(Update July 2024: The top deposit bonus level is now back to $200.)
Original, outdated post with expired details from when the top tier was worth $500:
Upgrade is offering up to a $500 deposit bonus via referral link when you open their standalone Premier Savings account and make a deposit of at least $15,000 in the first 30 days and leave it there for at least an additional 60 days. No credit check for me. FDIC insurance through Cross River Bank.
Note: This is a separate bonus from the ongoing $200 Upgrade Rewards Checking bonus, which had a direct deposit requirement. You can add on a “Performance Savings” account onto a Rewards Checking account, while this offer is for a different “Premier Savings” account.
Per the fine print, you should be able to get this bonus as long as this is your first “Premier Savings” account. It doesn’t matter if you already got the Rewards Checking bonus (as I did). You just need to make sure you use a referral link with the promotion attached.
If you have never had a Premier Savings account through Upgrade (a “New Customer”), you can receive a Welcome Bonus (defined below) if you (1) use an Existing Customer’s unique referral link to open a new Premier Savings account, subject to account approval, by the Offer Period, (2) make a deposit within 30 days of opening the new account, and (3) after the initial 30-day period, maintain at all times during an additional 60 days the minimum account balance presented to you (a “Qualified Registration”).
The account opening process for my first Upgrade account 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. If you are an existing customer (as I was this time), it was even faster. All my details were pre-filled and so it just took a few clicks. (Update: Some users report having much higher ID verification requirements. So YMMV.)
All of my previously-linked external bank account details were also available to make a transfer. Upgrade uses Finicity (owned by Mastercard) for linking external bank accounts.
Here are the highlights of the Premier Savings account:
- 5.21% APY as of 2/27/24 with $1,000 minimum balance required to earn interest.
- No direct deposit requirement (unlike the Performance Savings).
- No monthly fees.
Napkin math (Effective APY). If you deposit towards the end of the 30-day funding period, your technical minimal holding period is 60 days.
For the $15,000, $30,000, and $100,000 deposit tiers, earning 0.50% on your funds with a 60 day holding period works out to an additional 3.00% annualized yield. If you assume the current 5.21% APY, that adds up to a total effective interest of roughly 8.21% APY annualized for 2 months.
For the $50,000 deposit tier, earning 0.60% on your funds with a 60 day holding period works out to an additional 3.60% annualized yield. If you assume the current 5.21% APY, that adds up to a total effective interest of roughly 8.81% APY annualized for 2 months.
A straightforward deposit promotion with a smooth application and short hold period that doesn’t incur a hard credit check. The savings account also has a high base APY to keep around long-term. Finallly, it also stacks with another $200 checking account promotion from the same place. This is my Upgrade Premier Savings up to $500 referral link. Thanks if you use it.
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fwiw they wanted two years of my tax returns to open an account. I declined this.
Wow, nobody has ever asked for that from me (nor would I bother to give it). They didn’t even want a picture of my driver’s license.
Was going to use your link to apply. Jason message put my plan off. Hope you or others to confirm…
Wow. Heard first time in my many years banking experience. Are you sure you were not on SRI IBF IAC Job site?
They asked me for all of the following to open my account:
– W-2
– Government Issued ID – Front (Use Mobile Device)
– Government Issued ID – Back (Use Mobile Device)
– Photo of Yourself (Use Mobile Device)
– 4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
– Most recent two years federal tax return
Haha, yeah right. Not gonna happen. Never been asked for so much invasive stuff just to open a savings account before in my life.
Applied. The process asked for SSN#, address, e-mail, cell number and employer name, that’s all.
However, when I apply for my wife, they asked for a bunch of documents.
just clicked the referral link, had to take sefi turn face left right, it asked– W-2
– Government Issued ID – Front (Use Mobile Device)
– Government Issued ID – Back (Use Mobile Device)
– Photo of Yourself (Use Mobile Device)
– 4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
– Most recent two years federal tax return
More complicated than apply job at CIA
Used your referal, application process was regular, no unusual stuff, no pictures, no tax returns. Linking accounts to transfer funds required extra calls and verifications. Just got the $500 bonus. Hope you got yours. Thanks.
In light of your latest post how FDIC insurance doesn’t cover Fintech deposits (“FDIC Leaves All Fintech Users Unprotected in Regulatory Blindspot!”), is it still worth to keep Upgrade Premier Savings account after getting a Bonus? Or is it too risky?
I’m keeping the account open, but I’m not keeping any significant amount of funds there. My hold period is already over; I’d probably still keep it there if I already started the process, but everyone has to make their own decisions.
Thanks for the referral, I appreciate it! I am not planning on keeping significant funds in any fintech including Upgrade until they clear up the regulatory danger. I did this bonus, but have already/will withdraw when I can.