A high-yield savings account allows you to grow your wealth faster without putting in more effort. Your money grows twice as fast if you have a 2% APY compared to a 1% APY. However, some banks offer savings rates that comfortably exceed those numbers. The Upgrade Premier Savings Account is an exceptional account that delivers a 4.14% APY on balances of $1,000 or more. This Upgrade review will highlight the bank account’s strengths, the pros and cons, and other key details.
Upgrade Premier Savings Account
High-Yield Savings
About Upgrade
Upgrade is a fintech company that was founded in 2017 by Renaud Laplanche, Adelina Grozdanova, Jeff Bogan, Visar Nimani, Matt Wierman, and Soul Htite. The company has its headquarters established in San Francisco.
The neo-bank offers credit cards, bank accounts, loans, and rewards programs. The bank has many features you would expect to find at traditional banks. However, Upgrade is more lenient with fees and interest rates due in part to the company’s online-only approach. Upgrade has a lower overhead, which translates into more savings for consumers. The online bank now has 2.5 million customers and 200 bank partners. Upgrade employs over 1,400 people.
The virtual bank offers FDIC-insured accounts through its partnership with Cross River Bank, Member FDIC. Under this arrangement, accounts are insured by up to $250,000.
What is an Upgrade Premier Savings Account?
The Upgrade Premier Savings Account is a high-yield savings account with no monthly fees. You can earn a 4.14% APY on your savings as long as your balance exceeds $1,000. Upgrade gives its users 24/7 access to their accounts through mobile devices, tablets, and desktops.
Consumers can set up real-time alerts for their Upgrade Premier Savings Accounts to stay in the loop regarding balance changes and activity. You can also use the mobile app to quickly transfer funds between accounts.
How Upgrade Premier Savings Account Works
The Upgrade Premier Savings Account offers an exceptional interest rate with a low barrier to entry. Although you need at least $1,000 in your account to qualify for the high rate, this is a lower requirement than some of the company’s competitors.
You can use ACH transfers to move funds from your current bank account into your Upgrade Premier Savings Account. This transfer can help you reach the $1,000 threshold sooner and earn more money on your principal.
Is the Upgrade Savings Account a Legitimate Account to Store Your Savings?
The Upgrade Savings Account is a legitimate place to keep your savings. The account is insured by the Federal Deposit Insurance Corporation. Millions of people use Upgrade, and the online bank has many partnerships with traditional banks. Upgrade uses various security protocols to keep your information safe.
Key Features of the Upgrade Premier Savings Account
These are some of the perks you can expect if you open an Upgrade Premier Savings Account.
Exceptional APY
It’s hard to find a 4.14% APY for a high-yield savings account. You will even have a difficult time finding this rate for a certificate of deposit. You get an exceptional APY and full access to your money. It isn’t locked up for any set duration like a CD. The interest compounds each month.
A high-interest rate makes long-term financial goals more feasible. It’s important to save your money often and secure a respectable return on that investment. Inflation reduces the purchasing power of idle cash each year, but a 4.14% APY helps you keep up with the rising cost of living.
No Monthly Fees
You don’t have to worry about paying monthly fees if your balance isn’t high enough. Granted, you need a $1,000 balance to get the exceptional rate. You should view $1,000 as the minimum balance requirement. You won’t pay fees if your balance falls below $1,000, but you will miss out on the 4.14% APY.
24/7 Access
Upgrade consumers receive 24/7 access to their accounts through their smartphones, desktops, and other devices. It’s a standard feature across every bank that offers online banking.
Upgrade Premier Savings Account
High-Yield Savings
Mobile Banking Features
You can deposit checks by taking pictures of them and access your account from anywhere. It’s easy to transfer money between accounts and pay your bills. Upgrade offers various loans and other financial products. Having important financial products under one umbrella strengthens the mobile banking experience.
FDIC Insurance
Receive financial protection in case the bank defaults. This standard policy is common among many banks, and you should only work with banks that are insured by the FDIC. Under this policy, the first $250,000 in your bank account is covered if the bank collapses. The FDIC offers up to $250,000 in protection per account category.
Pros of Upgrade Premier Savings Account?
The Upgrade Premier Savings Account offers several advantages over most financial institutions. These are some of the perks.
- The high interest rate: Get a 4.14% APY on your Upgrade Premier Savings Account. It’s far higher than the national average, and few banks can keep up with that rate.
- The Upgrade Experience: Upgrade has several financial products, such as personal loans, credit cards, checking accounts, and more. You get access to these resources if you create an Upgrade Premier Savings Account.
- Credit Health: Receive personalized recommendations to improve your credit score.
- No monthly fees: You don’t have to worry about an additional banking expense reducing your account’s balance.
- High cashback: You can receive up to 2% cashback on your purchases.
Cons of Upgrade Premier Savings Account?
While the Upgrade Premier Savings Account offers many advantages, it isn’t perfect. These are some of the things to keep in mind before opening an account.
- The balance requirement: You must have at least $1,000 in your Upgrade Premier Savings Account to qualify for 4.14% APY. If you cannot fulfill that requirement, another bank account may be a better choice at this time.
- No physical branches: This isn’t a disadvantage for every consumer, but it’s good to keep it in mind. Some people prefer to avoid an extra trip to the bank.
- ATM fees: You will incur third-party ATM fees if you want to withdraw cash. Other banks have large ATM networks that reduce the likelihood of incurring ATM fees.
- Limited cashback: You can only receive 2% cashback on up to $500 per year. Once you reach that milestone in cashback rewards, every other purchase only qualifies for 1% cashback.
- No joint accounts: Upgrade does not allow its users to create joint accounts for its Premier Savings Account or any of its other accounts.
Should You Open an Upgrade Premier Savings Account?
Opening an Upgrade Premier Savings Account allows you to tap into all of Upgrade’s financial products and resources. The company has a vast array of opportunities for people who want to borrow money and build their wealth.
The savings account is impressive, with a 4.14% APY that is hard to beat. However, that interest rate only applies to your account if you have over $1,000. If you can maintain a balance above $1,000 in your savings account, Upgrade is well worth it. However, you may want to consider a different choice if you cannot maintain a $1,000 balance. You won’t get charged extra fees for falling below this number, but you will miss out on a lot of additional interest.
You can also receive up to 2% cashback on your purchases if you open up a checking account and use Upgrade’s debit card. The company has many rewards programs available and multiple cards. The Upgrade OneCard offers a $200 welcome bonus for qualifying cardholders and up to 3% cashback for everyday purchases.
That’s one of the many additional products within the Upgrade experience. A Premier Savings Account is the starting point, and a 4.14% APY can make a good first impression.
How to Open an Upgrade Premier Savings Account
You can open an Upgrade Premier Savings Account by visiting the website and entering your details. You will have to first provide your email address and create a password. Upgrade will then guide you through the process. You will have to provide basic information, such as your ID, home address, Social Security Number, and other details. Once you go through the application process, you will receive an email and have access to your Upgrade Premier Savings Account.
Other Upgrade Products
- Rewards Checking Plus: No monthly fees and up to 2% cashback on purchases.
- Personal Loans: Claim a low fixed rate and borrow up to $50,000 with fast funding.
- Upgrade Cards: Choose from several credit cards based on reward programs, bonuses, cashback, and more.
- Credit Health Tools: Monitor your credit score for free and receive personalized recommendations to improve your score.
Upgrade Premier Savings Account
High-Yield Savings
