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Rising Bank CD review

Earn up to 0.6% APY on a one-, two- or three-year CD.

finder.com’s rating: 4.0 / 5.0

★★★★★

Rising Bank is the online banking division of Midwest BankCentre, a large community bank in St. Louis, Missouri. It offers mid-term CD options with competitive interest rates. But it doesn’t offer CD terms shorter than 12 months or longer than three years.

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0.5%

1-year APY

0.6%

3-year APY

Details

Minimum deposit to open$1,000
Interest compoundingQuarterly
1-year APY0.5%
2-year APY0.55%
3-year APY0.6%
Early withdrawal penalty90 days interest for terms of 1 to 12 months
180 days interest for terms of 13 to 36 months

Review by


Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

Rising Bank CDs are best for those looking for a high interest rate without a long-term commitment. But there’s a lack of short- and long-term options and your interest is compounded every three months.

How do I open a Rising Bank CDs?

Apply for a Rising Bank CD in six steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Click Open an account from the company home page.
  3. Click the Certificates of deposit tab.
  4. Select the CD from the drop-down list and click Apply now.
  5. Confirm your email and enter your personal information and click Continue.
  6. Select how to fund your CD account.
  7. Submit your application.

Eligibility

To open a Rising Bank CD, you need to meet the following qualifications:

  • At least 18 years old
  • US citizen or resident
  • Not subject to IRS backup withholding

Required information

Have the following information ready when you apply:

  • Date of birth
  • Social Security number
  • Occupation
  • Email address
  • Resident address

Funding options

Fund your Rising Bank CD in three ways:

  • ACH/bank transfer
  • Mail a check
  • Transfer from an existing Rising Bank account

Benefits of a Rising Bank CD

With Rising Bank, expect these benefits from your CD account:

  • High rates. You’ll earn 0.5% APY on a one-year CD, 0.55% APY on a two-year CD and 0.6% on a three-year CD. These rates are much higher than what you’ll find at a traditional bank and still competitive with online bank rates.

What to watch out for

Consider some of the following drawbacks before you apply for a Rising Bank CD:

  • Interest compounded every three months. Unlike CDs that compound interest daily or monthly, Rising Bank compounds the interest on your CD every three months.
  • High deposit. You’ll need $1,000 to open a standard CD with Rising Bank. You’ll find that some competitors require deposits as low as $500.
  • Lack of term lengths. Rising Bank only offers mid-term CDs. The shortest CD offered is a one year and the longest term is for three years.

If you want to lock your money away for less than 12 months, you’ll want to keep looking and compare your options.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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How do I cash in my Rising Bank CD?

Once your CD has matured, you have a 10-day grace period to withdraw, add funds or close your account before the CD automatically renews. If you do nothing, the CD renews on the maturity date with the same term using whatever the current interest rate is for that term.

What other savings products does Rising Bank offer?

Rising Bank’s only other savings product is its high-yield savings account, which offers 0.5% APY credited monthly.

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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