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Rising Bank High Yield Savings Account review

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Strong yields at 10x higher than the national average — but it's not compounded.

The Rising Bank High Yield Savings account offers no fees and a competitive interest rate at 0.5%. But your interest won’t compound and there’s no way to deposit or withdraw cash.

0.50%

APY

$0

Fee

$1,000

Minimum deposit to open

Details

Annual percentage yield (APY)0.50%
Fee$0
Minimum deposit to open$1,000
Minimum balance to earn interest$1,000
Interest compoundingDaily
More info

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Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Rising Bank High Yield Savings account has 24/7 customer support, no monthly fee and offers a competitive rate at 0.5% APY.

But the interest doesn’t compound and you can’t deposit or withdraw cash. You’ll also need $1,000 to open and start earning interest on the account.

You can find other high-interest savings accounts with lower minimum deposit requirements. For instance, the Axos Bank High Yield Savings account offers 0.61% APY, an ATM card and $250 to open the account.

How do I open a Rising Bank High Yield Savings account?

To begin banking:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Provider website, click or tap Open an account in the menu bar
  3. Select High Yield Savings and select Apply Now
  4. Fill in your info, including details about your identity
  5. Follow the prompts to open your account

Eligibility

To sign up for a Rising Bank High Yield Savings account, you’ll need to meet these requirements:

  • At least 18 years old
  • US citizen or permanent resident

Required information

Rising Bank may require an email address, a copy of your driver’s license and your Social Security number.

What are the benefits of a Rising Bank High Yield Savings account?

A few perks that help this bank stand out:

  • Competitive interest rate. You’ll earn 0.5% APY — about 10 times the national average, which is 0.5%.
  • No monthly fees. It’s free to sign up and there are no monthly maintenance fees.
  • Around-the-clock customer service. Rising Bank’s customer service is available by phone or email 24/7.

What should I look out for?

Consider this list of negatives before opening the account:

  • High minimum balance. You’ll need a balance of $1,000 to open an account and earn interest.
  • No compounding interest. Unlike other savings accounts like Chase Savings or Capital One 360 Performance Savings, the money you earn from interest doesn’t earn additional interest.
  • No cash. While you can deposit and withdraw funds electronically — including mobile check deposits and wire transfers — you can’t deposit or withdraw cash from your savings account.

Compare Rising Bank High Yield Savings with other savings accounts

Here’s how Rising Bank stands against other savings accounts.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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Compare up to 4 providers

How do I deposit or withdraw my money?

There are a few ways to fund your account and access your cash:

Funding options

  • Deposit a check in its mobile app
  • Initiate a bank-to-bank (ACH) transfer
  • Receive a wire transfer

Withdraw options

There’s only one way to withdraw funds: Link an external account and transfer money out of your Rising Bank High Yield Savings into another account at another financial institution.

What other savings options does Rising Bank offer?

Rising Bank doesn’t offer any other savings products aside from certificates of deposit (CDs) with terms ranging from one to three years.

Frequently asked questions

  • How often is interest paid on a Rising Bank High Yield Savings?
    Interest is paid monthly.
  • How much does it cost to close a Rising Bank High Yield Savings account?
    It’ll cost $10 to close your account within 120 days. Otherwise, it’s free.

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