Updated May 2, 2024

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.

5-point scale (the higher, the better)

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 5.21% 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 0.45% APY). Plus, there are no monthly account and no opening balance requirements.

Keep in mind that a balance below $1,000 gets 0% APY.

Pros And Cons of Upgrade Premier Savings

If you're on the fence about whether to get this account, you can weigh its pros and cons.


  • High APY
  • No monthly fees
  • No minimum opening deposit
  • Great customer service reviews
  • Highly rated mobile app (average 4.7 stars)
  • Up to $250K in FDIC or NCUA insurance through Cross River Bank or Participating Institutions


  • $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.

Compare Savings Account Offers

The Upgrade Premier Savings account is a stand-alone account. You cannot open a Premier Savings account if you already have an existing Upgrade Rewards Checking account.

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:

  1. Go to their website
  2. Click on "Open Account"
  3. Fill in all necessary fields
  4. Start saving!

You'll be asked to fill in details like your name, address, birth date, social security number, etc. Also, make sure to prepare your driver's license and any other documents as proof of your identity since you may be asked to present these.

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:

  1. Link an external bank account and transfer funds
  2. Wire the funds into your account
  3. Have your payroll provider set up a direct deposit and automatically deposit your paycheck on payday

Can't decide how to deposit your cash? You can read our article on ACH and wire transfers to know the better option.

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:

  1. Initiating an ACH transfer to a linked external bank account
  2. 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.

Here are some transfer limits to be aware of (your individual limit will vary based on your account eligibility and activity):

Count LimitsDollar Limits
From external accounts2-7 transfers within a 7-day period$2,000 to $15,000 within a 7-day period
To external accountsNo 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 insured up to $250K in FDIC or NCUA insurance through Cross River Bank or Participating Institutions.

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.

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


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.

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


OneCard with Rewards Checking - $200 Bonus

  • 3% cash back on everyday expenses (up to $500 in rewards per calendar year); 2% on everything else
  • No annual fee
  • Choose to Pay Now with no interest, or Pay Later
  • $200 bonus when you also open and fund a new Upgrade Rewards Checking Plus account and make 3 qualifying purchases on your Upgrade OneCard and/or Rewards Checking Plus debit card within 60 days
Upgrade is a financial technology company, not a bank. Personal Credit Lines are issued by Cross River Bank, Member FDIC. The Upgrade Card is issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
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