Upgrade Premier Savings Review
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Upgrade Premier Savings gives a really high APY for savings. But what do you need to get it? Read on to learn how to earn their highest APY.
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Rewards Checking Plus - Up to 2% Cash Back | |||
Overall Score | 4.5 | ||
Savings | 4.5 | ||
Customer Service | 4.0 | ||
Mobile App | 4.5 | ||
Fees | 5.0 | ||
Pros and Cons
- High APY
- No monthly fees
- No minimum opening deposit
- No ATM card
- $1,000 needed to earn APY
Bottom Line
Savings account with one of the highest APYs in the nation
Upgrade Premier Savings offers the highest APY compared to Upgrade's other accounts.
That means you can grow your money at an even faster rate!
But is there a catch?
Read on to get the full details of this account and how you can fully maximize it.
What Is Upgrade Premier Savings?
Upgrade Premier Savings offers 5.07% APY when your closing balance is at least $1,000 (otherwise, 0% APY).
This is one of the highest APYs in the nation (compared to the national average of 0.43% APY). Plus, there are no monthly account and no opening balance requirements.
Keep in mind that a balance below $1,000 gets 0% APY.
Premier Savings - Up to 5.07% APY
- 5.07% APY when you have at least $1,000 balance.
- No minimum opening deposit
- No monthly account fees
Pros And Cons of Upgrade Premier Savings
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If you're on the fence about whether to get this account, you can weigh its pros and cons.
Pros:
- High APY
- No monthly fees
- No minimum opening deposit
- Great customer service reviews
- Highly rated mobile app (average 4.7 stars)
- FDIC insurance up to $250,000 through Cross River Bank
Cons:
- $1,000 minimum to earn APY
- No ATM card
With these in mind, is the account suited for you?
Who Is Premier Savings Best For?
Upgrade Premier Savings is best for those who want a high APY and can maintain $1,000 in the account.
This is great if you're saving for something like a car, an overseas vacation, or even a house. With such a high APY and a reasonable minimum balance, you can grow your money much faster.
Also, consider this if you don't need fast access to funds. It doesn't come with an ATM card, so you won't have the convenience of being able to withdraw cash easily.
However, you may be able to find savings accounts with higher APYs, and some don't even have a minimum balance requirement.
Premier Savings - Up to 5.07% APY
- 5.07% APY when you have at least $1,000 balance.
- No minimum opening deposit
- No monthly account fees
- Discover Online Savings:
$200 Cash Bonus - UFB High Yield Savings:
Earn up to 5.25% APY - CIT Bank Platinum Savings:
5.05% APY - Quontic:
High Yield Savings - 4.50% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Continental Bank:
High Yield Savings Account - 4.41% APY
Fees To Look Out For
Upgrade Premier Savings has:
- No monthly fees
- No minimum opening deposit
- No transaction fees
The only thing you should consider is the minimum to earn the highest APY, which is only $1,000. This amount is reasonable compared to other banks considering Upgrade's high APY.
If this sounds good to you and you're ready to open an account, here's what you should do.
How to open an Upgrade Premier Savings Account
Follow these steps to open a Premier Savings account with Upgrade:
- Go to their website
- Click on "Open Account"
- Fill in all necessary fields
- Start saving!
After opening an account, the next step would be to put your money in it. Let's talk about how.
How To Deposit Funds
To deposit money into your Premier Savings account, you can:
- Link an external bank account and transfer funds
- Wire the funds into your account
- Have your payroll provider set up a direct deposit and automatically deposit your paycheck on payday
How To Withdraw Funds
Upgrade only offers debit cards for their checking accounts. They don't offer any cards for their savings accounts.
Since you won't have a physical card, you won't be able to access your money through any ATM.
You can instead withdraw money by:
- Initiating an ACH transfer to a linked external bank account
- If you have an Upgrade Rewards Checking account, you can do an internal transfer.
Both external and internal transfers can be done through the online website or mobile app.
| Count Limits | Dollar Limits | |
|---|---|---|
| From external accounts | 2-7 transfers within a 7-day period | $2,000 to $15,000 within a 7-day period |
| To external accounts | No limit | $2,000 to $15,000 within a 7-day period |
If you're still not sure if Premier Savings is right for you, Upgrade has a couple of other savings accounts too:
Other Upgrade Savings Accounts
Upgrade Premier Savings is a stand-alone account for new customers. However, Upgrade has a couple of other accounts for customers with an Upgrade checking account.
Premier Savings vs Everyday Savings
The APY of the Upgrade Everyday Savings account is still really competitive. Plus, there's no minimum amount to get the highest APY. But this account is only available to customers with a Rewards Checking account.
An Everyday Savings account is also a variable rate account with no monthly fees. No maintenance fees and minimum deposit are required to open the account.
And just like Premier Savings, Everyday Savings doesn't offer a card. So you get the same deposit and withdrawal methods.
Premier Savings vs Performance Savings
Just like Everyday Savings, Performance Savings is also paired with a checking account. You must have an open Rewards Checking Plus account in order to qualify for Performance Savings.
You'll earn a lower rate compared to Premier Savings. But If you have an active account and a monthly $1,000 direct deposit, you will receive a higher APY. There are also no fees associated with the Performance Savings account.
Is Upgrade Legit?
Yes, Upgrade is a legit company. Upgrade is a financial technology company that partners with Cross River Bank to provide banking services. Your money is FDIC insured up to $250,000 through Cross River Bank.
They became popular because of their loan options. But with the help of Cross River Bank, they now offer a wide array of banking services that have very competitive rates.
Premier Savings - Up to 5.07% APY
- 5.07% APY when you have at least $1,000 balance.
- No minimum opening deposit
- No monthly account fees
Customer Service
Overall, Upgrade gets excellent customer service reviews (4.5 stars out of over 39,000 reviews on Trustpilot). Most of the reviews are for their loan service, but good reviews are a reflection of the company as a whole.
You can reach Upgrade's support at:
- Phone: (844) 319-3692 (for Checking & Savings support)
- Email: depositsupport@upgrade.com
- Monday to Friday: 5 am - 6 pm PST
- Saturday & Sunday: 6 am - 5 pm PST
They also have a Help Center with all the FAQs.
How Upgrade Premier Savings compares
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
UFB High Yield Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
High Yield Savings Account - 5.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
High-Yield Savings Account - 5.16% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Bank34
High Yield Savings Account - 4.80% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
BOTTOM LINE
Upgrade offers a great deal because you get one of the highest APYs on the market. Premier Savings is a good choice if you have $1,000 or more on hand that you want to grow.
They also don't require an opening deposit, so you can start saving as early as right now.
Keep in mind that for high-yield savings, the more money you put in, the faster your money will grow. So with $1,000+, your money will grow faster than if you put less in an account with a high APY and no minimum balance requirement.
But if $1,000 is too much, you can still opt for their Everyday Savings account. It's an alternative that offers a competitive APY minus the minimum balance.
Rewards Checking Plus - Up to 2% Cash Back
- Maximize your rewards with direct deposit.
- Up to 2% cash back on purchases.
- Add Performance Savings to earn up to 5.07% APY.
- Get paid up to 2 days early.
- No monthly fees
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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