Revamp Your Finances: 2024 Checking & Savings Account Review!

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Are you on the hunt for an exceptional banking experience? Look no further than Upgrade! It’s your go-to for free checking, cash back on all your debit card purchases, and jaw-dropping high-yield savings account interest rates. Just keep those balance requirements in mind to unlock the best benefits!

Upgrade Overview

What is Upgrade?

Upgrade is a cutting-edge, digital-only consumer credit platform that brings you a suite of financial products including personal loans, credit lines, checking, and savings accounts, along with handy credit monitoring tools. Founded in 2016 and headquartered in the vibrant city of San Francisco, Upgrade has extended its footprint to Phoenix, Atlanta, and Montreal. With no physical branches, it’s all about online and mobile banking convenience!

Upgrade Premier Savings stands out as a dedicated account. If you’re keen on opening both an Upgrade Rewards Checking Plus account and a savings account, you’ll need to opt for Upgrade Performance Savings.

Your funds are protected with FDIC or NCUA insurance through Cross River Bank or other participating institutions, covering you up to $1 million per account ownership type. Plus, joint accounts are now available for both Upgrade Rewards Checking Plus and Upgrade Premier Savings.

About Cross River Bank, Upgrade’s Partner

Upgrade isn’t a bank; it’s a fintech innovator partnering with Cross River Bank to bring you reliable deposit accounts and FDIC insurance.

Cross River Bank, established in 2008, has been paving the way in digital banking partnerships since 2010, collaborating with renowned platforms like Rocket Loans and Upstart.

Top Features of Upgrade Accounts

Current Upgrade Account Rates and How They Compare

Upgrade consistently outshines average savings account interest rates, but keep in mind—certain balance requirements must be met to enjoy the best APY on savings accounts.

The Upgrade Premier Savings account boasts a competitive rate of up to 4.14% APY, but you’ll need to keep at least $1,000 in your account to start earning interest. If you dip below that threshold, you’ll earn 0%—yikes!

If you’re curious about more options, check out the Upgrade Performance Savings account, which offers 1.50% or 4.41% APY, depending on your direct deposit activity.

Upgrade Account Fees and Charges

Say goodbye to those pesky annual or monthly fees with Upgrade! Their checking account maintains a fee-free structure, but using an out-of-network ATM comes with a $2.50 withdrawal fee—and the ATM provider may charge extra.

Upgrade Mobile App Ratings

Upgrade’s mobile app is a crowd-pleaser, boasting an impressive 4.9-star rating from over 44,000 users on the Apple Store and 4.7 stars from over 20,000 users on Google Play.

Upgrade Customer Support

Need help? Upgrade offers live phone support on 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 their support team via Twitter, email, or through live chat for certain account types.

With an A+ rating from the BBB, Upgrade showcases a solid reputation for effective complaint resolution and transparent practices. However, keep in mind that their partner, Cross River Bank, has received a C- rating due to a higher volume of complaints.

Upgrade Banking Pros and Cons

Pros

• No overdraft or monthly service fees
• Competitive savings account interest rates
• Up to 2% cash back on debit card purchases
• Highly-rated mobile banking app

Cons

• Out-of-network ATM fees
• No cash deposits
• $1,000 minimum balance required for premium APYs
• No overdraft protection
• 2% cash back capped at $500/year; after that, it drops to 1%

Upgrade Accounts

Upgrade Premier Savings Review

If you’re hunting for a high-yield savings account, Upgrade Premier Savings is an excellent choice.

Keep in mind that you cannot pair this account with the Upgrade Rewards Checking Plus account. Instead, you’ll need to choose Upgrade Performance Savings for that combo.

To take advantage of the competitive savings rates, maintain a balance of at least $1,000. If not, you might be better off exploring other financial institutions with no minimum balance requirements.

Upgrade Performance Savings Review

If you’re interested in opening a checking account alongside your savings, the Upgrade Performance Savings is a stronger choice than the Premier Savings account. Just remember, qualifying for the best APYs means meeting certain requirements—if you prefer flexibility, other online options might suit you better.

Upgrade Rewards Checking Plus Review

This online checking account offers zero fees and no overdraft charges. To earn up to 2% cash back on everyday debit purchases, you’ll need direct deposits of $1,000 or more. For any additional spending, you qualify for unlimited 1% cash back—just keep in mind there’s a cap of $500 in cash back rewards per year.

Your cash-back debit card rewards you on everyday expenses like:

• Grocery stores
• Gas stations
• Monthly subscriptions
• Restaurants
• Utilities and phone bills

Plus, Rewards Checking Plus customers enjoy discounts on new loans and credit card offers!

Other Upgrade Products

Upgrade also offers a wide range of personal loans, with amounts ranging from $1,000 to $50,000 and repayment terms spanning two to seven years. They provide a credit card option as well, many of which come with cash-back benefits, and a $200 bonus is available when you open and fund a Rewards Checking account and complete three qualifying debit transactions within 60 days.

How to Open an Account with Upgrade

Upgrade Eligibility Requirements

To create an Upgrade account online, you must be a U.S. citizen or permanent resident aged 18 or older.

Note that some accounts cannot be opened together; for instance, if you choose the Upgrade Premier Savings, you cannot also open the Upgrade Rewards Checking Plus. You’ll need to opt for Upgrade Performance Savings instead.

Step-by-Step Guide to Opening an Upgrade Account

As an online-only platform, Upgrade doesn’t have physical locations. You’ll apply via their website or mobile application, providing personal information and documentation like your Social Security number and driver’s license for verification.

How to Get the Most Out of Upgrade

To maximize your savings with Upgrade, carefully review each account’s requirements for perks and benefits. For the Premier Savings account, ensure you maintain a balance of at least $1,000 to earn interest.

If you’re more inclined towards the combined checking and savings option, set up regular direct deposits of $1,000 or more each month to qualify for the best APYs and cash-back opportunities!

Upgrade Checking and Savings Account Alternatives

Upgrade vs. Current

Both Upgrade and Current are fintech platforms with FDIC coverage and zero fees. However, Upgrade shines with higher interest rates on its savings accounts, offers cash back on debit card purchases, and holds an A+ BBB rating. In contrast, Current has an A rating but has faced its fair share of complaints.

Upgrade vs. Varo Bank

Upgrade and Varo Bank share similarities, including no fees and competitive interest rates on savings, with FDIC insurance for your funds. However, Upgrade offers a slightly more flexible approach—maintain a $1,000 balance for top rates versus Varo’s requirements of direct deposits and maintaining a balance below $5,000 to earn higher rates.

Why You Should Trust Us: How We Reviewed Upgrade Checking and Savings

Our assessment of Upgrade’s offerings follows a stringent review process, evaluating customer support, mobile app functionality, and ethical practices, among other criteria. Interest rates and fees, for instance, carry higher weighting in our rating since they significantly affect user experience.

Our Overall Upgrade Rating

Upgrade Checking and Savings FAQs