Upgrade Review: Checking and Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Upgrade is a digital-only financial technology company. With FDIC-insured Cross River Bank as its partner, Upgrade offers a mobile rewards checking account that can be accessed online and through a mobile app. It rewards you with cash back for purchases made with your debit card, and there are no monthly fees. But you can’t deposit cash. It also offers a high-yield savings account.
No monthly fees.
Competitive rewards checking account.
Extended phone customer service hours.
No overdraft protection program.
No cash deposit.
No branch access.
Product reviews
Savings
Upgrade offers a Premier Savings account that has no monthly fees. While there is no minimum balance requirement for this account, you need a balance of at least $1,000 to earn 3.05% APY (on days when the closing balance is less than $1,000, the account won’t earn interest).
COMPARE: See our picks for the best high-yield online savings accounts
Upgrade Premier Savings
Checking
Cash back and no monthly fee: The Rewards Checking Preferred account from Upgrade has no monthly fee. Rewards come in the form of cash back. If you have a monthly direct deposit of at least $1,000, your account is considered an Active Account, and it's eligible for benefits such as 2% cash back on common purchases. These include monthly subscriptions, like streaming services and purchases at drug stores, restaurants, gas stations and other everyday places, up to a maximum of $500 in rewards per calendar year. You earn 1% cash back on other purchases made with your debit card that don’t fall into those categories. Once you earn $500 in rewards with the 2% cash back, you’ll earn 1% on all purchases or payments for the rest of the year.
Without direct deposit, you’ll still earn 1% cash back on common purchases and 0.50% cash back on all other eligible spending.
Free nationwide ATM network: As of May 23, 2024, customers can make no-fee cash withdrawals from more than 55,000 Allpoint ATMs nationwide. If you use an out-of-network ATM, Upgrade will charge you $2.50 and the ATM owner also might charge you a fee.
No cash deposits: You can deposit money through mobile check deposit, direct deposit or by making transfers from an external account. Upgrade doesn’t accept cash deposits.
» Interested in more options? See our list of the best rewards checking accounts
Upgrade - Rewards Checking Preferred
Customer experience & overdraft fees
Customer experience
Upgrade offers live customer service by phone every day: on weekdays from 5 a.m. to 7 p.m. PT, and on weekends from 6 a.m. to 5 p.m. PT. And the bank’s mobile app earns high user ratings. Upgrade is a neobank and though it partners with a traditional bank, it does not have branches.
What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:
A neobank such as Upgrade is a third-party banking technology platform that partners with a bank to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner bank. The funds are FDIC insured in the event of the partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)
If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)
Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.
Overdraft fees
Upgrade doesn’t charge overdraft fees, which is a policy that some other online banks, financial companies and credit unions offer, too. But unlike many other financial institutions, Upgrade doesn’t provide overdraft protection transfers. In most cases, charges that would overdraw the account are automatically declined.
» Tend to overdraw your account? Consider the best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.