- FAQ
- Upgrade Premier Savings
- Upgrade Performance Savings
- Upgrade Rewards Checking Plus
- How Upgrade Compares
- Why You Should Trust Us
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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 Rewards Checking Plus Start banking Upgrade, FDIC Insured Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Info icon Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.07% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure.Feesno monthly service fee
Annual Percentage Yield (APY) Info icon The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.07% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure.up to 5.07% APY on saving balances
Minimum Deposit Amount$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum balance requirements
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No transfer fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can earn 2% cashback on everyday expenses (up to $500 per year) and 1% on any other debit card charges
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Reimburses some ATM fees charged by other financial institutions (up to 5 withdrawal per month)
- con icon Two crossed lines that form an 'X'. Need to meet certain requirements each month to be eligible for ATM fee reimbursements
- con icon Two crossed lines that form an 'X'. No overdraft protection
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 certain requirements to get the best perks.
Product Details- To maintain an active qualifying Rewards Checking Plus Account and obtain rewards like ATM fee reimbursements and loan discounts, you must receive direct deposits totaling $1,000 or more each month
Upgrade Banking Review
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 a Rewards Checking Plus account and a savings account, you'll need to open an Performance Savings account.
Live phone support is available weekdays from 5 a.m. to 6 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 company's mobile app is well-regarded, with 4.8 stars from over 25,000 reviews in the Apple store and 4.6 stars from around 13,000 reviews in the Google Play store.
Funds deposited in Upgrade accounts are FDIC-insured through its partner institution, Cross River Bank, for up to $250,000 per deposit, per account ownership type. The platform does not offer joint accounts.
Is Upgrade Trustworthy?
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 parent 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).
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. Juno, a platform that offers a high-yield checking account, partners with Evolve Bank & Trust. 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.
Upgrade Overall Rating
| Feature | Insider Rating (out of 5) |
| Premier Savings | 4.5 |
| Performance Savings | 4.5 |
| Checking | 4.25 |
| Trustworthiness | 4 |
| Total | 4.25 |
Upgrade Pros and Cons
| Pros | Cons |
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Upgrade Checking and Savings FAQs
Is Upgrade a real bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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.
Is Upgrade a legitimate bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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-insured through the company's partner institution, Cross River Bank, Member FDIC.
What bank is Upgrade associated with? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Upgrade's partner bank for deposit accounts is Cross River Bank, which provides your deposits with up to $250,000 in FDIC insurance. Blue Ridge Bank finances personal and auto loans, NYDIG Execution LLC provides bitcoin services, and Sutton Bank offers cards.
How is Upgrade's customer service? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Upgrade has longer customer service hours than most traditional institutions. Live phone support is available Monday through Friday from 5 a.m. to 6 p.m. PT, and Saturday and Sunday from 6 a.m. to 5 p.m. PT. Live chat isn't available yet for checking and savings customers, but you can reach out via Twitter or email.
Is the Upgrade savings account FDIC-insured? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, the savings accounts have FDIC insurance through Upgrade's partner bank, Cross River Bank. Your deposits are insured for up to $250,000. This means that even if either company shut down, your insured money is safe.
What is the minimum balance for Upgrade accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Upgrade banking accounts don't have minimum balances. However, you need a balance of at least $1,000 to get the best savings account APYs. To qualify for ATM rebates and discounts on other products on your Rewards Checking Plus account, you have to receive direct deposits totaling at least $1,000 per month.
What does the company Upgrade do? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Upgrade is a fintech company offering 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 Accounts
Upgrade Premier Savings Review
Like many online banks, the platform offers competitive savings interest rates. The Upgrade Premier Savings account pays a high rate of up to 5.07% 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 cannot open an Upgrade Premier Savings account if you also have a Rewards Checking Plus account — if you want to open a checking account, you'll then have to open a Performance Savings account.
Upgrade Premier Savings Start saving FDIC Insured Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)up to 5.07%
Minimum Deposit Amount$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- con icon Two crossed lines that form an 'X'. Must maintain at least $1,000 in account to earn interest
- con icon Two crossed lines that form an 'X'. May not be easy to deposit cash
- con icon Two crossed lines that form an 'X'. No joint bank accounts
- Fintech company that offers personal loans, credit cards, bank accounts, and credit monitoring tools
- Upgrade Premier Savings is a standalone savings account; Existing Upgrade Rewards Checking customers will have to open an Upgrade Everyday Savings account
- Must maintain at least $1,000 in account to earn interest
- Interest compounded and deposited monthly
- Banking services provided by Cross River Bank, Member FDIC
Upgrade Performance Savings Review
You'll earn 1.50% or 5.07% APY if you open an Upgrade Performance Savings account, which is only available to customers with a Rewards Checking Plus account.
Whether you have a Performance or a Premier account, there are no annual or monthly fees, and no transaction or transfer fees.
Upgrade Performance Savings Start saving On Upgrade's website. Upgrade checking accounts provided by Cross River Bank, FDIC Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)1.50% or 5.07%
Minimum Deposit Amount$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- con icon Two crossed lines that form an 'X'. You can only open this account if you also have a Rewards Checking account
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Earn 5.07% APY if you receive direct deposits of $1,000 per month to Rewards Checking Plus
- Earn 1.50% APY if you are not an active account holder
- Fintech company that offers personal loans, credit cards, bank accounts, and credit monitoring tools
- Must maintain at least $1,000 in account to earn interest
- Interest compounded and deposited monthly
- Banking services provided by Cross River Bank, Member FDIC
Upgrade Rewards Checking Plus Review
Upgrade Rewards Checking Plus is an online checking account with zero account fees, transfer fees, or overdraft fees.
The platform doesn't charge ATM fees, but third-party institutions might if you use their ATMs. The company will refund up to five third-party ATM fees per month. However, you must have ha received direct deposits totaling $1,000 to qualify.
Your cash-back debit card will pay 2% 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
You'll earn 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. Rewards Checking Plus customers also receive discounts on new loans and card offers.
How Upgrade Checking and Savings Compare
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 NR ("no rating") as it's in the process of responding to complaints that had already been closed.
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 $200 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, 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.
Jean Folger Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company. Read more Read less Evelyn He Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners
Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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