Rising Bank High Yield Savings Account review
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.
Minimum deposit to open
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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:
- Go to the provider’s site and follow the steps to apply.
- From the Provider website, click or tap Open an account in the menu bar
- Select High Yield Savings and select Apply Now
- Fill in your info, including details about your identity
- Follow the prompts to open your account
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
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.
How do I deposit or withdraw my money?
There are a few ways to fund your account and access your cash:
- Deposit a check in its mobile app
- Initiate a bank-to-bank (ACH) transfer
- Receive a wire transfer
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.