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Rising Bank CD review

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Earn up to 0.65% APY on a one-, two- or three-year CD.

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.

0.6%

1-year APY

0.65%

3-year APY

Details

Minimum deposit to open$1,000
Interest compoundingQuarterly
1-year APY0.6%
2-year APY0.6%
3-year APY0.65%
Early withdrawal penalty90 days interest for terms of 1 to 12 months
180 days interest for terms of 13 to 36 months

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English 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.

Benefits of a Rising Bank CD

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

  • High rates. You’ll earn 0.6% APY on a one-year CD, 0.6% APY on a two-year CD and 0.65% 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
CIT Bank Term CDs
0.35%
0.35%
0.4%
0.4%
0.5%
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
BBVA CD
0.15%
0.15%
0.2%
Discover CDs
0.6%
0.6%
0.65%
0.7%
0.8%
Discover IRA CDs
0.6%
0.6%
0.65%
0.7%
0.8%
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Compare up to 4 providers

How do I open a CD with Rising Bank?

Apply for a Rising Bank CD in six steps:

  1. Click Open an account from the company home page.
  2. Click the Certificates of deposit tab.
  3. Select the CD from the drop-down list and click Apply now.
  4. Confirm your email and enter your personal information and click Continue.
  5. Select how to fund your CD account.
  6. 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

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 0.6% APY credited monthly.

Frequently asked questions

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