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Upgrade Overall Rating
| Feature | Insider Rating (out of 5) |
| Premier Savings | 4.5 |
| Everyday Savings | 4.5 |
| Checking | 4.25 |
| Trustworthiness | 4 |
| Total | 4.25 |
Upgrade Pros and Cons
| Pros | Cons |
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Upgrade Premier Savings Review
Like many online banks, the platform offers competitive savings interest rates. The
You cannot open an Upgrade Premier Savings account if you also have a Rewards Checking Plus account — if you want to open a checking account, you'll then have to open an Everyday Savings account.
Upgrade Everyday Savings Review
You'll earn a lower rate (currently
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 Plus Review
The platform 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 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 Plus customers also receive discounts on new loans and card offers.
About Upgrade Banking
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 a Rewards Checking Plus account and a savings account, you'll need to open an Everyday Savings account.
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 banking accounts).
The company'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 its partner institution, Cross River Bank, for up to $250,000 per deposit, per account ownership type. The platform 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 institution, Cross River Bank, has a D 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).
About Cross River Bank, Upgrade's Partner Bank
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.
This isn't an uncommon practice. Juno, a platform that offers a high-yield checking account, partners with Evolve Bank & Trust. The popular investment platform Wealthfront offers the
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.
Upgrade Checking and Savings FAQs
Is Upgrade a real bank?
Upgrade is a fintech company, not a bank. According to its website, the platform partners with banks and other financial institutions that originate loans, provide deposit accounts, and offer additional services customers obtain through Upgrade. The company does business under the following DBAs: Cross River Bank, Blue Ridge Bank, NYDIG Execution LLC (which provides bitcoin services), and Sutton Bank.
Is Upgrade a legitimate bank?
While Upgrade is not technically bank, it is a legitimate company. It is an accredited BBB business with an A+ rating. Its BBB customer reviews are largely positive, with over 4.5 out of 5 stars from around 3,000 customers. Account deposits are FDIC-insured through the company's partner institution, Cross River Bank, Member FDIC.
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 in FDIC insurance. Blue Ridge Bank finances personal and auto loans, NYDIG Execution LLC provides bitcoin services, and Sutton Bank offers cards.
How is Upgrade's customer service?
Upgrade has longer customer service hours than most traditional institutions. Live phone support is available Monday through Friday from 5 a.m. to 6 p.m. PT, and Saturday and Sunday from 6 a.m. to 5 p.m. PT. Live chat isn't available yet for checking and savings customers, but you can reach out via Twitter or email.
Is the Upgrade savings account FDIC-insured?
Yes, the savings accounts have FDIC insurance through Upgrade's partner bank, Cross River Bank. Your deposits are insured for up to $250,000. This means that even if either company shut down, your insured money is safe.
What is the minimum balance for Upgrade accounts?
Upgrade banking accounts don't have minimum balances. However, you need a balance of at least $1,000 to get the best savings account APYs. To qualify for ATM rebates and discounts on other products, you need at least $2,500 in your Rewards Checking Plus account, direct deposits totaling at least $1,000, or at least eight eligible debit card purchases during the previous calendar month.
What does the company Upgrade do?
Upgrade is a fintech company offering personal loans (installment loans ranging from $1,000 to $50,000), personal lines of credit, Everyday and Premier savings accounts, a Rewards checking Plus account, and a suite of credit monitoring tools.
How Upgrade Checking and Savings Compare
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, cash back on debit card purchases, and an A+ BBB rating. Current has an NR ("no rating") as it's in the process of responding to complaints that had already been closed.
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 $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.
Varo 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, 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.
Methodology: How We Reviewed Upgrade Checking and Savings
We rated the platform'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.