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Published: April 17, 2023 Updated: September 17, 2023 |
Upgrade was founded in August 2016 by Renaud Laplanche, founder and former CEO of LendingClub, and other former employees of Lending Club. Upgrade is not a bank, but they partner with Cross River Bank (Bank ID 3783313, FDIC Certificate # 58410) to offer banking services including the standard $250,000 deposit insurance.
Bottom Line Up Front: Unlimited 1% cash back is the easiest debit reward program available.
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The App
The mobile application is very simple and somewhat easy to use. The website looks and feels similar to the app but isn't exactly the same. Some features are only available in the app such as check deposits. The app also offers biometric sign-in including fingerprint and face. We have noticed several small bugs in the app and website, but overall we agree with the 4.6 rating in the Google Play store and 4.8 in the iOS App store.
Rewards Checking and Visa Debit Cash Back
The Upgrade Rewards Checking account offers no account fee, no monthly or annual fee, no ATM fee, no transfer fee and no overdraft fee. Every month, Upgrade will reimburse up to 5 ATM fees charged by another institution for debit card withdrawals in the United States as long as you maintain an active account. You may also receive other benefits with an active account by either maintaining an average daily balance of $2,500, monthly direct deposits of at least $1,000 or making 8 debit purchases per month.
The Rewards Checking account comes with many any other convenient and free features such as online bill pay, wire transfers, and credit monitoring. Upgrade recently added early paycheck which allows you to get direct deposits up to 2 days early. The Upgrade credit monitoring includes VantageScore 3.0, Credit Score Simulator, Score Trending, Credit Bureau Alerts, Credit Report Summary and Credit Health Tips. Mobile check deposits are available in the app but not on the website. However, the limits are quite low as you are only allowed to make 10 deposits per day and each check must be $3,000 or less. Also, mobile check deposits are limited to a total of $5,000 per day and $8,000 per month. Currently there are no check writing options which can be a drawback for a checking account.
The Upgrade Visa debit card offers 2% cash back up to $500 in rewards per calendar year at convenience and drug stores, gas stations, restaurants and on monthly subscriptions such as streaming services, utilities and phone. Also, there is unlimited 1% cash back on all other debit charges. In the app and online, you can view total lifetime cash back earned and the cash back earned in the current month. Cash back is paid in the first week of the following month.
On June 1, 2023, Upgrade changed the cash back terms and now requires you to maintain active accounts with a monthly direct deposit of $1,000 to get the highest cach back rates. If you are not able to maintain the direct deposit, then you will earn 1% cash back on Convenience/Drugstores, Home Utilities, Cell Phone Providers, Gas, Streaming Services, and Dining and 0.5% cash back on all other debit charges.
Upgrade Shopping powered by Dosh
Upgrade Shopping is the merchant partner program that gives you up to 30% cash back on qualifying debit or credit purchases at popular retailers. In the app and the website, the Upgrade Shopping portal is accessed from your Rewards Checking details page. Three offers are displayed along with a "View All Offers" button. Clicking the button takes you to the full list of offers powered by Dosh. The Dosh interface allows you to search by location or brand, see featured and limited time offers, and browse by category. There is even an embedded map that you can move and zoom to see local offers. The local offers are usually 5% back at small, local restaurants and the list can be very long depending on your location. The "online offers" are for national brands and may be valid for in-store purchases also. The best part about Upgrade Shopping is you don't have to click to activate most offers like you are required to do with other banks. Upgrade has added many more national brand offers in the third quarter of 2023 and now requires you to click to activate most offers.
Here are the national brands with current offers:
Savings
Upgrade requires you to open the checking account first before you can take advantage of 5.21% annual percentage yield (APY) in the Everyday Savings account. The savings account will have its own account number so you can make deposits and transfers directly. There are no minimum balance requirements, no monthly fees, and transfers with the linked checking account are instant.
On June 1, 2023, Upgrade changed the savings account linked to checking for new customers from Everyday Savings to Performance Savings. The Performance Savings account has a higher interest rate if you maintain active accounts with a monthly direct deposit of $1,000. If you are not able to maintain the direct deposit, then the interest rate falls to 1.5% APY.
If you are not interested in the Rewards Checking account, then you could take advantage of the Premier Savings account with only a $1,000 minimum balance requirement. This account has no direct deposit requirement, no monthly fees and no transfer fees. At this time, the Premier Savings account can't be linked to any other Upgrade accounts.
Bonus Offers
Upgrade offers a fast and easy referral signup bonus. You will get $150 deposited directly to your Upgrade Rewards checking account after you complete $1,000 in direct deposits within the first 45 days of opening your account. You can withdraw the bonus on the same day. Be sure to signup using a referral link like this one to get the offer.
There is also another $200 bonus that requires opening a credit card first, then opening a Rewards Checking account and making 3 debit transactions.
Credit Cards
Updates coming soon.
Personal Loans
Upgrade Personal Loans up to $50,000 and $200 bonus when you open Rewards Checking. Details coming soon.
Auto Refinance Loans
Upgrade Auto Refinance Loans. Details coming soon.
Apply for this account
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