Update: This exact offer has expired, the bonus is down to $200 and APY has been reduced.
Upgrade has increased the bonus from $150 to a $300 bonus via referral link on their Rewards Checking Plus account (referred gets $50). Must set up direct deposits totaling at least $1,000 within 45 days. Note: This promo usually scheduled to end at the end of the current month, but has been getting extended a month at a time.
Good news is the account opening process was very quick and easy, literally under 5 minutes. I did not have to upload any extra documentation and I did not experience any hard credit checks. The account was open and ready the day after application. FDIC insurance on deposits held at Cross River Bank. (NOTE: This is a good bonus, but Upgrade is a fintech and therefore has a nonzero risk that your funds may be not tracked correctly and FDIC insurance does not cover the failure of a non-bank fintech. FDIC insurance only covers an event when a bank fails. I would not keep this as your primary day-to-day account, nor maintain significant funds there.)
Here are the highlights of the Rewards Checking account, if you maintain that $1,000+ in monthly direct deposits:
- Debit card earning 2% cash back at restaurants, gas stations, utilities, convenience stores, drugstores, select monthly subscriptions (including Netflix, SiriusXM, Spotify, Disney Plus), and cell phone providers (including AT&T, T-Mobile, Verizon Wireless, Cricket Wireless). Maximum of $500 in 2% rewards per calendar year.
- Debit card earns 1% cash back on everything else. (unlimited)
- No minimum balance, no monthly fees (even without direct deposit).
- ATM fees rebated when charged by another institution for debit card withdrawals in the United States, up to five times per calendar month.
- Can fund up to $500 instantly via debit card. Some of you may have other debit cards that earn rewards.
An “Eligible Direct Deposit” is a recurring deposit to your Account by Automated Clearing House (“ACH”) from your employer, payroll, or benefits provider, or gig economy payer OR a deposit by Original Credit Transaction (“OCT”) from your gig economy payer. One-time direct deposits, including tax refunds, bank ACH transfers, bank verification or trial deposits, peer-to-peer transfers from services, such as PayPal or Venmo, merchant transactions, mobile check deposits, and cash loads or deposits are not Eligible Direct Deposits.
You can also add on their Performance Savings account with the following features, again with $1,000+ in monthly direct deposits into the Rewards Checking Plus:
- 5.21% APY as of 2/27/24 (lower APY without direct deposits)
- No minimum balance, no monthly fees (with or without direct deposits).
They also offer a Premier Savings account also at 5.21% APY which is currently offering an up to $200 deposit bonus if you deposit enough new money with them.
A straightforward checking direct deposit promotion that doesn’t incur a hard credit check, nor a large number of debit card transactions, nor require joining any partner organizations. Perfect if you can switch over and/or split direct deposits easily. Gig economy payments count.
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It looks like those of us who opened an account with them last fall for the $500 bonus (that line of credit thing) w/a checking account, will NOT be eligible for this bonus according to how I read the terms.
What a fluster cluck that was too…I had to upload every document known to man to them (license, two-years worth of taxes, utility bill, selfie pic, etc…)
I took my $500 bonus and closed that thing as soon as could. Funny thing is, my login credentials still work on their website and they offer me my credit score still!
How easy was it to receive the bonus?
Jonathan,
How come you missed their $400/$500 bonus?
https://www.creditkarma.com/creditcard/Upgrade01
https://www.upgrade.com/one-card/
Thanks, Jonathan. I used your link.
Thanks! Appreciate it.
LOL. If you have a credit alert, you get to submit, among other things
– Most recent two years federal tax return
– W2
– Selfie
– DL
– Some form 4506T I’ve never heard of before?
Fun times for $150.
“Most recent two years federal tax return” really? Are they asking this?
This was a GREAT bonus. Easy sign-up, direct deposit yesterday, bonus paid today and an email notifying me that it posted tonight! Love bonuses, but hate when I have to chase them down!
Run, don’t walk from Upgrade. I have spent hours on the phone with them resolving various issues. You are required to open multiple accounts to earn the bonuses. Each account has their own customer service desk and can only deal with that account. You will spend lots of your valuable time trying to get transferred to someone that can help.
Hi Jonathan, will this referral promo work if I already have a savings account with Upgrade but never opened up a checking account with them? Thanks.
Based on my reading of the terms, as long as you never had a checking account with them, you should be eligible for this bonus:
Jonathan, I thought you would no longer promote any fintech company bonus offers after what happened with Yotta/Synapses meltdown.
Isn’t upgrade also prone to have a dispute with fintech middleman and FDIC bank in the background that aren’t visible to customer?
There is definitely a risk there, but I don’t think the answer is black and white. If a fintech offers a very good bonus for a short period, I am still going to consider it. Everyone must make your own choices. My post today shows that even Fidelity Investments has hidden risks when using third-party providers.
(NOTE: This is a good bonus, but Upgrade is a fintech and therefore has a nonzero risk that your funds may be not tracked correctly and FDIC insurance does not cover the failure of a non-bank fintech. FDIC insurance only covers an event when a bank fails. I would not keep this as your primary day-to-day account, nor maintain significant funds there.)
Hi Jonathan is there a way you could possibly dm me. I used your referral link to open rewards checking plus account and have completed all requirements and now the banker told me over call that they couldn’t verify the referee, may I ask if you still have your own account open? If yes, could you help me send another link to my email so I can send them a screenshot saying you have referred me.
Let me send you an e-mail, Aman.
Hi Jonathan, can I share my referral link on your website?
Hi, thanks for being polite and asking. I usually just post my own referral link if I have it.