There’s a recurring Upgrade checking account bonus for creating a new account with the company.
Upgrade is a fintech company that offers that rare and delightful item: a cash-back debit card. In addition to that, they also have a high-interest savings account and some credit cards.
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Upgrade Checking Bonus – The Details
Bonus
- $200 deposited into your new account
Requirements
- At least $1,000 total in direct deposits within 45 days of opening the account
Exclusions
- You must be a new customer and never have had an Upgrade checking account
Fees
Deadlines
Benefits
- Up to 2% back on certain expenses (up to $500 spending in a calendar year) and 1% back on everything else (see notes for breakdown)
- Up to 10% back on certain stores through Dosh
- No monthly fees
- Early direct deposit
Notes
- How the cash-back system works: If you have an “active account” you’ll get 2% back on the first $500 spent annually on convenience stores, drug stores, gas stations, monthly subscriptions, utilities, and restaurants. Everything else is 1% back, including those categories after $500 is spent. If you don’t have an “active account”, the rates are 1%/0.5% instead.
- You have an “active account” if you receive at least $1,000 in direct deposits in a month
Upgrade Checking Bonus -Thoughts
The sign-up bonus is pretty good, and since the direct deposit amount is cumulative the requirements aren’t too demanding either.
I always like seeing a cash-back debit card because it lets more people participate in the rewards game.
Upgrade touts their up to 2% bonus categories / 1% everything rate heavily, but there’s a couple things to keep in mind.
First, that increased rate is only good for $500 worth of spending in certain categories. That’s a maximum of $10 back at the increased rate per year. I think it makes more sense to consider the rate for general purchases, which is 1% or 0.5%.
Second, to get the rate of 2% bonus categories / 1% everything else, you’ll need to direct deposit $1000 every month.
If you can meet the direct deposit requirement the cash-back rate is competitive, but otherwise not so much.
Upgrade also offers a high-yield savings account (currently at 5.02% APY on balances of over $1,000).
Note about Upgrade credit cards
Upgrade offers several different credit cards, but they don’t work like typical credit cards.
Purchases are treated as loans that you make equal installment payments on at a fixed interest rate. It’s very different from the way that credit cards usually work.
I just wanted to make sure I mentioned that because sometimes people sign up for one of Upgrade’s cards without realizing that.
Create an Upgrade checking account for $200!
This link takes you to the Upgrade checking page.
