Finding the perfect checking account can be a challenging task. There are many internet possibilities these days, so you can find a lot of no-fee accounts. But what if you want more benefits, like cashback? Upgrade’s Rewards Checking
You may also do that with accounts like Upgrade’s Rewards Checking Plus. Upgrade is a newer company, having been established since 2016, but it has a lot of power behind it because Cross River Bank, a well-known and successful bank, backs it.
Read our Upgrade evaluation of the Rewards Checking Plus account to discover if it meets your financial needs.
What Is Upgrade’s Rewards Checking Plus? (Upgrade’s Rewards Checking)
Rewards Checking Plus is a checking account with cashback rewards on debit purchases, no monthly fee, and high savings APY through their Performance Savings companion account.
The basic account provides members with many benefits, but there are even more benefits if you set up direct deposit of at least $1,000 monthly.
Because Cross River Bank, Member FDIC, backs the Rewards Checking Plus account, it includes standard FDIC insurance of up to $250,000 per depositor.
What Sets Upgrade Rewards Checking Plus Apart?
Most online checking accounts offer benefits, such as early access to direct deposit or cashback on debit purchases, but they don’t offer a combination of rewards like Upgrade Rewards Checking Plus offers if you have an active account.
Upgrading requires a qualified direct deposit of at least $1,000 set up monthly to have an active account. You can access greater rewards than ‘standard’ members if you qualify. No matter your qualifications, there is never a monthly fee or minimum balance requirement, including:
- Up to 2% cash back on common, everyday purchases
- Higher APY on Premier Savings accounts
- Remote check deposit
- Lower rates on new credit cards or loans
Key Features of Upgrade Rewards Checking Plus
The features you can enjoy with an Upgrade Rewards Checking Plus account depend on your membership. If you maintain an active account, you will receive additional benefits.
Features for Any Member
All Upgrade members receive the following benefits with an Upgrade Rewards Checking Plus account.
Early Access to Direct Deposit
Get early access to your earnings by as much as two days with early direct deposit access. How early you receive your funds depends on when your employer initiates the deposit. Cross River Bank promptly releases the deposit upon receipt of the ACH transfer.
No Monthly Fees
The Rewards Checking Plus account doesn’t charge any monthly fees to use or access your funds. There also isn’t a monthly minimum balance you must meet to avoid a fee.
No Overdraft Fees (Upgrade’s Rewards Checking)
The Upgrade Rewards Checking Plus account doesn’t allow overdrafts. While your transactions could be declined because of a lack of funds, you won’t face the consequences of exceeding your account balance. However, if you have an overdraft from a tip or another expense that made it through, Upgrade won’t charge an overdraft fee.
24/7 Access on a Mobile Device
The Upgrade mobile app is available 24/7. This enables members to manage their money any time of day or night, including making transfers or reconciling their accounts.
Members can earn up to 1% cash back on most purchases.
All members receive up to 1% cash back on most purchases made with the Rewards Checking Plus debit card.
Features for Active Members
If you become an active member and have at least $1,000 but less than $5,000 in direct deposits monthly, you’ll have access to the following benefits.
Higher Savings APR
Active members with a Premier Savings account can earn higher APY on their savings balances.
Up to 2% Cash Back on Everyday Purchases
Active members can earn 2% back on everyday purchases, such as gas, convenience store purchases, restaurants, utilities, phone bills, and monthly subscriptions. Members can earn up to $500 per calendar year; after that, it’s 1% back on all purchases.
Remote Cheque Deposit
Active members have access to remote deposit, allowing them to deposit checks from anywhere, even on their couches. Without this option, you must deposit the check in a different account and transfer the funds electronically to your Rewards Checking Plus account.
Lower Rates on Loans and Credit Cards
The final benefit is lower rates on new loans and credit cards after opening a Rewards Checking Plus checking account. However, the exact savings will depend on your qualifying factors.
Pros & Cons of Upgrade Rewards Checking Plus (Upgrade’s Rewards Checking)
An Upgrade Rewards Checking Plus review wouldn’t be complete without reviewing its pros and cons.
Pros
- High cashback opportunities for active accounts
- No monthly fees
- Early access to direct deposit
- High APY opportunities for active members
Cons
- Limit to the 2% cash-back rewards
- Must have at least $1,000 in direct deposit to get the best rewards
- No physical branches
How To Open an Upgrade Rewards Checking Plus Account
Opening an account takes five minutes or less and can be done online.
You’ll start by entering your email address. Next, they ask for personal information, including your name, date of birth, and address. Provide Upgrade with your mobile number, create a password, and provide your Social Security number, and you’re on your way to becoming an Upgrade Rewards Checking Plus account member.
You must set up direct deposit with your employer to become ‘active’ to get the best perks. However, if you want to start by funding your account to be a regular member, you can do so via ACH or wire transfer.
Fees
Currently, the Rewards Checking Plus account doesn’t have many fees. This includes no monthly maintenance, overdraft, or incoming wire transfer fee. However, if you send an outgoing wire, they charge $20.
Customer Service and Online Experience
Upgrade currently offers phone and email support for checking and savings customers. Support is available 5 AM to 6 PM ET, Monday to Friday, and 6 AM to 5 PM, Saturday–Sunday.
They are also working on adding chat support to provide more opportunities to contact support.
Upgrade also has a robust online help section to provide answers to commonly asked questions, and they encourage you to use your online dashboard to check for updates or answers.
Alternatives (Upgrade’s Rewards Checking)
Providing you with alternatives in an Upgrade Rewards Checking Plus review helps you compare your options to decide which account is best.
1. Discover Cashback Debit (Upgrade’s Rewards Checking)
The Discover Cashback debit checking account has no monthly fees and earns 1% back on purchases up to $3,000 per month, which is just shy of the $500 maximum Upgrade allows annually. Like Upgrade, Discover offers early access to direct deposit and a robust mobile app. Discover customers also have access to 60,000+ fee-free ATMs.
2. Axos Cash Back Checking
The Axos Cash Back Checking account pays 1% back on signature-based purchases made with your debit card if you maintain a $1,500 average daily balance, up to $2,000 earned. If your balance falls below $1,500, you’ll earn 0.50% for that month. There are no monthly maintenance fees, and Axos allows unlimited ATM reimbursements.
3. SoFi Checking and Savings
With one application, the SoFi checking and savings account offers high-yield checking and savings. Like Upgrade, you must have a qualifying direct deposit to be eligible for the higher APY on checking and savings balances. In addition, SoFi offers up to 15% cash back on purchases made with your debit card at local retailers and doesn’t charge a monthly fee.
Final Word
The Upgrade Rewards Checking Plus account is a great option if you can set up direct deposit. The higher savings APY and 2% cash back on everyday purchases are enough of a reason to try it.
As is the case with any checking account, see how the features and rewards stack up with your financial habits and compare them to other options to ensure you’re maximising your rewards.
