Upgrade Checking and Savings Review 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Upgrade Overall Rating

Upgrade Pros and Cons

Like many online banks, Upgrade offers competitive savings interest rates. The Upgrade Premier Savings account pays a high rate of up to 4.81% 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 cannot open a Premier Savings account if you also have a Rewards Checking account — if you want to open a checking account with Upgrade, you’ll then have to open an Upgrade Everyday Savings account.

Compare Today’s Savings Rates

You’ll earn a lower rate (currently 4.00%) if you open an Upgrade Everyday Savings account, which is only available to customers with a Rewards Checking account.

Whether you have an Everyday or a Premier account, there are no annual or monthly fees, and no transaction or transfer fees.

Upgrade Rewards Checking is an online checking account with zero account fees, transfer fees, or overdraft fees.

Upgrade doesn’t charge ATM fees, but third-party institutions might if you use their ATMs. The company will refund up to five third-party ATM fees per month. However, you must have had an average daily balance of $2,500, received direct deposits totaling $1,000, or made at least eight debit card purchases in the previous month to qualify.

You’ll earn 2% cash back when you use your Upgrade debit card for everyday expenses and recurring payments, including:

• Convenience and drug stores
• Gas stations
• Monthly subscriptions
• Restaurants
• Utilities and mobile phone plans

You’ll earn 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. Rewards Checking customers also receive discounts on new loans and card offers through Upgrade. 

Compare Today’s Banking Offers

About 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. Upgrade has no branch locations, so customers should be comfortable with online and mobile banking.

Upgrade Premier Savings is a standalone savings account. If you want to open a Rewards Checking account and a savings account, you’ll need to open Upgrade Everyday Savings.

Live phone support is available weekdays from 5 a.m. to 6 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 checking and savings accounts).

Upgrade’s mobile app is well-regarded, with 4.8 stars from over 25,000 reviews in the Apple store and 4.6 stars from around 13,000 reviews in the Google Play store.

Funds deposited in Upgrade accounts are FDIC-insured through Upgrade’s partner bank, Cross River Bank, for up to $250,000 per deposit, per account ownership type. Upgrade does not offer joint accounts.

Is Upgrade Trustworthy?

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 bank, 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.

According to the Identity Theft Resource Center, Upgrade had one data breach within the last five years. The breach was reported on December 15, 2020, and exposed only non-sensitive records.

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 Checking and Savings FAQs

Methodology: How We Reviewed Upgrade Checking and Savings

We rated Upgrade’s accounts and services using 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.

How Upgrade Checking and Savings Compare

Upgrade vs. Current

Upgrade and Current are fintech banking platforms with FDIC coverage and zero fees. However, Upgrade has several advantages, including higher savings account interest rates, cash back on debit card purchases, and an A+ BBB rating (Current has a D rating due to the high number of customer complaints filed against the business).

Current customers earn interest through “Savings Pods,” but you’re limited to three Savings Pods with a maximum per-pod balance of $2,000 (and you need a qualifying direct deposit of $200 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 (Upgrade accounts are insured through its partner bank; Varo is a Member FDIC bank).

Like Upgrade, Varo 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.

Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. 
She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004.
Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.

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Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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