Review
Updated
Fact Checked
Nathan Alderman
The Upgrade Rewards Checking Plus Account has no monthly maintenance or overdraft fees. If you have an active account (receive at least $1,000 or more in direct deposits), you can get up to 2% cash back on everyday expenses, 1% cash back on all other purchases, and get reimbursed for ATM fees. Read our full review to find out if it's right for you.
Ratings Methodology
Rates as
of Jun 11, 2024
Upgrade Rewards Checking Plus
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
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.
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Rating image, 3.50 out of 5 stars.
3.50/5
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.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
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APY
0.00%
Min. To Earn APY
$0
- Up to 2% cash back on purchases
- No monthly maintenance, NSF, or overdraft fees
- Early direct deposit
- Earn up to 4.81% with a Performance Savings Account
- Rewards Checking Plus customers can receive discounts on new loans and cards through Upgrade
- Cash back rewards capped
- Must meet certain requirements for maximum cash back
- Must meet certain requirements to get ATM reimbursed
- No physical branches
Upgrade is a fintech company partnered with Cross River Bank to offer its financial products. There are no monthly or overdraft fees. You can get up to 2% cash back on eligible expenses and 1% on all other charges with direct deposit. However, cash rewards are capped. If you add a Performance Savings Account, you can earn up to 5.21% APY as well as receive discounts on other loans and cards.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
0.50%
Rate info
You can earn the maximum savings 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
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 5.00 out of 5 stars.
5.00/5
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 |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Full Upgrade Rewards Checking Plus Account review
Top perks
Up to 2% cash back on purchases: Upgrade lets you earn rewards with debit card purchases. You can earn up to 2% cash back on common everyday expenses if you have an active account. An active account is one that has a monthly direct deposit of $1,000 or more. Eligible expenses for the 2% cash back are:
- Convenience and drug stores
- Gas stations
- Monthly subscriptions, including streaming services
- Restaurants
- Utilities and cellphone services
All other purchases will earn 1% cash back.
No monthly maintenance, NSF, or overdraft fees: There are no monthly maintenance fees, overdraft fees, or annual fees with an Upgrade Rewards Checking Plus account. There are also no ATM fees for active accounts and Upgrade will reimburse you for five out-of-network ATM transactions. There are also no minimum balance fees.
Early direct deposit: If you have direct deposit set up for your account, you can get paid up to two days early.
Earn a high APY with Upgrade Premier Savings Account: If you open up a Upgrade Premier Savings account with your Upgrade Rewards Checking Plus, you can earn a competitive APY as long as you have an active account. Customers without an active account will earn a significantly lower APY.
Upgrade Rewards Checking Plus customers receive discounts on new loans and cards: If you have an active Upgrade Rewards Checking Plus account, the interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount.
What could be improved
2% cash back rewards capped: The 2% cash back is limited to $500 in rewards per calendar year; after $500, you will earn 1% cash back on all eligible debit card purchases for the rest of the year.
Must meet certain requirements for maximum cash back: To get the additional rewards benefits, you must have an active account with a monthly direct deposit of $1,000 or more. Upgrade Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases.
Must meet certain requirements to get ATM fee reimbursed: To be eligible to receive third-party ATM fee rebates in any calendar month, the account must be active in the prior calendar month. You will only be reimbursed for up to five ATM fees. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status.
No physical branches: 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.
Fees
| Upgrade Rewards Checking Plus Account | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Fees | $0 | $0 for Active Accounts for up to five withdrawals | $0 | $0 | $0 |
Data source: Upgrade
How to access your money
Here are your options for depositing money into and withdrawing money from your Upgrade Rewards Checking Plus account.
Deposit options
You can add money to your Upgrade Rewards Checking Plus account in any of the following ways:
- ACH transfer
- Wire transfer
- Direct deposit
- Mobile-deposited checks
When transferring money from an external account will be assigned a limit between two and seven transfers within a seven-day period, but there are there are no count limits when transferring money to external accounts. The threshold limit for deposits and withdrawals are between $2,000 to $15,000 within a seven-day period.
Withdrawal options
There are several ways to access the money in your account:
- ATM
- ACH
- Wire transfer
Upgrade charges no ATM fees for active accounts for five transactions per month.
Upgrade Rewards Checking Plus is right for you if:
- You are comfortable with an online-only bank.
- You want a checking account with no monthly maintenance or overdraft fees.
- You want to earn debit card rewards and shop regularly at convenience and drug stores, gas stations, restaurants, and other eligible places to get the 2% cash back.
- You have a monthly direct deposit of $1,000 or more and can qualify for an active account.
Keep reading about Upgrade
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 40%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Upgrade is a financial technology company, not a bank, so it is not FDIC insured. But the Upgrade Rewards Checking Plus services are provided by Cross River Bank, which is FDIC insured.
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An active account is one where you receive at least $1,000 or more of direct deposits in your account through Upgrade.
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Upgrade is a financial technology company and has no physical branches.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
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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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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