Maximize your savings with Rising Bank’s standout APYs and unique CD options. Rising Bank is offering great rates for their online certificate of deposit (CD) accounts.
Rising Bank, a subsidiary of Midwest BankCentre, offers a range of Certificate of Deposit (CD) accounts that stand out for their attractive Annual Percentage Yields (APYs). With terms ranging from six months to three years, Rising Bank caters to short-term savers and long-term investors alike. The highlight of their CD portfolio is undoubtedly the 6 Month CD, boasting an impressive 5.20% APY, significantly higher than the national average. This rate positions Rising Bank as a top-tier choice for those looking to maximize their earnings on short-term deposits.
One critical aspect to note is the interest compounding frequency. Rising Bank compounds interest every three months, a detail that might influence the total interest earned over time, especially when compared to banks that compound monthly or daily. However, for many savers, the higher upfront rates may offset the less frequent compounding.
- Update 2/21/2024: Their 6 month CD increased to 5.20% APY.
- Update 2/7/2024: Their 2-year and 15-month CDs have decreased slightly.
- Update 1/25/2024: Their 2-Year CD rate decreased slightly.
- Update 12/13/23: Several CD rates have changed, see below for new APY rates.
For more details, continue reading.
Rising Bank CD Account Details
Rising Bank, known for its competitive interest rates and customer-centric online banking services, offers a variety of Certificate of Deposit (CD) accounts designed to meet the diverse needs of savers and investors. Here’s an in-depth look at the specifics of Rising Bank’s CD accounts, highlighting key features, terms, and considerations to help you make an informed decision.
Variety of Term Lengths
Rising Bank provides a range of term lengths for its CD accounts, catering to both short-term and long-term savings goals. Available terms include:
|6 Month CD
|1 Year CD
|15 Month CD
|2 Year CD
|3 Year CD
- Available nationwide
- Minimum for APY: $1,000
- Maximum for APY: $1,000,000
Each term is designed to offer competitive Annual Percentage Yields (APYs) that are often higher than the national average, making them an attractive option for maximizing savings growth.
Rising Bank’s CD accounts are known for their competitive APYs. Their CD rates significantly outpace the national average, making it a standout choice for short-term savers seeking higher returns. The APYs for longer terms are also designed to be competitive, rewarding customers who commit their funds for extended periods.
Minimum Deposit Requirements
To open a CD account with Rising Bank, a minimum deposit is typically required. For standard CDs, this minimum deposit is set at $1,000, making it accessible to a wide range of savers. For those interested in securing even higher interest rates, Rising Bank offers jumbo CDs, which require a minimum balance of $100,000.
Interest Compounding Frequency
An important detail about Rising Bank’s CDs is the interest compounding frequency. Interest on these CDs compounds every three months, which is a crucial factor to consider when calculating the potential growth of your investment. While some banks offer monthly or even daily compounding, Rising Bank’s quarterly compounding still ensures a competitive yield over the term of the CD.
Early Withdrawal Penalties
It’s important to note that withdrawing funds from a CD before its maturity date can result in penalties. Rising Bank, like most institutions, imposes early withdrawal penalties, which can vary depending on the term length of the CD. These penalties are designed to discourage early withdrawals and ensure that the CDs remain a stable funding source for the bank.
Online and Mobile Banking
Rising Bank’s online and mobile banking platforms provide easy access to CD account management, allowing customers to monitor their investments, view interest earned, and renew or change terms upon maturity, all from the convenience of their home or on the go.
All of Rising Bank’s CD accounts are FDIC insured up to the legal limit, providing peace of mind and security for your investment. This insurance protects your principal and accrued interest up to $250,000 per depositor, per insured bank, for each account ownership category.
Compare With Other Checking Bonuses
- First Tech Federal Credit Union Promotion: 5.05% APY 13-Month Share Certificate (Available Nationwide)
- Barclays Bank Best CD Account Offers: Earn Up To 5.15% APY (Available Nationwide) – February 2024
- Andrews Federal Credit Union: Competitive 6-Month CD at 5.75% APY
- Signature Federal Credit Union: 24-Month CD a Competitive 5.25% APY [Nationwide]
- Northern Bank Direct: 9-Month CD Rate to a Near Top-Level 5.50% APY [Nationwide]
Our Take on the Bank Offer
Rising Bank’s CD accounts stand out for their competitive APYs and range of term lengths. For someone like me, who is always on the lookout for safe but profitable havens for short-term funds, their CD accounts are a strong lure.
READ MORE: COMPARE WITH THE NATION’S BEST CD RATES