Top perks
Up to 2% cash back on purchases: Upgrade lets you earn rewards with debit card purchases. You can earn up to 2% cash back on common everyday expenses if you have an active account. An active account is one that has a monthly direct deposit of $1,000 or more. Eligible expenses for the 2% cash back are:
- Convenience and drug stores
- Gas stations
- Monthly subscriptions, including streaming services
- Restaurants
- Utilities and cellphone services
All other purchases will earn 1% cash back.
No monthly maintenance, NSF, or overdraft fees: There are no monthly maintenance fees, overdraft fees, or annual fees with an Upgrade Rewards Checking Plus account. There are also no ATM fees for active accounts and Upgrade will reimburse you for five out-of-network ATM transactions. There are also no minimum balance fees.
Early direct deposit: If you have direct deposit set up for your account, you can get paid up to two days early.
Earn a high APY with Upgrade Premier Savings Account: If you open up a Upgrade Premier Savings account with your Upgrade Rewards Checking Plus, you can earn a competitive APY as long as you have an active account. Customers without an active account will earn a significantly lower APY.
Upgrade Rewards Checking Plus customers receive discounts on new loans and cards: If you have an active Upgrade Rewards Checking Plus account, the interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount.
What could be improved
2% cash back rewards capped: The 2% cash back is limited to $500 in rewards per calendar year; after $500, you will earn 1% cash back on all eligible debit card purchases for the rest of the year.
Must meet certain requirements for maximum cash back: To get the additional rewards benefits, you must have an active account with a monthly direct deposit of $1,000 or more. Upgrade Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases.
Must meet certain requirements to get ATM fee reimbursed: To be eligible to receive third-party ATM fee rebates in any calendar month, the account must be active in the prior calendar month. You will only be reimbursed for up to five ATM fees. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status.
No physical branches: 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.
Fees