Business Insider's personal finance team compared Upgrade checking and savings accounts to the best checking accounts and savings accounts and found them to be a standard offering.
Upgrade is a good option if you're looking for free checking, cash back on debit card purchases, and strong high-yield savings account interest rates — but you'll have to meet balance requirements to get the best perks.
no monthly service fee
up to 4.14%
$0
Pros
Cons
- 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
Compare Upgrade Checking and Savings Rates
- Upgrade Rewards Checking Plus: None
- Upgrade Premier Savings: up to 4.14% APY
- Upgrade Performance Savings: 1.50% or 4.02% APY
Upgrade Checking and Savings Rates Today
Upgrade doesn't offer interest on its checking account. But both of its savings accounts offer high interest rates if you can meet their requirements.
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 won't earn interest on days your balance dips below the threshold.
You'll earn 1.50% or 4.02% 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. Otherwise, you aren't considered an active account holder and will only earn 1.50% APY. Either way, you'll be earning higher than the average savings account interest rate.
Overview of Upgrade Checking and Savings Accounts
How Upgrade Checking and Savings Accounts Work
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.
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.
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.
The 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 User Experience and Accessiblity
The company's mobile banking app is well-regarded, with 4.9 stars in the Apple store and 4.6 stars in the Google Play store.
Upgrade doesn't have 24/7 customer support, but it does offer support on weekends. 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 email or live chat, depending on your account type.
Upgrade Checking and Savings Security
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 Upgrade Premier Savings.
Upgrade Key Benefits and Features
Upgrade Account Opening Requirements
You cannot open an Upgrade Premier Savings account if you also have a Upgrade Rewards Checking Plus account, and vice versa. If you want to open a checking account at the same place, Upgrade Performance Savings will be a better choice because you can get this account with Upgrade Rewards Checking Plus.
Upgrade Rewards Checking Perks
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.
Upgrade Loans and Credit Cards
Upgrade offers a variety of personal loans. Upgrade personal 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 of its 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.
If you're interested in earning a checking account bonus and you're also interested in opening a new credit card, this bonus could be a good opportunity for you.
Upgrade Checking and Savings Transfer Limitations
For the most part, you won't need to worry about transfer limitations for Upgrade linked checking and savings accounts. If you're ACH transferring a large amount of money to or from an external bank account, you might hit a limit, which will be between $2,000 and $15,000 depending on how you have your checking account, but otherwise, you're unlikely to run into problems.
You also might run into problems if you're making a lot of transfers from an external bank account; all checking and savings accounts have a limit on external bank account transfers, allowing between two and seven transfers per week depending on your bank account details. There aren't limitations on how many times you can transfer money out of your account for the Upgrade Rewards Checking Plus and Upgrade Performance Savings accounts, but there might be for your Upgrade Premier Savings account.
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're more interested in the platform's checking/savings combination, you must regularly receive direct deposits of $1,000 or more each month. Otherwise, you won't qualify for either account's highest APY or cash-back perks.
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 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 and cash back on debit card purchases.
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 Bank 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 Bank, you need qualifying direct deposits totaling at least $1,000 and a balance of less than $5,000. Above that balance, you'll earn a lower rate.
Opening an Upgrade Checking and Savings Account
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.
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.
Is Upgrade Checking and Savings Right for You?
You might like an Upgrade checking and savings account if you want to earn a high savings rate, if want a cash-back debit card, or if you're looking for low-fee bank accounts.
If you don't want to worry about managing your account balance, other online banks have easier-to-manage savings accounts with high interest rates
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.
Upgrade Checking and Savings FAQs
Is Upgrade a legitimate bank?
While Upgrade is not technically bank, it is a legitimate company. Account deposits are FDIC or NCUA insured through Cross River Bank or participating institutions.
What bank is Upgrade associated with?
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.
What are the benefits of banking with Upgrade?
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.
How do I open an account with Upgrade?
You can open an account with Upgrade online. You must be at least 18 years old, and a U.S. citizen or permanent resident.
Are there any fees associated with Upgrade accounts?
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.
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. Optional out-of-network ATM withdrawals are subject to a fee of $2.50, plus any third-party fees. Debit card transactions with merchants outside the U.S. or in a foreign currency are subject to a 3% fee. Outbound domestic wire transfers are subject to a fee of $20 after your first fee-free transfer per calendar month. 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.
*Varo Savings Account: To earn the highest APY each month (5.00%) on up to $5,000, you must receive at least $1,000 in direct deposits each month and keep your Varo Bank Account balances above $0. Earn 2.50% APY on your remaining balance. Rates are subject to change at any time.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***Barclays Tiered Savings Account: Accounts with $250,000 or less will earn 3.65% APY, accounts with over $250,000 will earn 3.75% APY. Rate are determined by balance tiers and amount deposited.
1Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
1 APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
