users can send and receive money quickly and securely via cell.

The Rising Bank platform and customer support

Rising Bank has no physical branches, all its services are provided virtually online or via a mobile app (available on the Apple App Store and Google Play). A Rising Bank representative is available by phone for customer support Monday through Friday between 8:30am and 5:00pm CST. Customers can also send a secure message on the Rising Bank website 24/7 and request support via email.

Pros and cons of Rising Bank

Here are some of the pros and cons to consider when considering opening an account with Rising Bank.


  • Toll-free products: Rising Bank does not charge monthly service fees for account maintenance.
  • Competitor APYs: The APY on the Rising Bank savings account is more than 11 times the national average rate.


  • High minimum opening deposits: The minimum amount needed to open most accounts with Rising Bank is $1,000, which is higher than other banks that offer $0 minimum accounts.
  • No physical branches: Rising Bank is an online-only branch, meaning customers do not have the option of going to a brick-and-mortar location for in-person support.

frequently asked Questions

Who owns Rising Bank?

Rising Bank is a division of Midwest BankCentre, a community bank in St. Louis, Missouri.

Is Rising Bank FDIC insured?

Rising Bank is a member of the Federal Deposit Insurance Corporation (FDIC).

Does Rising Bank offer cells?

Rising Bank members can use cell to send and receive money.

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