Across all of Upgrade’s product lines, the current bonuses are:
- Premier Savings Account. Get up to $200 for maintaining a qualifying balance, with no direct deposit required.
- Rewards Checking Plus. Get a $200 bonus when you apply for an Upgrade Card, open a Rewards Checking Plus account within 60 days of card approval, and then make three qualifying purchases within 60 days of account opening using either card.
Upgrade Premier Savings Bonus
The bonus for the Premium Savings account from Upgrade is tiered based on your deposit amount:
- $25 bonus – Deposit and maintain $5,000
- $50 bonus – Deposit and maintain $25,000
- $100 bonus – Deposit and maintain $50,000
- $200 bonus – Deposit and maintain $100,000
To earn the bonus, you must do the following:
- Open your Premier Savings account before January 31, 2025.
- Choose your target bonus tier and make the corresponding deposit within 30 days.
- Maintain your balance for the next 60 days.
You’ll receive your bonus within 30 days of completing the requirements.
Two things in the fine print to be aware of are:
- You have 30 days to make your initial deposits after opening the account.
- After those 30 days, you need to maintain your balance for an additional 60 days.
That means if your balance falls short of your target tier for even one day, you’ll be dropped to a lower tier.
For example, say you’re aiming for the $100 bonus by depositing $50,000.
If your balance drops below $50,000 after the first 30 days, even for just one day, you’ll only qualify for the $50 bonus tier ($25,000 tier), regardless of whether you immediately restore the balance.
Once your balance falls below a tier, you cannot recover eligibility for the higher bonus.
In other words, tiers are based on your continuous balance, not your average balance.
About Upgrade Premier Savings
Upgrade Premier Savings offers 4.14% APY, but you must maintain at least $1,000 in the account throughout the statement cycle to earn interest.
If your balance drops below $1,000 even once during the cycle, you’ll earn 0% APY for that entire cycle.
The account charges no monthly fees and has no minimum opening deposit.
Your deposits are insured up to $1 million through Cross River Bank, which is Upgrade’s partner bank and an FDIC member.
There is no mobile check deposit.
Overall, it’s a solid, but not standout account for people who fall into the following category:
- You don’t need frequent access to your savings.
- You’re comfortable with online-only banking.
- You want a high level of FDIC coverage.
Upgrade Rewards Checking Plus Bonus Terms
To earn the $200 bonus for the Upgrade Rewards Checking account, you must:
- Apply and get approved for any Upgrade credit card. You’ll see what cards you can apply for with a soft credit pull. Once you apply, you’ll need a hard credit pull to be approved.
- Open a Rewards Checking Plus account.
- Make 3 qualifying purchases within 60 days using either your Upgrade Card credit card OR your Rewards Checking Plus debit card.
A few things in the fine print that you should be aware of include:
- You must be a new checking customer to qualify (previous Upgrade checking customers are ineligible).
- ACH transfers and ATM transactions don’t count toward the requirement.
- The bonus cannot be combined with other Upgrade checking offers.
Upgrade Referral Program
As an Upgrade customer, you can earn up to $200 for each successful referral, with a limit of 10 bonuses. Your referral must meet the same deposit and balance requirements to qualify.
Both you and your referral will receive the bonus based on their deposit tier.
Comparison to Other No Direct Deposit Savings Account Bonuses
The Upgrade Checking bonus is easy to set up since it’s a personal checking account, not a business account, and there’s no direct deposit requirement. Payout happens within 90 days, which is relatively quick.
That said, the bonus is small compared to other offers.
For example, depositing $100,000 earns you $200, plus 4.14% APY, which barely boosts the effective return.
Other banks, like U.S. Bank ($350) and Wells Fargo ($525), offer higher bonuses with similar or slightly stricter requirements. If simplicity is your priority, this is a solid option, but other offers may be better for bigger payouts.
| Bank | Minimum deposit | Minimum bonus |
| Stash | $.01 | $30 |
| MoneyLion | $0 | $5 |
| U.S. Bank | $5,000 | $350 |
| Axos | $10,000 | $200 |
| Alliant Credit Union | $1,200 ($100 for 12 months) | $100 |
| Chase | $15,000 | $200 |
| Wells Fargo | $25,000 | $525 |
| Citi | $10,000 | $200 |
| Citi Business | $5,000 | $300 |
| Bank of America Business | $5,000 | $200 |
