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Upgrade Rewards Checking Plus Account Review: Earn 2% Cash Back on Eligible Purchases

Review Updated
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 and 1% cash back on all other purchases. Read our full review to find out if it's right for you.

Ratings Methodology
Rates as of Apr 12, 2025

Upgrade Rewards Checking Plus

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
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 5.02% 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
  • 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 4.14% 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
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
Disclaimers

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.

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. Upgrade has partnered with the Allpoint® network to provide over 55,000 fee-free ATMs. There is no fee to use AllPoint® ATMs, but there's a $2.50 fee for cash withdrawals at out-of-network ATMs. 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 10%-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.

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 at in-network ATMs; $2.50 at out-of-network ATMs. $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 at its in-network ATMS.

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 Motley Fool Money, 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 Motley Fool Money rates bank accounts.

FAQs

  • 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.

  • An active account is one where you receive at least $1,000 or more of direct deposits in your account through Upgrade.

  • Upgrade is a financial technology company and has no physical branches.