Summary: Upgrade is a financial technology company offering various financial products, including personal loans, checking and savings accounts, and debit cards. It partners with Cross River Bank to offer FDIC- or NCUA-insured checking and savings accounts. Both account types are eligible to earn interest, with yields near the high end of what is available.

See our picks for the best neobanks and fintechs of 2025

Upgrade offers several banking products that emphasize high yields, low rates, and an entirely online banking experience. While you can’t visit a branch or deposit cash, those who prioritize convenience and getting the most out of their money may appreciate what Upgrade has to offer.

Upgrade’s Rewards Checking Plus account is packed with benefits and perks. These include up to 2% cash back on purchases from convenience stores, drugstores, gas stations, restaurants, and subscriptions. You can also earn a high yield on account balances and cash back on debit card purchases. There are no monthly or overdraft fees, and you can get paid up to two days early with direct deposit.

There is one major caveat to these benefits: You must receive at least $1,000 in monthly direct deposits into the account to be eligible. If you don’t meet this requirement, you’ll miss out on benefits like 2% cash back.

If you want to open a joint checking account, it’s possible to do that with the Rewards Checking Account during the application process.

The Premier Savings account is a high-yield savings account that pays a highly competitive interest rate on balances of $1,000 or more. There are no monthly maintenance fees, and the account is FDIC-insured up to $1 million through participating institutions.

You can fund the Premier Savings account with an ACH or wire transfer in U.S. dollars. If your employer offers direct deposit, you can also fund your account through this method.

Similar to the checking account, you can choose to open a joint savings account during the application process.

Upgrade offers fixed-rate, unsecured installment loans ranging from $1,000 to $50,000 with terms of 24 to 84 months. Personal loan APRs range from 7.99% to 35.99%, and origination fees range from 1.85% to 9.99%. Funds are typically available within one business day after approval.

Upgrade offers several credit cards, including multiple rewards cards.

A credit monitoring and insights dashboard is built into the Upgrade mobile app, allowing you to track your credit score, analyze spending habits, and stay informed and proactive about your credit health.

Many of Upgrade’s basic account features are fee-free. However, fees may apply in certain cases. Here’s a look at the fees Upgrade charges banking customers.

Consider these pros and cons before becoming an Upgrade customer:

Pros

• High yields on bank accounts: The Rewards Checking Plus account offers 0.42% APY, and the Premier Savings account offers 4.02% APY. Both rates are well above industry averages.

• No monthly fees: The checking and savings accounts don’t have monthly fees, regardless of your account balance.

• Checking account earns cash back: Upgrade’s checking account is a rewards checking account and is eligible to earn cash back when certain requirements are met.

Cons

• No branch locations: Since Upgrade is an online-only financial institution, you must do all your banking online. This may be a drawback for those who prefer in-person assistance.

• No cash deposits: Mobile check deposit is available, but there is no option to deposit cash.

Read more: How to deposit cash at an online bank

Customer service and mobile banking experience

While no in-person support is available, there are various ways to contact Upgrade. As with many online banks today, the first option is an online chat, which is available 24/7. You can also send an email to support@upgrade.com.

Phone support is available Monday through Friday from 5 a.m. to 7 p.m. PT. On Saturday and Sunday, support is available from 6 a.m. to 5 p.m. PT. The contact number is 844-319-3909.

The Upgrade app generally receives high ratings. The Android app is rated 4.5 out of 5 stars, while the Apple app is rated 4.9 out of 5 stars. The app offers several helpful features, including the ability to manage your checking and savings accounts in one place, set up autopay, and receive alerts. You can also monitor your credit score and make payments from the app.

For general correspondence, you can send mail to the following address:

275 Battery Street, 23rd Floor

San Francisco, CA 94111

Phone support is available by calling 844-319-3909.

Upgrade is not a bank itself and does not carry FDIC insurance directly. Instead, it partners with FDIC‑insured banks — particularly Cross River Bank — to offer FDIC-insured bank accounts.

You can find your routing number by logging in to your account and clicking “Show Details” under your account balance. For Cross River Bank, the routing number is 021214891.

Yes, Upgrade is a legitimate financial technology company based in San Francisco, California.

Upgrade is not a bank. However, it works with partner banks, such as Cross River Bank and Blue Ridge Bank, to offer deposit services.

Upgrade was founded in 2017 and has extended billions of dollars of credit to its customers since its founding.