Upgrade Rewards Checking $200 Referral Bonus + 5.21% APY Savings

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Upgrade has increased the bonus from $150 to a $200 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 through Cross River Bank.

Here are the highlights of the Rewards Checking account, if you maintain that $1,000+ in monthly direct deposits:

  • 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.
  • 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 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).

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.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

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Comments

  1. CF Frost says

    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!

  2. How easy was it to receive the bonus?

  3. Jonathan,

    How come you missed their $400/$500 bonus?
    https://www.creditkarma.com/creditcard/Upgrade01
    https://www.upgrade.com/one-card/

  4. Thanks, Jonathan. I used your link.

  5. Jason Boxman says

    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.

  6. 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!

  7. 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.

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