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To compete in an increasingly crowded banking services industry, smaller players will need to deploy more than the usual assortment of low-interest savings accounts that big banks can pull off. This means offering a much higher than average annual percentage yield and a fee-free banking experience.
That’s the strategy of Upgrade, a San Francisco-based fintech that offers loans, fee-free checks, and high APY savings through its own banking structure. His Rewards Checking and High Yield Savings accounts for the company are provided by Cross River Bank, which also issues Upgrade’s Visa debit card and personal line of credit. Additionally, Upgrade offers his UpgradeOne card, issued by Sutton Bank, which gives you the option to pay now or pay later.
Upgrade launched five years ago and now serves millions of customers. In addition to our San Francisco headquarters, we have offices in Phoenix, Montreal, and Atlanta, but no physical customer-facing branches. All financial services are done online at the upgrade website.
The company’s Rewards Checking account offers cashback on all purchases and is paired with a High Yield Savings account that boasts 15x the national average APY as of September 19, 2022. Your next loan or card with an upgrade may be up to 20% cheaper.
Let’s briefly describe some of the features of Upgrade.
How Upgrade Awards Check and High Yield Savings Work
- Cashback: 2% on general daily spending (including convenience stores, restaurants, gas stations) and recurring payments through Rewards Checking, plus unlimited 1% cash back on other debit card charges
- account fee: none
- Transfer fee: none
- Minimum balance: unnecessary
- APY: 3.00% when combined with a high yield savings account
- debit card: A Visa debit card provided with your Rewards Checking account
- FDIC: Get up to $250,000 in FDIC insurance through Cross River Bank
- mobile banking: yes. The Upgrade app supports his Apple users with iPhone 7+ running iOS 9+ and Google users running Android 6 (Marshmallow)+.
- Physical location: No
- Bonus: Upgrade OneCard offers a $400 welcome bonus when you start using your new Rewards Checking account and make 3 purchases within 60 days of opening your account. The card also offers 3% cashback on daily purchases and 2% cashback on all other purchases.
- Customer support: The Upgrade website has a searchable help page that provides access to useful articles on a variety of topics. You can also call for an upgrade at (833) 760-5062.
Admission method
Signing up for an Upgrade Rewards checking account is a simple and straightforward process that can only be done online.Once on the upgrade website, at the top of the page[Rewards Checking]Click. From there, enter your email address and create a password to set up your new account.
potential drawback
If you’re looking for a comprehensive banking experience, upgrading is probably not the place for you. The High Yield Savings Account is only available to customers who have a Rewards Checking Account through an upgrade.. Also, High Yield Savings Account APYs are variable and can be changed at any time.
The only other products on Upgrade are personal loans and credit cards. If you’re looking for face-to-face banking at a local branch, look elsewhere as Upgrade only offers online and mobile services.
Ideal candidate for this account
The upgrade is perfect for customers who prefer a digital banking experience that offers competitive checking account benefits and higher annual yields. Rewards checking accounts allow you to bank with no fees or minimum balance requirements, plus 2% cash back on common everyday spending and unlimited 1 on all other debit card charges. We offer % cashback.
Cash back is available for purchases at a wide variety of merchants and businesses, including drug stores, convenience stores, gas stations, restaurants, phone companies, telecommunications companies, and streaming services. Merchants set their own category codes, so your purchases may not appear in the categories you expect.
Upgrade also offers personal loans up to $50,000 with fixed interest rates and no upfront fees. Personal loans can be used for a variety of purposes, including home improvement, debt consolidation, credit card refinancing, and large purchases. Other services include free credit monitoring and education.
About upgrade
Since its launch in 2017, Upgrade has provided over $19 billion in affordable and trusted credit to everyday consumers through cards and loans. We also reward your checking account with a debit card that offers 2% cashback on general daily spending and monthly subscriptions. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technical center in Montreal, Canada.
Personal loans and automatic refinancing loans are made by Upgrade’s banking partners. The Personal Line of Credit is issued by Cross River Bank, a New Jersey chartered commercial bank, FDIC member, and equal home lender. Rewards checking accounts are offered by FDIC member Cross River Bank. All upgrade cards are issued by FDIC member Sutton Bank under license from Visa USA Inc. Upgrade is a financial technology company, not a bank. A rewards check service provided by Cross River Bank, a member of the FDIC. Upgrades VISA® debit cards issued by FDIC member Cross River Bank under license by Visa USA Inc.
Conclusion
Upgrade is called a financial technology company, not a bank, but bank customers who want a checking account with cash back on purchases, no fees or account minimums, and access to very high savings accounts. is still suitable for APY. The upgrade website is easy to navigate and opening an account is easy. Upgrading may not be the best option for customers who prefer traditional banking, but it’s worth a look if you want a checking account that offers many perks.
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