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Upgrade Premier Savings Account Review 2024

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Upgrade Premier Savings Account

  • Monthly Fee: $0 
  • Minimum Balance: $0, but $1,000 to earn interest
  • Account Yield: 5.21% APY on balances over $1,000
  • Deposit Insurance: Yes, up to $250,000

The Upgrade Premier Savings account is a high-yield online savings account with no minimum balance to open and no monthly or annual maintenance fees.

It has one of the highest savings yields on the market (currently 5.07% APY on balances above $1,000) and FDIC insurance up to $250,000 through Upgrade’s banking partner, Cross River Bank.

You can open and fund an Upgrade Premier Savings account without a corresponding checking account with Upgrade.

In addition to its checking account, Upgrade also offers credit cards and personal loans.

What Sets the Upgrade Premier Savings Account Apart?

The Upgrade Premier Savings account stands out for a few reasons, not all of them good:

  • High yield on eligible balances: Upgrade Premier Savings has an industry-leading yield on eligible balances. As long as you can meet the minimum balance requirement, it’s difficult to do better.
  • No fees or minimums to open or maintain: You can fund your new Upgrade Premier Savings Account in any amount, and there’s no ongoing maintenance fee to worry about. 
  • Minimum balance required to earn interest: You do need to keep at least $1,000 in your account to earn interest on the balance. Otherwise, your interest rate drops to zero on all balances.

Key Features of the Upgrade Premier Savings Account

The Upgrade Premier Savings Account is a basic (if generous) savings account, but it has some features and capabilities worth spelling out.

Account Yield

Upgrade Premier Savings pays 5.07% APY in any statement cycle during which you maintain a balance of $1,000 or more. The interest rate applies to the whole balance, not just the portion above $1,000.

If your balance drops below $1,000 in a statement cycle, you earn no interest on the entire balance for the period. So, keeping at least $1,000 in your account is critical.

Account Fees & Minimums

This account has no monthly or annual maintenance fees. There’s no minimum to open and fund an account either. But because you earn no interest if your balance drops below $1,000, that’s the effective minimum balance.

Transfer Limits

Upgrade sets inbound and outbound transfer limits on all Premier Savings accounts. The actual limits vary by customer and may depend on your creditworthiness — Upgrade doesn’t explain how they’re set. But they always fall within these ranges:

  • Between two and seven inbound transfers during any seven-day period
  • Between $2,000 and $15,000 in total inbound transfer dollar value during any seven-day period, regardless of the number of transfers
  • Between $2,000 and $15,000 in total outbound transfer dollar value during any seven-day period

There’s no limit on the number of outbound transfers you can make as long as you don’t exceed your allotted dollar value during any seven-day period.

Ownership Type

Upgrade allows only individual account holders. You can’t open a Premier Savings account jointly with a spouse, domestic partner, or anyone else.

Mobile Features

Upgrade has a robust mobile app and banking dashboard that can do anything the regular online dashboard can. However, the Premier Savings account lacks some mobile-friendly features common in other online bank accounts, such as mobile check deposit and person-to-person transfers.

Deposit Insurance

Upgrade Premier Savings offers FDIC insurance through its banking partner, Cross River Bank. Insurance covers balances up to $250,000.

Pros & Cons

Upgrade Premier Savings has some clear advantages and disadvantages. The upsides include no maintenance fees and an excellent yield, while the downsides include a minimum balance to earn interest and limited options to access your funds.


  • Industry-leading yield. The Premier Savings account’s yield (currently 5.07% APY when you keep a balance of $1,000 or more) is better than most competing savings accounts.
  • No minimum balance to open. You can open this account with any amount of money, though keep the minimum interest-earning balance in mind.
  • No maintenance fees. Upgrade charges no monthly or annual maintenance fees on this account.
  • Easy to manage online. Upgrade Premier Savings is a straightforward savings account that’s easy to manage online with the Upgrade online dashboard or mobile app.
  • Many other financial accounts and products. Premier Savings isn’t the main attraction at Upgrade. It started as a personal loan and credit line provider and now offers several credit cards alongside those products. It has a generous rewards checking account as well.


  • $1,000 minimum balance to earn interest. You must keep at least $1,000 in your account to earn interest. You earn no interest for the entire statement period if your balance falls below that threshold.
  • No ATM card or mobile check deposit. Electronic transfer is the only way to deposit or withdraw funds into or out of your Upgrade Premier Savings account. This might not be a deal-breaker, but it would be nice to have at least a mobile check deposit option.
  • Transfer limits could impact your ability to move money. Upgrade’s inbound and outbound transfer limits probably won’t affect your day-to-day money management, but they could be a hassle if you need to move a lot of money at once — for example, to make a down payment on a new house.

How to Open an Upgrade Premier Savings Account

Opening an Upgrade Premier Savings account online takes only a few minutes. You must provide some basic information, like your name, address, birth date, and Social Security number. Follow the prompts to complete the application and provide the necessary verification, including your government-issued ID, and you’ll have an account within minutes!

Customer Service

Customer service is currently available via phone or email. However, they are also working on a chat program for banking customers.

They are reachable by phone at 844-319-3909 5 AM – 6 PM Monday – Friday and 6 AM – 5 PM Saturday – Sunday.

You can send an email to at any time, but it may take a couple of days to receive a response.


The nice thing about the Upgrade Premier Savings account is there are little to no fees. You don’t have to worry about a monthly fee if you don’t reach the minimum balance, although you lose interest if you have less than $1,000. They also don’t charge any other ‘typical’ bank fees, except for a fee for outgoing wires ($20).


The Upgrade Premier savings account offers a high yield, but it’s not the only savings account available. Here are some competitors and how they compare.

CIT Bank Platinum Savings

The CIT Bank Platinum Savings account pays a high yield on balances over $5,000, but doesn’t charge a monthly fee. The rate of 5.05% is comparable to Upgrade’s APY, but the balance requirement is much higher. Balances below $5,000 earn only 0.25%, which is better than the 0% Upgrade pays, but the threshold is much higher.

SoFi Checking and Savings

The SoFi Checking and Savings account is two accounts in one, and both earn interest and don’t charge fees. The savings account pays a 4.6% yield as long as you have direct deposit. There’s no minimum amount you need to be deposited or a minimum balance requirement to earn the higher interest rate. You’ll also earn 0.50% on your checking account balance with direct deposit as a bonus.

UFB Direct

UFB Direct is a competitor that pays a high yield and doesn’t require a minimum deposit or balance. The 5.25% APY they currently pay applies to all balances starting at $1. Like Upgrade, there are no monthly fees, and this account includes a free debit card.

Final Word

The Upgrade Premier Savings account is one of the best high-yield savings accounts on the market right now. That’s because it does what you’d expect a high-yield savings account to do: pay an extremely competitive interest rate on eligible balances. 

Otherwise, Upgrade Premier Savings isn’t especially notable. And its minimum balance to earn interest is a problem for savers with limited cash. But it’s difficult to do better once you have at least $1,000 to put away.

The Verdict

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Upgrade Premier Savings Account

The Upgrade Premier Savings account has a higher yield than the vast majority of high-yield savings accounts. If you can clear the $1,000 minimum balance threshold to earn interest and don’t mind adding and withdrawing funds via electronic transfer, it’s a superior online savings account.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.