Upgrade review (2025): A leading fintech that offers high yields and few fees
Upgrade's Rewards Checking Plus account is packed with benefits and perks. These include up to 2% cash back on purchases from convenience stores, drugstores, gas stations, restaurants, and subscriptions. You can also earn a high yield on account balances and cash back on debit card purchases. There are no monthly or overdraft fees, and you can get paid up to two days early with direct deposit.
There is one major caveat to these benefits: You must receive at least $1,000 in monthly direct deposits into the account to be eligible. If you don't meet this requirement, you'll miss out on benefits like 2% cash back.
If you want to open a joint checking account, it's possible to do that with the Rewards Checking Account during the application process.
The Premier Savings account is a high-yield savings account that pays a highly competitive interest rate on balances of $1,000 or more. There are no monthly maintenance fees, and the account is FDIC-insured up to $1 million through participating institutions.
You can fund the Premier Savings account with an ACH or wire transfer in U.S. dollars. If your employer offers direct deposit, you can also fund your account through this method.
Similar to the checking account, you can choose to open a joint savings account during the application process.
Upgrade offers fixed-rate, unsecured installment loans ranging from $1,000 to $50,000 with terms of 24 to 84 months. Personal loan APRs range from 7.99% to 35.99%, and origination fees range from 1.85% to 9.99%. Funds are typically available within one business day after approval.
Upgrade offers several credit cards, including multiple rewards cards.
A credit monitoring and insights dashboard is built into the Upgrade mobile app, allowing you to track your credit score, analyze spending habits, and stay informed and proactive about your credit health.
Many of Upgrade's basic account features are fee-free. However, fees may apply in certain cases. Here's a look at the fees Upgrade charges banking customers.
Consider these pros and cons before becoming an Upgrade customer:
Pros
High yields on bank accounts: The Rewards Checking Plus account offers 0.42% APY, and the Premier Savings account offers 4.02% APY. Both rates are well above industry averages.
No monthly fees: The checking and savings accounts don't have monthly fees, regardless of your account balance.
Checking account earns cash back: Upgrade's checking account is a rewards checking account and is eligible to earn cash back when certain requirements are met.
Cons
No branch locations: Since Upgrade is an online-only financial institution, you must do all your banking online. This may be a drawback for those who prefer in-person assistance.
No cash deposits: Mobile check deposit is available, but there is no option to deposit cash.
Read more: How to deposit cash at an online bank
While no in-person support is available, there are various ways to contact Upgrade. As with many online banks today, the first option is an online chat, which is available 24/7. You can also send an email to support@upgrade.com.
Phone support is available Monday through Friday from 5 a.m. to 7 p.m. PT. On Saturday and Sunday, support is available from 6 a.m. to 5 p.m. PT. The contact number is 844-319-3909.
The Upgrade app generally receives high ratings. The Android app is rated 4.5 out of 5 stars, while the Apple app is rated 4.9 out of 5 stars. The app offers several helpful features, including the ability to manage your checking and savings accounts in one place, set up autopay, and receive alerts. You can also monitor your credit score and make payments from the app.
For general correspondence, you can send mail to the following address:
275 Battery Street, 23rd Floor
San Francisco, CA 94111
Phone support is available by calling 844-319-3909.
Upgrade is not a bank itself and does not carry FDIC insurance directly. Instead, it partners with FDIC‑insured banks — particularly Cross River Bank — to offer FDIC-insured bank accounts.
You can find your routing number by logging in to your account and clicking 'Show Details' under your account balance. For Cross River Bank, the routing number is 021214891.
Yes, Upgrade is a legitimate financial technology company based in San Francisco, California.
Upgrade is not a bank. However, it works with partner banks, such as Cross River Bank and Blue Ridge Bank, to offer deposit services.
Upgrade was founded in 2017 and has extended billions of dollars of credit to its customers since its founding.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
7 hours ago
- Forbes
Money Market Interest Rates Today: August 8, 2025 - Earn Up To 4.35%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The highest money market account rate available today is 4.35% Changes from the Fed or your bank can quickly change money market rates Online banks typically offer the most competitive yields on the market. As of today, the highest money market rate is 4.35%, compared to a national average rate of 0.52%, according to Curinos. Here are today's money market account rates: A money market account (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period. Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements than many bank accounts. MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure. To open a money market account , start by comparing the best yields on the market, but only include those accounts with minimum requirements you can meet. In addition to rates and minimums, consider account fees, withdrawal limits and other features to find the best fit. When you're ready to open an account, submit an application online or at a bank branch. The application will ask for personal information, including your name, address, Social Security number, employment status and income. You'll also need to provide a government-issued ID. Once your application is approved, you can make your first deposit. Be sure to transfer at least the minimum opening deposit required. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Yahoo
18 hours ago
- Yahoo
Trump signs executive order putting pressure on big banks over 'politicized debanking'
President Trump signed an executive order on Thursday that ups his administration's scrutiny over whether big banks denied services to consumers and businesses based on political or religious grounds. The action calls for federal bank regulators to investigate if the decisions made by financial institutions to deny access to certain customers were 'politicized or unlawful debanking.' Regulators are also called to review their supervisory data for instances of unlawful debanking based on religion and refer such cases to the Attorney General. Institutions found to have encouraged politicized or unlawful debanking will face remedial actions, including fines or consent decrees, according to the order. The order also calls for bank regulators to strike a particular kind of risk assessment from their guidance and supervision efforts known as reputational risk. Two federal bank regulators — the Federal Reserve and Office of the Comptroller of the Currency — have already eliminated reputational risk as part of their bank examination programs. The FDIC has signaled it plans to follow suit. The Small Business Administration will also be tasked with requiring institutions to take efforts to reinstate customers previously denied services unlawfully. The order did not lay out further details for how the investigative efforts by regulators will unfold, including which lenders these agencies will choose to scrutinize first. The order is another boon to crypto, which during the Biden era, was flagged by regulators as a higher-risk industry for lenders. It also reflects how the president's own interests continue to shape policymaking this year. On Tuesday, President Trump claimed that the country's two largest banks — JPMorgan Chase (JPM) and Bank of America (BAC) discriminated against him and other conservatives by denying them services. He cited his own personal experience as an example. "The banks discriminated against me very badly,' Trump said in a Tuesday morning interview with CNBC's 'Squawk Box.' The president is far from the only entity carrying the Trump name that has claimed denial of banking services. Earlier this year, the Trump Organization sued major credit card lender Capital One (COF) for allegedly debanking hundreds of its accounts following the Jan. 6, 2021, attack on the US Capitol in Washington, D.C. The bank has since said the lawsuit failed to include any facts to back the claim that the moves were politically motivated. For years, conservatives have claimed that US banks have denied accounts to certain customers for political reasons. Crypto companies and their executives have also claimed they have lost or were denied banking services; Coinbase Global executives have shared several accounts. Another criticism heard from both Republican and Democratic lawmakers is that banks can use debanking too aggressively as a legal and reputational risk-management tool when following the broad aim of preventing fraud, money laundering, terrorism, and other crimes. And that, critics have said, has led to incorrectly evicting or refusing customers service. Lawmakers have cited thousands of debanking complaints from consumers in recent years. However, US lenders must follow guidance handed down by regulators that calls for lenders to assess customers based on specific risk criteria, including reputational risk. Arguably, that dynamic gave banks greater discretion when weighing whether customers signaling questionable behavior are too risky to bank. It also grants regulators wider authority to lay out what sort of activity lenders should pay closer attention to. In a joint statement on the order bank lobby groups including the Bank Policy Institute and Financial Services Forum thanks the administration for reining in "runaway regulations." "It's in banks' best interest to take deposits, lend to and support as many customers as possible. Unfortunately, regulatory overreach, supervisory discretion and a maze of obscure rules have stood in the way," the industry groups said. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Yahoo
East Lancs set for months of roadworks as part of £250m project
Four months of roadworks are set to start on one of Merseyside's busiest roads this weekend. As part of a £40m upgrade to the region's electricity network, parts of the East Lancs Road will be cut off in just over two weeks. According to SP Energy Network (SPEN), the works will increase capacity on the local network, ensuring it remains fit for purpose as people make greener choices and switch to low-carbon technologies like electric vehicles. SPEN's Manweb licence director, Liam O'Sullivan said: 'Over the next 25 years, electricity demand is set to double as people make the move to low-carbon options for transport and heating. 'Our Merseyside and Wirral districts alone forecast to be home to an incredible one million electric vehicles and heat pumps by 2050. That requires an incredible transformation to our network in the region – much of which was built when the Beatles were at their peak! READ MORE: Live updates as crash shuts busy road near hospital READ MORE: Restaurant chain closes 74 locations across the UK 'So, we need to modernise and move with the times and that's why we're investing more than £250 million in this area between 2023-2028 – including the new Bootle to Kirkby connection.' The first phase of construction is scheduled to start on Saturday August 9 along the eastbound side of the East Lancashire Road, between the substation near South Boundary Road and the M57 Junction 5 exit slip road. Work is due to continue until 8 December 2025. Knowsley Council advised that one lane of the eastbound carriageway will be closed for safety reasons and work will be undertaken between the hours of 7am-5pm, seven days a week. Workers will be digging sections of the road to replace the old cables, connecting new ones to various points along the network. They will also be digging and installing new cable ducts at a rate of around 25 to 40 metres a day, with clear signage in place along the route. The local authority also advised motorists that some disruption will be inevitable, but pledged to keep inconvenience to a minimum during the construction process. It confirmed that people will still have full access to homes and businesses and electricity supply will be unaffected. Addressing the potential transport disruption, SPEN project manager, Chris Cummings said: 'While the works will be completed in short sections along the route, we appreciate there will be some disruption – given this is such a major project. We're doing everything we can to keep that to a minimum and appreciate the support of Knowlsey Council to help us achieve that. 'We will also keep local communities and regional partners informed about what's happening and when and that work is already underway. We apologise for any inconvenience and thank local people in advance for their understanding and support.' The energy firm added it has worked to ensure all road users are updated on the plans that all impacted locations and traffic management plans for the work will be clearly signposted in advance. SCHEDULE OF WORKS August 9 – October 18: Coopers Lane to Alchemy Way August 15 – October 18: Alchemy Way to Junction 5 slip August 19 – September 23: South Boundary onto Coopers Lane September 13-14 and September 20-21 to September 27-28: Moorgate Road Junction For the latest news and breaking news visit Get all the big headlines, pictures, analysis, opinion and video on the stories that matter to you. Follow us on Twitter @LivECHONews - the official Liverpool ECHO Twitter account - real news in real time.
