Upgrade Checking and Savings Accounts: A Comprehensive Overview
Introduction to Upgrade and Its Banking Offerings
upgrade offers a range of financial products, including personal loans, credit cards, and digital banking services. As a fintech company, it partners with Cross River Bank to provide FDIC-insured deposit accounts, ensuring your money is safe and secure. Upgrade’s checking and savings accounts are designed to cater to individuals looking for low fees, high-yield savings options, and cash-back rewards on debit card purchases. While it doesn’t operate physical branches, its mobile banking app is highly rated, making it a great option for those comfortable with online and mobile banking. Upgrade’s Premier Savings account stands out with a competitive APY of up to 4.14%, but you’ll need to maintain a balance of at least $1,000 to earn the highest rate.
Upgrade Premier Savings: High-Yield Savings with a Catch
The Upgrade Premier Savings account is a standout feature, offering a high annual percentage yield (APY) of up to 4.14%. This rate is significantly higher than the national average and makes it an attractive option for savers looking to grow their money. However, there’s a catch: you must maintain a balance of at least $1,000 to qualify for the highest interest rate. If your balance drops below this threshold, you won’t earn interest for that period. Additionally, there are no monthly service fees or minimum opening deposit requirements, making it accessible to a wide range of users. The account also comes with up to $1 million in FDIC insurance through Cross River Bank, ensuring your deposits are well-protected.
Upgrade Checking: Cash-Back Rewards and No Hidden Fees
Upgrade’s checking account, known as Rewards Checking Plus, is another appealing option for those who want to earn rewards on their everyday spending. You can earn up to 2% cash back on common expenses like gas, groceries, dining, and subscriptions, as well as recurring payments for utilities and monthly services. However, this 2% cash back is capped at $500 per calendar year, after which you’ll earn 1% cash back on all eligible purchases. To qualify for these higher cash-back rewards, you need to receive monthly direct deposits of at least $1,000. If you don’t meet this requirement, you’ll still earn 1% cash back on everyday purchases and 0.5% on everything else. There are no overdraft fees or monthly maintenance fees, but you’ll pay a $2.50 fee for using out-of-network ATMs.
User Experience and Accessibility
Upgrade’s mobile banking app is highly regarded, with a 4.9-star rating in the Apple App Store and a 4.6-star rating in the Google Play Store. This reflects its user-friendly interface and robust features, making it easy to manage your accounts on the go. While Upgrade doesn’t offer 24/7 customer support, it does provide live phone support on weekdays from 5 a.m. to 7 p.m. PT and on 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. However, one potential drawback is the difficulty of depositing cash, as Upgrade doesn’t have physical branches or a wide network of ATMs.
Security and FDIC Insurance
Upgrade takes the security of your funds seriously. All deposits are insured by the FDIC or NCUA through Cross River Bank or participating institutions, offering up to $1 million in coverage. This ensures that your money is protected in case of bank failure. Additionally, Upgrade now offers joint accounts for both its Rewards Checking Plus and Premier Savings accounts, making it easier to manage shared finances. The platform also provides tools for credit monitoring and financial insights, helping you stay on top of your financial health.
Conclusion: Is Upgrade Right for You?
Upgrade’s checking and savings accounts are a solid choice for anyone looking for low fees, competitive savings rates, and cash-back rewards. The Premier Savings account is particularly appealing for those who can maintain a balance of at least $1,000, as it offers one of the highest APYs available. The Rewards Checking Plus account is ideal for individuals who regularly receive direct deposits and want to earn cash back on their daily purchases. However, if you frequently need to deposit cash or rely on in-network ATMs, you might want to explore other options. Overall, Upgrade’s digital-only platform is well-suited for tech-savvy individuals who prioritize high yields and minimal fees.
