Updated: Jan 01, 2024

Rising Bank High-Yield Savings Account 2024 Review

Our review of the Rising Bank High Yield Savings Account aims to break down the interest rates, notable fees, and digital tools that help access their accounts.
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

Rising Bank offers a high-yield savings account with an exceptional APY and no monthly fee. You'll need at least $1,000 to open an account and earn interest on balances.

Our Verdict

The Rising Bank Online High-Yield Savings Account offers an outstanding APY that's among the highest of any online savings account. You'll need to deposit $1,000 to open an account and maintain a $1,000 minimum balance to earn a competitive rate. 

Saving with Rising Bank could be an excellent choice for people who:

  • Prefer a high-yield savings account to a money market account or CD
  • Are able to meet the minimum balance and minimum deposit requirements
  • Would like to avoid monthly maintenance fees
  • Don't mind an online-only banking experience

Rising Bank allows you to deposit up to $500,000 in your online savings account. Interest is credited monthly.

Rising Bank High-Yield Savings Account Pros & Cons

  • Amazing APY available
  • No monthly service charge
  • FDIC-insured up to the applicable limits
  • $1,000 minimum opening deposit requirement
  • $1,000 minimum balance to earn the advertised APY

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Compared to Other Online Savings Accounts

Synchrony Bank High Yield Savings Account

Synchrony Bank is another online savings option you might consider if you're looking for higher yields. There's no minimum deposit requirement or minimum balance requirement, and no monthly fees either. You also have the option of opening a money market or CD account with Synchrony. 

Read our review

Ally High Yield Savings Account

Ally's high-yield savings account is attractive for people who are looking for great rates and extra features. For example, you can save your spare change with round-ups or separate your savings into different buckets for individual goals. There's no minimum deposit requirement and no monthly maintenance fee. 

Read our review

SoFi Checking and Savings Account

If you're looking for checking and savings in one place, you might consider SoFi. You can get a solid rate on savings deposits while paying no monthly fees. SoFi also offers extra benefits, like a chance to earn cashback rewards with your debit card. 

Read our review

Bread Savings High Yield Savings Account 

Bread Savings offers an APY that's slightly above what you could get with Rising Bank. You'll need $100 to open an account instead of $1,000 and there are no monthly fees. You can deposit up to $1 million per account and up to $10 million per customer. 

Read our review

Interest Rates

Rising Bank has one of the best savings account rates, though it's possible to find banks that pay even more in interest. Again, you'll need to maintain a $1,000 minimum balance to earn interest.

When you're shopping for the best high-yield savings accounts, you might start your search at your current bank. But don't count out online banks. 

Online banks can pay higher yields to savers compared to brick-and-mortar banks. And they can charge fewer fees too. 

Here are a few other things to remember as you compare rates. 

  • Savings account rates might be tiered, with the rate you earn tied to your balance. 
  • You might need to hit a minimum balance to start earning interest. 
  • Savings account rates aren't fixed like CD rates, so they can go up or down over time. 

Along with interest rates, it's also a good idea to check out the fees when looking for a savings account. 


Banks can charge different fees for a savings account. At Rising Bank, you won't pay a monthly maintenance fee. But there are some other fees to know.

Other Service Fees - Rising Bank High-Yield Savings

Type Fee
Monthly maintenance fee $0
Excess withdrawal fee $0
Cashier's checks $10
Early account closure fee $10
Stop payment $25
Insufficient funds fee $25
Overdraft fee $25
Dormant account fee $5
Outgoing wire transfer fee $25

ATM Access

Rising Bank doesn't include an ATM card or debit card with its savings accounts. But you can get a debit card with a checking account. 

That could be a shortcut for withdrawing cash from savings at ATMs. You could link your checking and savings accounts, then transfer funds over to withdraw them. 

Do you need ATM access for a savings account? 

It depends. If you think you'll need to withdraw cash in a pinch in case of an emergency then a separate ATM card could come in handy. 

Just remember that having ATM access to savings could make it that much easier to spend it unnecessarily. 

Account Management

Rising Bank offers online and mobile banking to savers. There are no branches. 

When you log in to your account, you can do the following:

  • Check balances
  • Transfer funds between accounts
  • View statements
  • Organize transactions using tags and notes
  • Add photos of receipts
  • Review your spending history

You can also link external financial accounts to get a snapshot view of your money in one place. That could make it easier to budget and keep up with expenses if you use multiple bank accounts.

FDIC Insurance

Rising Bank deposits are covered by FDIC insurance. The FDIC insures deposits against the possibility of a bank failure. 

At Rising Bank, your deposits are covered up to $250,000. 

What to Look for in a Savings Account

Finding the right savings account starts with understanding what you need. The next step is shopping around to compare the options. 

Here are some things to consider as you weigh different savings accounts. 

  • Interest rate and APY
  • Minimum opening deposit requirements
  • Minimum balance requirements to earn interest or avoid a fee
  • Monthly service fees, if any
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking features
  • ATM or debit card access
  • Branch banking access (if you'd prefer a traditional bank)
  • Savings features and money management tools
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service and reputation
  • Overall user experience

You might also be interested in what else the bank offers. For example, you might be able to open a checking account, money market account or CD at the same bank to go with your savings account. 

It's easy to compare savings accounts at online banks and traditional banks to find the right one for you. 

Frequently Asked Questions

How safe is Rising Bank?

Rising Bank is an FDIC-member bank, which means your deposits are protected. The bank also takes steps to secure customers' personal and financial information. 

Is it worth putting money into a high-yield savings account?

A high-yield savings account could be worth it if you're earning a great rate on your money. The best high-yield savings accounts pay the highest rates while charging the fewest fees.  

What other accounts does Rising Bank offer?  

In addition to savings accounts, Rising Bank also offers checking accounts and CD accounts. You can open a business account, get a home loan or apply for insurance here as well.