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Upgrade Premier Savings Account Review: High APY for Online Savers

Review Updated
Cole Tretheway
Cole Tretheway
| 2 others [ + ]
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Our quick take: The Upgrade Premier Savings account is a strong savings account that combines a high APY with zero monthly fees. Consider opening the account if you have at least $1,000 to deposit long term, and you're comfortable banking online.

Upgrade Premier Savings
Open Account for Upgrade Premier Savings

On Upgrade's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 20, 2025

Upgrade Premier Savings

Open Account for Upgrade Premier Savings

On Upgrade's Secure Website.

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Open Account for Upgrade Premier Savings

On Upgrade's Secure Website.

APY
4.14%
Min. To Earn APY
$1,000
  • 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 balance 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
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Full Upgrade Premier Savings review

The Upgrade Premier Savings account has one of the highest annual percentage yields (APYs) that we've found. In this expert review, we'll cover the Upgrade Premier Savings account and help you decide if this savings account is right for you.

Upgrade Premier Savings interest rate

Account APY Minimum Deposit
Upgrade Premier Savings 4.14% on balances over $1,000 N/A
Data source: Upgrade.

This account comes with a generous APY. It's almost 10 times the national average rate for savings accounts. But the Upgrade Premier Savings account comes with a high minimum deposit to earn that APY, which could be a deal breaker. Bank elsewhere if you want to earn interest with less than $1,000 deposited.

Fees

The Upgrade Premier Savings account charges no monthly fees. You also won't get hit with overdraft fees, since Upgrade cancels transfers that exceed your account balance.

Minimum balance

You can open an account with as little as $1. However, only balances over $1,000 will earn interest. Many online banks don't require you to maintain a minimum balance to start earning an account's APY.

Withdrawal limit

The Upgrade Premier Savings account has a high transfer limit of $100,000 per day.

For the first 60 days, Upgrade limits your ACH transfers to the account you use to fund your Upgrade Premier Savings account. After 60 days, you can make ACH transfers to other external accounts.

Mobile app

Upgrade has a highly rated mobile app where you can view balances, transfer funds between accounts, and set up real-time alerts. The app gets an average of 4.9 stars in the App Store and 4.7 stars in the Google Play store. These are solid ratings, and unlike with some banking apps, there's no major disparity between Apple and Android, indicating that the app is well-designed for both operating systems.

How to access your money

Upgrade has no physical branches, but it's easy to fund and withdraw money from your account online.

Deposit options

You can deposit funds into an Upgrade Premier Savings account via standard ACH transaction or wire transfer. You can also link an external account and initiate an incoming ACH transfer from that account to your Upgrade account.

You can fund your Upgrade Premier Savings account by enrolling in direct deposit with your employer or receiving a wire transfer.

External deposits you transfer to a savings account by wire or ACH are available immediately upon receipt. Your ACH transfers are available after three business days.

Withdrawal options

To access the funds in an Upgrade Premier Savings account, you can make an ACH transfer to a linked external bank account via the account dashboard in the Upgrade website or mobile app.

There is a limit on withdrawals of funds that you recently transferred in from an external account. If you initiate a deposit through Upgrade, that money is only available to be withdrawn to the bank it came from for 60 days from the date of the transfer. After 60 days, there is no restriction on where you can transfer those funds.

If you have an Upgrade Rewards Checking account, you can conduct an internal transfer to the Rewards Checking account.

Online user reviews

Online reviews tend to be positive. Some Upgrade customers say customer service is great, and they felt like Upgrade was a genuine partner on their journey toward their financial goals. One debt consolidation customer said Upgrade made her see "the light at the other side of the tunnel."

Not every customer is happy, however. A handful of people complain that Upgrade's standard processing times are painfully slow. Three business days to credit a deposit or a credit card payment, for example. Or two weeks to issue a deserved refund.

Upgrade Inc. scored an A+ from the Better Business Bureau, averaging a 4.41/5 star rating from over 1,548 reviews.

The company has a 4.3/5 star score on Trustpilot as well, averaged from over 40,000 reviews.

You can contact Upgrade Inc.'s customer service by emailing [email protected].

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 beats the national average by a long shot.

In addition, the account's APY is earned on your entire balance over $1,000, with no cap like some banks have. There is no maximum amount of money one can keep in the Upgrade Premier Savings account. (Only funds up to $250,000 are covered by FDIC insurance.)

Upgrade is a financial technology company working with a network of 200 smaller financial institutions. To remain competitive, this network of smaller banks and credit unions 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's top-rated mobile app lets you check your balance, monitor your accounts, transfer funds, and set up real-time alerts.

What could be improved

There are a few minor issues with the Upgrade Premier Savings account.

Minimum balance requirement: Upgrade doesn't have a minimum balance requirement for its Upgrade Premier Savings account. However, you'll only earn APY on balances above $1,000.

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.

Is Upgrade Premier Savings FDIC insured?

Yes, the Upgrade Premier Savings account is FDIC insured. Upgrade is a fintech company, not a bank, but deposits are held at Cross River Bank, member FDIC. Deposits of up to $250,000 are federally insured.

Upgrade Premier Savings is right for you if:

  • You want to earn an extremely competitive APY.
  • You'll keep at least $1,000 in your account.
  • You want to avoid fees.
  • You don't need in-person branch access.

Keep reading about Upgrade

Our savings account methodology

At Motley Fool Money, 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 Motley Fool Money rates bank accounts.

FAQs

  • There is no minimum balance required to open an Upgrade Premier Savings account. You will need $1,000 in the account to earn interest, however.

  • 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, per insured bank, and per account ownership type. If you open a joint account, your funds are insured up to $500,000.

  • 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.