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Upgrade Premier Savings Account Review: High APY for Online Savers

Review Updated
Robin Hartill, CFP
Cole Tretheway
By: Robin Hartill, CFP
Robin Hartill, CFP
Robin Hartill, CFP
Writer

Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool 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 The Ascent'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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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 Oct 03, 2024

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
4.69%
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 4.50%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.83%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A
4.10%
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 Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

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 4.69% on balances over $1,000 N/A
Data source: Upgrade.

An APY of 4.69% is generous. That's more than 10 times the national average rate for savings accounts. But the Upgrade Premier Savings account comes with a high minimum deposit, 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 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.

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 initiate ACH transfers online or through the app by selecting the deposit tab at the bottom of the screen. You can also link an external account and initiate an ACH transfer.

You can fund your Upgrade Premier Savings account by enrolling in direct deposit with your employer.

You can complete a wire transfer by directing a third party to transfer money by domestic wire transfer. (Upgrade charges a fee for wire transfers.) External deposits you transfer to a savings account by wire or ACH are available immediately upon receipt. Your ACH transfers are available in 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. You can only transfer funds up to your available balance that is not linked to other external accounts.

Online user reviews

Upgrade Inc. scored an A+ from the Better Business Bureau, averaging a 4.41/5 star rating from over 2,500 reviews.

The company has a 4.4/5 star score on Trustpilot as well, averaged from over 40,000 reviews.

You can contact Upgrade Inc.'s customer service by emailing [email protected] or calling 844-207-7781.

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 of 4.69% beats the national average and is also one of the highest APYs offered by any financial institution that we've found.

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.)

As a financial technology company working with a network of 200 small banks and credit unions, its network of institutions doesn't have national deposit-gathering platforms and, as a result, 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.

No joint account option: Only individuals can open the Upgrade Premier Savings account, so if you want to co-own your account with someone else, you'll need to look for banks that offer joint accounts.

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 The Motley Fool Ascent, 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 The Motley Fool Ascent 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.

  • 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.