Upgrade Overview

Upgrade is an online-only financial technology company founded in 2016. Its Rewards Checking Plus account provides up to 2% cash back and lets you get paid up to 2 days early if you set up a direct deposit. It also offers 3 savings accounts— Everyday, Performance, and Premier— through Cross River Bank, Member FDIC. There’s no minimum deposit required for your savings account, but you’ll need to maintain at least a $1,000 balance to receive the maximum APY of 5.21%. With easy access to your account through an app and no account or monthly fees, it’s a low-cost way to save if you don’t need access to a bank branch.

Signing up with Upgrade is easy and fast, and you can access its products and services conveniently through its highly-rated mobile app.

Upgrade at a Glance

Suitable For?

Upgrade is a good fit if you do all your banking online and are more interested in avoiding fees and earning high interest on your savings than access to in-branch services.

Its Rewards Checking Plus account has no monthly fees. This account is especially ideal if you spend regularly at convenience and drug stores, restaurants, and gas stations—or on utilities and monthly subscriptions. Every $1 spent on these categories earns you 2% cashback if you receive at least $1,000 or more in direct deposits each month. All other purchases earn you 1%.

You don’t necessarily need a checking account to open a Premier Savings account, so it could be suitable if you just need a savings solution. However, this simplified account doesn’t allow you to create savings subcategories or multiple savings accounts.

In addition, only individual account holders can have a savings account with Upgrade, so this isn’t the right fit for freelancers, small business owners, or anyone looking for a joint account. You should also be aware that you won’t receive a bank card with a Premier Savings account.

Features/Highlights

Advantages over traditional banks

Unlike traditional banks, which have significant overhead costs in maintaining physical branches, Upgrade operates exclusively online. The company passes on its operational savings to customers in the form of benefits like zero monthly service charges and no minimum deposit requirements.

Upgrade’s Rewards Checking Plus account allows you to earn cash back on purchases made with your debit-linked card. This is a unique feature you’re unlikely to find in a traditional checking account. Additionally, if you set up a direct deposit, you can receive your paycheck up to 2 days early—also not common in traditional banking.

Upgrade savings accounts have no minimum balances and no fees, and they earn higher APYs than traditional banks. In addition, there’s no maximum on the amount of money you can keep in your account, and you’ll earn interest on every dollar over $1,000, with no caps.

Another standout feature is that, as an Upgrade customer, you qualify for its credit card/personal loan hybrids. You can use these cards to pay at retailers or online, earning cash back and rewards. You can also transfer part of your balance into your savings and checking accounts.

Cutting-edge services

Upgrade offers round-the-clock access to your checking account through its user-friendly web interface and mobile app. The following services are available on both platforms:

• Managing account balances
• Transferring funds into and out of your account—options include Automated Clearing House (ACH) transfers, wire transfers, direct deposits, and mobile checks
• Paying bills and setting up recurring payments
• Tracking your debit rewards
• Managing your Upgrade cards
• Monitoring your credit report and checking your credit score
• Setting up account alerts

Traditional banking services

Upgrade doesn’t have any physical branches. It also doesn’t have ATMs and is not part of any shared network. However, you can use the Rewards Checking Plus Upgrade VISA® Debit Card to withdraw from your account wherever VISA is accepted.

Fund availability varies depending on the method of deposit. Certain deposit types may be available for same-day withdrawal. If the company needs to hold funds longer than usual, it will notify you.

The companion Performance Savings account, which you can unlock after opening the Rewards Checking Plus account, offers an impressive 5.21% on balances of $1,000 or more. This not only surpasses the average national savings account interest rate of 0.46%, as reported by the Federal Deposit Insurance Corporation (FDIC), but also ranks among the highest in the market.

In addition to its checking and savings accounts, Upgrade offers car financing and refinancing, personal loans, and credit monitoring, as well as reward and cash-back credit card/personal loan hybrid cards. Contractors and car dealers can also get business-specific financing through Upgrade.

Interest rates and fees

Upgrade doesn’t charge any monthly or overdraft fees. Additionally, there’s no minimum deposit requirement when opening an account.

The company will reimburse you the fees charged by an ATM owner or operator up to 5 times a month (for domestic withdrawals). However, you must be an active account holder with a monthly direct deposit of at least $1,000 in the prior calendar month to qualify for this rebate.

Customer service and online experience

Upgrade provides live customer service on the phone at ​​844-319-3692 every weekday from 5am to 6pm (PT) and on weekends from 6am to 5pm (PT). You can also contact the company via email at depositsupport@upgrade.com or by sending a private message to its X (formerly Twitter) handle, @UpgradeCredit.

There’s currently no live chat option for checking accounts, but Upgrade says this service will be available soon.

Upgrade’s website also hosts a comprehensive Help Center featuring useful articles and guides on its products and personal finance management in general.

At the time of writing, Upgrade has a respectable 4.5 out of 5 stars rating on Trustpilot, out of 39,737 reviews. There’s a lot of praise for the speed and efficiency of its customer service. Users report that Upgrade’s representatives are not only responsive but also very knowledgeable and proactive in providing solutions and guidance.

Upgrade has been accredited by the Better Business Bureau (BBB) since 2017 and has an A+ rating (the highest possible grade) on the platform. This indicates that the company is highly responsive to customer complaints and commits to fair and transparent business practices.

Upgrade’s online platform provides a user-friendly experience with clear information and efficient navigation. The signup process for its products, including the checking account, is straightforward and quick.

Mobile app

Upgrade offers a sleek and intuitive mobile app for convenient account access and management on the go. It’s available for iOS and Android devices. Both versions enjoy a high user rating, scoring 4.8 and 4.6 stars out of 5, respectively, on the Apple App Store and Google Play Store.

The app packs in several useful features and services, including bill payments, check deposits, and funds transfers.

Security

Checking and savings accounts from Upgrade are offered through Cross River Bank, which is FDIC-insured. This guarantees protection of your funds up to $250,000 in the unlikely event of the bank’s failure.

Upgrade takes information security very seriously and implements a range of technical, physical, and organizational safeguards. These include SSL encryption, firewalls, malware detection systems, data loss prevention methods, intrusion detection systems, and regular vulnerability scans to identify and address any potential security loopholes.

Additionally, Upgrade offers biometric authentication options like fingerprint and facial recognition, as well as 2-factor authentication.

Only Upgrade employees providing a specific service that requires your personal information can access it. The company details its commitment to privacy in a comprehensive privacy statement on its website, which outlines its procedures for collecting, storing, and sharing your information.

Upgrade doesn’t have a dedicated fraud team. However, you can get in touch via email at privacy@upgrade.com or by phone through its regular customer service line in case of any fraud, security, or privacy-related issues or concerns.

Application Process

Opening any Upgrade account is simple and straightforward and can be done online in minutes. Follow these steps:

• Go to the Upgrade website.
• On the menu, select “Checking” or “Savings” depending on the account you want to open.
• Click “Open Account” on the appropriate product (for example, Rewards Checking Plus).
• Provide the required personal and financial information to complete your application. This typically includes your name, physical address, contact information, and social security number. To verify your identity, the company might also ask you to provide additional documentation, such as a driver’s license or passport.

You must be a citizen or permanent resident of the United States and at least 18 years old to qualify for an account.

Note that to open an Everyday Savings or a Performance Savings account, you need an Upgrade Rewards Checking Plus account first. The Premier Savings account is the only stand-alone account—you don’t need any other Upgrade product to open this account.

Upgrade Summary

If you’re looking for an online banking provider that offers a blend of cost-efficiency, user-friendly features, and great perks and benefits, Upgrade is worth considering.

The company doesn’t charge any monthly service fees for its checking and savings accounts. The checking account offers up to 2% cash back on common everyday expenses, plus it unlocks a special savings account through which you can earn up to 5.21% APY on balances of $1,000 and above.

You can withdraw your funds from any location that accepts VISA, and Upgrade reimburses ATM fees up to 5 times a month. Finally, FDIC insurance and comprehensive security measures ensure a safe banking environment at all times.

Physical Address

275 Battery Street, 23rd Floor,

San Francisco, CA 94111, USA

Disclaimer

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.

²There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts , Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status. Some limitations apply. 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.

⁴ Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more. See the Active Account page for more information.

^*When you sign up for the Premier Savings product through Upgrade, you will open a Premier Savings account at Cross River Bank, Member FDIC under the terms of your Savings Deposit Account Agreement and agree to participate in a custodial deposit program offered by Upgrade and Cross River Bank (the “Program”). Under the Program, Cross River Bank may, as your agent and custodian, place some or all of your funds from your Premier Savings account with another depository institution or credit union (each a “Participating Institution”) under the terms of your Custodial and Agency Agreement. Each Participating Institution is either an insured depository institution at which deposits are insured by the FDIC or a credit union at which share accounts are insured by the NCUA Share Insurance Fund, subject to applicable limits. Your funds at Cross River Bank and at a Participating Institution are eligible for FDIC or NCUA insurance coverage up to $250,000 per ownership category and per institution. You will be responsible for monitoring the total amount of deposits that you hold with Cross River Bank and any Participating Institution to determine the extent of FDIC or NCUA insurance coverage available to you. You will be able to check your Upgrade dashboard to determine the amount of your funds on deposit at Cross River Bank and any Participating Institution under the Program. For more information on the Program, please refer to the Custodial and Agency Agreement.

The Annual Percentage Yield (APY) for the Premier Savings account is effective as of February 26, 2024. The APY for the Premier Savings account is variable and may change at any time.

Checking and savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards are issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Upgrade is a financial technology company, not a bank .