Review
Updated
Fact Checked
Nathan Alderman
The Upgrade Premier Savings account has one of the highest annual percentage yields (APYs) that we've found. Upgrade's Premier Savings account is best for those who want a competitive APY and are comfortable with online banking. In this expert review, we'll cover the Upgrade Premier Savings account and help you decide if this savings account is right for you.
Member FDIC.
Ratings Methodology
Rates as
of May 20, 2024
Upgrade Premier Savings
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor- High APY
- No monthly fees
- Secure online access
- Minimum balance required to earn interest
- No physical branch access
Upgrade offers a Premier Savings account with zero monthly fees and no minimum balance requirement. The APY is among the highest in the industry; however, you need a minimum of $1,000 to earn the competitive rate.
Deposits held at Cross River Bank, Member FDIC, insured up to $250,000. Funds at Participating Institutions eligible for FDIC or NCUA insurance.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Upgrade Premier Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Upgrade Premier Savings | 5.21% | $1,000 |
Data source: Upgrade.
An APY of 5.21% is very generous indeed -- but this Upgrade Premier Savings account comes with a high minimum deposit, which could be a deal breaker. Its APY is higher than what's offered by many other banks, but if you're just getting started with saving, there are accounts out there that can grow your money faster, even if you're starting with just $1.
Full Upgrade Premier Savings account review
Top perks
Here are a few features of the Upgrade Premier Savings account that make it worth considering.
High APY: APY is an important factor when choosing a high-yield savings account. The Upgrade Premier Savings account's APY of 5.21% beats the national average and is also one of the highest APYs offered by any financial institution that we've found.
In addition, the account's APY is earned on your entire balance over $1,000, with no cap like many banks have. There is no maximum amount of money one can keep in the Upgrade Premier Savings account.
As a financial technology company working with a network of 200 small banks and credit unions, its network of institutions doesn't have national deposit-gathering platforms and, as a result, is willing to pay more in interest.
No monthly service fees: There are no monthly fees associated with the Upgrade Premier Savings account -- no annual or monthly fees, nor account maintenance fees.
Secure 24/7 mobile access: Upgrade has a highly rated mobile app where you can view balances, transfer funds between accounts, and set up real-time alerts.
What could be improved
There are a few minor issues with the Upgrade Premier Savings account.
Minimum amount to earn interest: Though there are no minimum deposit requirements to open the account, only amounts over $1,000 will earn interest.
No physical branch access: Upgrade is a financial technology company with no physical branches. Upgrade may not be the best fit for you if you prefer to bank in person. A brick-and-mortar bank is probably better for your needs in this instance.
No joint account option: Only individuals can open the Upgrade Premier Savings account, so if you want to co-own your account with someone else, you'll need to look for banks that offer joint accounts.
How to access your money
Upgrade currently has no physical branches, but you can fund your account and withdraw money quickly and easily in a few different ways.
Deposit options
There are several ways to fund your account. Funds can be deposited into an Upgrade Premier Savings account via standard ACH transaction or wire transfer. ACH transfers can be initiated online or through the app by selecting the deposit tab at the bottom of the screen. Customers can also link an external account and initiate an ACH transfer. They can also fund their Premier Savings account by having their payroll provider set up direct deposit and automatically deposit their paycheck on payday.
Account holders can complete a wire transfer by directing a third party to transfer money by domestic wire transfer. Deposits initiated externally and transferred to a savings account by wire or ACH are available immediately on receipt. ACH transfers are available in three business days.
Withdrawal options
To access the funds in an Upgrade Premier Savings account, account holders can initiate an ACH transfer to a linked external bank account (or an internal transfer to an Upgrade Rewards Checking account) via the account dashboard in the Upgrade website or mobile app. Account holders can only transfer funds up to the available balance that is not linked to other external accounts.
Upgrade Premier Savings customer reviews
Upgrade Inc. scored an A+ from the Better Business Bureau, averaging a 4.44/5 star rating from over 2,600 reviews.
The company has a 4.4/5 star score on Trustpilot as well, averaged from over 40,000 reviews.
You can contact Upgrade Inc.'s customer service by emailing [email protected] or calling (844) 207-7781.
Upgrade Premier Savings is right for you if:
- You want a competitive APY.
- You're comfortable with online banking.
- You want an account without monthly or transfer fees.
Keep reading about Upgrade
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
There is no minimum balance required to open an Upgrade Premier Savings account.
-
There is no cap or maximum to the amount of money you can keep in the Upgrade Premier Savings account. However, funds are only FDIC insured up to the applicable limit of $250,000 per depositor.
-
The Upgrade Premier Savings account does not offer a debit card. However, you can access your money by transferring your funds to a linked external checking account.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Robin Hartill has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.