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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 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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Introduction to Upgrade
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 $250,000 per deposit, per account ownership type. The platform does not offer joint accounts.
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.
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 5.21% 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 5.21% 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 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).
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.
no monthly service fee
up to 5.21%
$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
- No joint bank accounts
- Earn 5.21% APY, on $1,000 or more
- No monthly account fees
- Up to $250K in FDIC or NCUA insurance through Cross River Bank or Participating Institutions
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.
no monthly service fee
1.50% or 5.21%
$0
- Competitive APY
- No monthly service fees
- No minimum opening deposit
- You can only open this account if you also have a Rewards Checking account
- Interest compounds monthly, not daily
- Earn 5.21% 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 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 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 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.
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 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, 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.
Editorial 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.
**Enrollment required.
¹ 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. ² There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information. 3Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date. 4Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards and more. See the Active Account page for more information.
