Upgrade Rewards Checking Plus Account 2024 Review
Upgrade Rewards Checking Plus is a rewards checking account that pays you back when you spend and pay bills. There are no monthly fees and you can add a Performance Savings account to your checking account to earn a competitive APY.
Upgrade Rewards Checking Plus is an online checking account offering benefits like no overdraft fees or monthly fees and multiple ways to earn cash back. Customers also enjoy lower rates on credit cards or loans obtained through Upgrade.
You might consider banking here if you:
- Would like to be rewarded for everyday spending
- Prefer a checking account with no monthly fees or overdraft fees
- Plan to apply for an Upgrade loan or credit card
- Are also interested in opening a high-yield savings account
There are no minimum balance requirements and it's easy to open an account online. There are no branches but you might not mind that if you're looking for an online banking experience.
Upgrade Rewards Checking Plus Account Pros & Cons
Compared to Other Checking Accounts
Chime Checking
The Chime Spending account is an online checking account with no minimum deposit requirements, minimum balance requirements or monthly fees. This account does not offer interest or rewards but it does give you the option to deposit cash at Walgreens and Duane Reade locations. You can also get paid up to two days early with direct deposit.
Read our full editorial review of the Chime Spending account
LendingClub Rewards Checking
LendingClub Rewards Checking offers cashback on debit card purchases when you meet minimum balance and direct deposit requirements. The rewards rate isn't as impressive as what you'll get with Upgrade, but LendClub charges no monthly fees or overdraft fees. You can also take advantage of unlimited ATM fee reimbursements.
Read our full editorial review of the LendingClub Rewards Checking account
American Express Rewards Checking
American Express Rewards Checking earns interest and allows you to collect Membership Rewards points on eligible debit card purchases. There are no minimum balance requirements, no minimum to open and no monthly fees. You might consider this online checking account if you already have an American Express rewards credit card and want to pile up additional points on purchases.
Read our full editorial review of the American Express Rewards Checking account
Axos Bank Rewards Checking
Axos Bank Rewards Checking doesn't offer rewards on purchases but it does award you a competitive APY on balances. There are several requirements you'll need to meet to earn the maximum advertised APY, including setting up direct deposit. Axos also offers an impressive new account bonus, though terms and conditions apply.
Read our full editorial review of the Axos Bank Rewards Checking account
Interest and Rewards
Upgrade Rewards Checking is a rewards checking account and there are multiple ways to earn back a percentage of what you spend. Here are the details:
- Earn up to 2% back on everyday expenses, recurring payments and subscriptions (capped at $500 in rewards annually)
- Earn unlimited 1% back on all other purchases
- Earn up to 10% back at participating retailers when you shop through the Upgrade app (in partnership with Dosh)
There's one requirement you'll need to meet to unlock rewards. You'll need to have a recurring direct deposit of $1,000 or more. If you don't have direct deposit, you can still earn unlimited 1% back on everyday spending, recurring payments and subscriptions.
The rewards structure is comparable to what you'll get with other rewards checking accounts. If you do a lot of shopping online, having a chance to earn 10% back at popular brands is a great incentive to consider this account.
Fees
Online checking accounts to be more fee-friendly than traditional banks, due to their lower overhead costs. Still, there are some fees you may be expected to pay.
Here are the fees Upgrade charges.
Other Service Fees - Upgrade Rewards Checking Plus Account
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0.00 |
| Foreign ATM fee | $2.50 |
| Overdraft Fee | $0.00 |
| Paper Statement | $0.00 |
| Foreign Transaction Fee | 3% |
| Outgoing Wire Transfer (Domestic) | $20.00 |
| Money Orders | N/a |
| Official Checks | N/a |
| Legal Fee | N/a |
There's no monthly fee so there's nothing to worry about waiving. Monthly fees tend to be more common with traditional checking accounts.
Branch and ATM Access
Upgrade has no branches but you can manage your money at more than 55,000 Allpoint ATMs. Withdrawals are fee-free.
If you use an out-of-network ATM to make a withdrawal you'll pay a $2.50 fee.
Compared to other online checking accounts, Upgrade's ATM network is pretty sizable. That's a plus if you routinely need to withdraw cash.
Upgrade doesn't offer foreign ATM fee rebates or refunds. That's something to keep in mind if you need to use a non-Allpoint ATM to make a withdrawal.
Account Access
Since this is a rewards checking account you won't be able to visit a branch to manage your account. Instead, you can log in to Upgrade online or through the Upgrade mobile app.
Some of the ways you can manage your account include:
- Reviewing transactions
- Downloading statements
- Transferring funds between linked accounts
- Paying bills
- Updating your personal information
You can deposit checks through the mobile app, or move funds around using ACH transfers. Wire transfers are also an option, although a fee applies. The maximum daily transfer limit is $100,000.
Upgrade does not integrate directly with Zelle. You can, however, link your Upgrade account to Zelle to send and receive payments. Standard Zelle transfer limits apply.
FDIC Insurance
FDIC insurance protects deposits at member financial institutions, up to $250,000. Upgrade is not a bank but it partners with Cross River Bank to offer checking and savings accounts. Cross River Bank is an FDIC member.
That means your deposits through Upgrade are protected. Should a bank failure happen, which is unlikely, the FDIC would step in to make sure you get your funds back, up to the maximum coverage limit.
What You Need to Open
It's easy to open an Upgrade Rewards Checking Plus account online. You'll just need to share some basic information with Upgrade, including:
- Your name and date of birth
- Address
- Social Security number
- Phone number and email address
- Bank routing number and account number (to make your first deposit)
You'll need a valid, government-issued ID as well. When you open your account you'll need to create a secure password to log in.
There's no minimum deposit to open the account, but you'll need to fund it at some point to keep it open. The easiest way to deposit funds is through an ACH transfer from a linked bank account.
Frequently Asked Questions
Is a rewards checking account worth it?
A rewards checking account could be worth your time if you're able to earn a decent amount of money back, with no monthly fees or minimums. When comparing rewards checking accounts, consider the rewards structure, whether there are any caps on the amount of rewards you can earn and the monthly fee.
What accounts does Upgrade offer?
In addition to rewards checking accounts, Upgrade offers high-yield savings accounts. You can open a savings account and a checking account with Upgrade at the same time. The APY is exceptional--if you maintain a $1,000 minimum balance requirement. You can also apply for loans and credit cards through Upgrade.
What's the best online checking account?
The best online checking account for you is the one that offers all the features and benefits you need with minimal fees. Upgrade's Rewards Checking Plus account is suited for people who want to earn rewards when they spend, without a monthly fee or overdraft fee. This account doesn't offer paper checks, however, so that's one thing to consider when choosing an online checking account option.
