Upgrade is a good option if you're looking for free checking, cash back on debit card purchases, and competitive high-yield savings account interest rates — but you'll have to meet balance requirements to get the best perks.
Upgrade Overview
What is Upgrade?
Upgrade is a digital-only consumer credit platform offering Upgrade personal loans, credit lines, checking and savings accounts, and a handful of credit monitoring tools. The company was founded in 2016 and is headquartered in San Francisco, with offices in Phoenix, Atlanta, and Montreal. The company has no branch locations, so customers should be comfortable with online and mobile banking.
Upgrade Premier Savings is a standalone account. If you want to open the Upgrade Rewards Checking Plus account and a savings account, you'll need to open Upgrade Performance Savings.
Funds deposited in Upgrade accounts are FDIC or NCUA insured through Cross River Bank or participating institutions, for up to $1 million per deposit, per account ownership type. The platform also now offers joint accounts for both Upgrade Rewards Checking Plus and Uprade Premier Savings.
About Cross River Bank, Upgrade's Partner Bank
Upgrade is a fintech company that offers deposit accounts — it isn't a bank itself. Instead, it partners with Cross River Bank to offer accounts and FDIC insurance.
This isn't an uncommon practice. The popular investment platform Wealthfront offers the Wealthfront Cash Account, and it's partnered with multiple banks to offer extra FDIC insurance.
Cross River Bank is a legitimate institution founded in 2008, and it started partnering with digital platforms in 2010. It partners with other digital platforms, including Rocket Loans, Upstart, and more.
no monthly service fee
up to 4.14%
$0
- High interest rate
- No monthly service fees
- No minimum opening deposit
- Must maintain at least $1,000 in account to earn interest
- May not be easy to deposit cash
- Earn 4.14% APY, on $1,000 or more
- No monthly account fees
- Up to $1 million in FDIC or NCUA insurance through Cross River Bank or Participating Institutions
Top Features of Upgrade Accounts
Current Upgrade Account Rates and How They Compare
Like many online banks, the platform pays more than average savings account interest rates. However, you'll need to meet certain requirements to get the best APY on either savings account.
The Upgrade Premier Savings account pays a high rate of up to 4.14% APY, but you need a balance of at least $1,000 to earn interest. You'll earn 0% on days your balance dips below the threshold.
You'll earn 1.50% or 4.41% APY if you open an Upgrade Performance Savings account. To get the higher APY on the savings account, you must receive monthly direct deposits of $1,000 or more through Upgrade. Otherwise, you aren't considered an active account holder and will only earn 1.50% APY.
Upgrade Account Fees and Charges
Upgrade savings accounts do not have any annual or monthly fees. The platform's checking account does not have monthly or overdraft fees.
If you use an out-of-network ATM, there's a $2.50 withdrawal fee. The out-of-network provider may also charge an additional fee.
Upgrade Mobile App Ratings
The company's mobile app is well-regarded, with 4.9 stars from over 44,000 reviews in the Apple store and 4.7 stars from over 20,000 reviews in the Google Play store.
Upgrade Customer Support and Service
Live phone support is available weekdays from 5 a.m. to 7 p.m. PT and weekends from 6 a.m. to 5 p.m. PT. You can also reach customer support via Twitter, email, or live chat, depending on your account type (live chat isn't available yet for banking accounts).
The Better Business Bureau (BBB) gives Upgrade an A+ rating. A strong BBB grade indicates a company responds effectively to customer complaints, maintains transparent business practices, and makes truthful advertising claims. However, remember that BBB ratings don't guarantee a business's reliability or performance.
Upgrade's partner institution, Cross River Bank, has a C- rating due to the high number of customer complaints on the BBB website. Cross River also hasn't resolved some of the complaints.
The Consumer Financial Protection Bureau has received numerous complaints about Upgrade in the past year. However, only 11% of the complaints involved checking or savings accounts (most related to problems with purchases shown on card statements).
Upgrade Banking Pros and Cons
Upgrade Banking Pros
- No overdraft, or monthly service fees
- Competitive savings account interest rates
- Up to 2% cash back on debit card purchases
- Top-rated mobile banking app
Upgrade Banking Cons
- Out-of-network ATM fees
- No cash deposits
- $1,000 minimum balance to earn the best APYs (Annual Percentage Yields)
- No overdraft protection
- 2% cash back capped at $500/year; after that, you earn 1% on eligible purchases
Upgrade Accounts
Upgrade Premier Savings Review
Upgrade Premier Savings might be a good option if you're solely to get a high-yield savings account.
You cannot open an Upgrade Premier Savings account if you also have a Upgrade Rewards Checking Plus account, and vice versa.
You'll need to maintain at least $1,000 to get the competitive savings rate. Otherwise, you'll be better off at a different financial institution. Some of the best online banks have high-yield savings accounts that do not have any minimum balance requirements for earning interest.
Upgrade Performance Savings Review
If you want to open a checking account at the same place, Upgrade Performance Savings will be a better choice than Upgrade Premier Savings. You can get this account with Upgrade Rewards Checking Plus.
Similar to Upgrade Premier Savings, you have to meet certain requirements to get the highest APY. If you don't want to set up direct deposits at Upgrade, other online high-yield savings accounts may be more appealing. You'll only earn 1.50% APY if you don't have direct deposits set up for a qualifying amount.
Upgrade Rewards Checking Plus Review
Upgrade Rewards Checking Plus is an online checking account with zero account fees or overdraft fees.
You'll need to receive direct deposits of $1,000 or more to qualify for up to 2% cash back on everyday debit card purchases, and an unlimited 1% cash back on everything else. The 2% cash back is limited to $500 in rewards per calendar year. After that, you'll earn 1% cash back on all eligible purchases for the rest of the year.
If you don't regularly receive direct deposits, you'll earn 1% cash back on everyday debit card purchases and 0.50% cash back on everything else.
Your cash-back debit card will pay cash back when you use it for everyday expenses and recurring payments, including:
- Convenience and drug stores
- Gas stations
- Monthly subscriptions
- Restaurants
- Utilities and mobile phone plans
Rewards Checking Plus customers also receive discounts on new loans and card offers.
Other Upgrade Products
Upgrade offers a variety of personal loans, with loan amounts from $1,000 to $50,000 and repayment terms ranging from two to seven years.
You can also get an Upgrade credit card through the platform. Many Upgrade cards offer cash-back perks, and all offer a $200 bonus when you open and deposit money into a Rewards Checking account and make three qualifying debit card transactions within 60 days of card account opening.
How to Open an Account with Upgrade
Upgrade Eligibility Requirements
To open an Upgrade account online, you must be a U.S. citizen or permanent resident who is at least 18 years old.
Keep in mind that you can't open certain Upgrade accounts together. For example, if you get Upgrade Premier Savings you can't get Upgrade Rewards Checking Plus. Instead, you'll have to open Upgrade Performance Savings.
Step-by-Step Guide to Opening an Upgrade Account
Upgrade is an online-only platform, so there aren't any physical locations where you can open an account. You have to apply through the platform's website or mobile app. The application asks for personal information and documentation that can help verify your identity, like a Social Security number and driver's license.
How to Get the Most Out of Upgrade
To maximize your savings at Upgrade, you should review each account's requirements for earning perks. That way, you can get the most out of your account.
If you are interested in Upgrade Premier Savings, you have to regularly maintain $1,000 or more in your account, or you won't earn any interest.
If you more interested in the platform's checking/savings combination, then you have to regularly receive direct deposits of $1,000 or more each month on Upgrade. Otherwise, you won't qualify for either account's highest APY or cash-back perks.
Upgrade Checking and Savings Account Alternatives
Upgrade vs. Current
Upgrade and Current are fintech banking platforms with FDIC coverage and zero fees. However, the former has several advantages, including higher savings account interest rates, cash back on debit card purchases, and an A+ BBB rating. Current has an A rating since it's received numerous complaints on the BBB website.
Current customers earn interest through "Savings Pods," but you're limited to three pods with a maximum per-pod balance of $2,000 (and you need a qualifying direct deposit of $500 or more to qualify for the best rates).
On the plus side, Current has a large network of fee-free in-network ATMs and offers two-day early direct deposit, so you can get your paycheck sooner.
Upgrade vs. Varo Bank
Upgrade and Varo Bank have a few similarities. Both charge zero fees and offer competitive interest rates on savings, plus your money is FDIC-insured.
Varo also has requirements for getting the best savings rates — but Upgrade's are a bit more flexible. You just need to maintain a $1,000 balance to get the best rates with Upgrade. With Varo, you need qualifying direct deposits totaling at least $1,000 and a balance of less than $5,000; above that, you'll earn a lower rate.
Why You Should Trust Us: How We Reviewed Upgrade Checking and Savings
We rated the platform's accounts and services using Business Insider's bank account methodology. We generally look at customer support, mobile apps, miscellaneous features, security, and ethics, plus other factors depending on the type of account we're reviewing. For example, we consider ATM and overdraft fees for checking accounts and interest rates for savings accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's Overall Upgrade Rating
| Feature | Rating (out of 5) |
| Premier Savings | 4.25 |
| Performance Savings | 4.25 |
| Checking | 4 |
| Trustworthiness | 4 |
| Total | 4.25 |
Upgrade Checking and Savings FAQs
While Upgrade is not technically bank, it is a legitimate company. It is an accredited BBB business with an A+ rating. Its BBB customer reviews are largely positive, with over 4.5 out of 5 stars from around 3,000 customers. Account deposits are FDIC or NCUA insured through Cross River Bank or participating institutions.
Upgrade's partner bank for deposit accounts is Cross River Bank, which provides your deposits with up to $250,000 per ownership category in FDIC insurance. Blue Ridge Bank finances personal and auto loans, NYDIG Execution LLC provides bitcoin services, and Sutton Bank offers cards.
Banking with Upgrade offers several perks. For example, Upgrade checking and savings accounts have minimal common bank fees. The checking account also offers cash back on debit card purchases, and the savings accounts have competitive savings rates if you meet certain requirements.
You can open an account with Upgrade online. You must be at least 18 years old, and a U.S. citizen or permanent resident.
Upgrade has personal loans (installment loans ranging from $1,000 to $50,000), personal lines of credit, Performance and Premier savings accounts, a Rewards checking Plus account, and a suite of credit monitoring tools.
Upgrade is a fintech company, not a bank. According to its website, the platform partners with banks and other financial institutions that originate loans, provide deposit accounts, and offer additional services customers obtain through Upgrade. The company does business under the following DBAs: Cross River Bank, Blue Ridge Bank, NYDIG Execution LLC (which provides bitcoin services), and Sutton Bank.
Upgrade does not charge monthly maintenance fees, overdraft fees, or annual fees on accounts. There is a $2.50 out-of-network ATM fee, though.
