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Upgrade Premier Savings Account Review: A High APY With No Strings Attached

Review Updated
Ryan Wilcox
Author: Ryan Wilcox
Ryan Wilcox
Ryan Wilcox
Full-Time Personal Finance Writer

Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.

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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.

Looking for a straightforward way to earn more on your savings? You've found a great option -- the Upgrade Premier Savings account.

With a top annual percentage yield (APY) and no monthly fees, it's a smart choice for anyone with at least $1,000 in savings. If you're down to save with an online-only provider, you can do a lot worse than Upgrade Premier Savings.

Here's what you should know before opening an account.

Upgrade Premier Savings
Open Account for Upgrade Premier Savings

On Upgrade's Secure Website.

Member FDIC.

Rates as of

Upgrade Premier Savings

Open Account for Upgrade Premier Savings

On Upgrade's Secure Website.

Member FDIC.
4.20/5 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
4.20/5 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
3.42%
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.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

What I like about the Upgrade Premier Savings account

High APY on balances over $1,000

Upgrade Premier Savings is one of the better high-yield savings accounts out there -- right now, it's offering 3.42% APY on balances of $1,000 or more.

That's more than eight times the national average of 0.38% -- not quite the highest APY you'll find, but very competitive. You'll just want to make sure you keep at least $1,000 in your account to earn the high APY -- otherwise, you'll earn nothing.

No monthly fees

Another great plus: Upgrade Premier Savings comes with no monthly fees. You also won't get hit with overdraft fees, since Upgrade automatically denies transfers that exceed your account balance.

I love how Upgrade actually looks out for its customers in this way. Lots of banks offer the "benefit" of covering you in the case of an overdraft, and then hitting you with a fee to make up for it. Not Upgrade.

Downsides you should consider

Minimum balance to earn APY

As mentioned, you'll only earn Upgrade's high APY if your daily balance is at least $1,000. That's a pretty low threshold, but one that not everyone can hit.

For an account with no minimums whatsoever, I recommend something like SoFi Checking and Savings (Member FDIC) -- my account of choice. I also love SoFi® for its high APY (with direct deposit), lack of account fees, and additional perks like early paycheck access.

No physical branches

Upgrade doesn't have any physical branches, so if you want access to in-person customer service, you'll have to look elsewhere.

You also won't be able to access your account through ATMs -- Upgrade is an online-only proposition.

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 Bonus Next Steps
up to 4.00%
Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn $50 or $400 and +0.90% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
4.00% APY with $250+ in monthly deposits
Rate info Circle with letter I in it. *LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies to first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.happen.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn:
N/A
Open Account for Happen Bank LevelUp Savings

On Happen Bank's Secure Website.

up to 4.10%*
Rate info Circle with letter I in it. 4.10%* APY for balances of $5,000 or more; otherwise, 0.60%* APY
Min. to earn: $5,000
Earn up to 4.10% APY with promo code CITBoost Circle with letter I in it.

With the 6 month Boost limited-time offer, you earn 4.10%* APY on balances over $5,000 (balances less than $5,000 earn 0.60%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.
Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends October 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6- month period outlined in the terms and conditions.

The promotion can end at any time without notice.

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures.

https://www.happen.com/legal/deposits/levelup-savings-t-and-cs

Customer service

Reviews of Upgrade's customer service are mostly positive, and the company has an A+ rating with the Better Business Bureau. The mobile app is highly rated, too, with 4.9 stars in the App Store and 4.5 in Google Play.

Accessing your money

You can transfer your money to Upgrade Premier Savings via ACH transfer, wire transfer, or direct deposit.

There are restrictions on ACH transfers, though: For the first 60 days, withdrawals are limited to the bank account used for your initial funding. After that, transfers are more flexible.

Security and reliability

Upgrade isn't actually a bank. It's a fintech company, with deposits held at Cross River Bank (Member FDIC).

For all intents and purposes, though, you'll get the same level of security -- your money's still FDIC-insured up to $250,000 per account, just like a traditional bank.

Who will benefit from the Upgrade Premier Savings account?

If you're cool with an online-only banking experience, and can keep at least $1,000 in your account, Upgrade Premier Savings is a straightforward and valuable option.

If you're wanting in-person customer service or no account minimums, you'll want to look elsewhere -- but for everyone else, Upgrade Premier Savings is a fit.

I'd recommend it to anyone who wants to earn tons more on their cash without having to work for it.

Ready to start earning? Open an Upgrade Premier Savings account to get a 3.42% APY on balances of $1,000 or more today.

FAQs

  • Yes. Deposits are held at Cross River Bank (Member FDIC) and insured up to $250,000 per depositor per account.

  • Yes, but withdrawals must be done online via wire transfer or ACH transfer.

  • No. If a purchase exceeds your available balance, Upgrade declines the transaction instead of charging a fee.