Rising Bank High Yield Savings Account

Rising Bank High Yield Savings Account Review

Rising Bank High Yield Savings Account is offered by Rising Bank, a bank founded in 2018 and based in St. Louis, MO. Rising Bank High Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.50%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $1000 to earn that insterest rate.
• $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

Rising Bank Saving Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Higher than average wire transfer fees.

Rising Bank Saving Account FAQ

Are savings accounts from Rising Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #685869). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Rising Bank offer a signup bonus?

Rising Bank Saving Account doesn't offer a signup bonus.

What is the minimum initial deposit for Rising Bank Saving Account?

The minimum deposit to open a Rising Bank Saving Account is $1,000.

Rising Bank High Yield Savings Account Minimums

Description
Minimum Balance to Earn APY	$1,000
Minimum Opening Deposit	$1,000

What APY does Rising Bank High Yield Savings Account offer?

Rising Bank Saving Account offers an APY of 2.50% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Rising Bank Saving Account charge?

Rising Bank Saving Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $25 fee.
• An overdraft on your account will trigger a $25 fee per item.
• Rising Bank Saving Account charges $5 every time you request a paper statement.

Does Rising Bank Saving Account charge overdraft fees?

Yes, Rising Bank Saving Account charges a $25 overdraft fee.

What features and perks does Rising Bank Saving Account offer?

This savings account includes the following features:

• Mobile Banking Services - Rising Bank Saving Account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to Rising Bank Saving Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Rising Bank Saving Account?

The customer support email for Rising Bank Saving Account is support@risingbank.com.