Upgrade Rewards Checking Preferred Review
Upgrade Rewards Checking Preferred isn't available on Finder right now.
- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
An online checking account with 2% cashback on everyday purchases and 1% back on everything else.
The Upgrade Rewards Checking Preferred account has no monthly fees and comes with a Visa debit card that earns up to 2% on utilities, subscriptions and everyday expenses and 1% back on other purchases. To earn the highest 2% cash back rate, you must maintain $1,000 in monthly direct deposits. The 2% cash back is capped at $500 annually, and 1% cash back rewards are unlimited. Without meeting the direct deposit requirement, you can still earn up 1% to 0.5% cash back on select purchases. And like most online banks, you can't deposit cash.
Best for: Light spenders who want to earn cash back on debit card purchases.
Pros
-
0.5% to 2% cashback rewards
-
No monthly fees
-
Unlocks benefits with Upgrade's Performance Savings account
Cons
-
$500 annual limit on 2% cashback rewards
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No cash deposits
Who is Upgrade Rewards Checking Preferred best for?
If you’re looking to earn some extra cash on everyday purchases, this account might be for you. With no monthly fees and the ability to earn up to 2% on selected purchases and 1% on everything else, it’s one of the better cashback debit cards in the current market.
Just keep in mind you’ll have to deposit at least $1,000 to get the highest cashback rates, so prepare to make this your primary checking account if you want to make the most of the cashback program. Even if you don’t meet the direct deposit requirements, you can still earn 0.5% to 1% on select purchases.
But if you frequently deposit cash, look elsewhere. Like most other online banking options, Upgrade can’t accept cash deposits.
What we like about Upgrade Rewards Checking Preferred
Upgrade Rewards Checking Preferred is pretty solid all the way around. The account doesn’t charge overdraft or monthly maintenance fees.
Good cashback for a debit card
The cashback rewards are particularly interesting as this is a feature more commonly found in credit cards. A 2% cash back rate is solid, though less than the 3% you’d find on category rewards credit cards.
However, the places you can earn cash back are great, as they include bars, restaurants, gas stations, drug stores, convenience stores, food deliveries, utilities and monthly subscriptions. Everything else earns 1% back.
To earn the highest 2% cash back rate on select purchases 1% on everything else, you must be considered an Active Account holder, which requires at least $1,000 in monthly direct deposits. If you’re an “inactive” account holder, the cash back rates drop to 1% on select purchases and 0.5% on everything else.
Nice digital banking perks
Like many other fintechs, Upgrade uses the Allpoint ATM network, featuring over 55,000 ATMs nationwide at retail locations like Walgreens and CVS, and no fees for cash withdrawals in that network.
In addition, if you link your Upgrade Checking account to the Performance Savings account, then you can earn up to 4.02% APY as an active account holder. Inactive account holders can earn up to 1.5% APY. Upgrade Checking account holders may also be eligible for loan discounts from 10% to 20%.
What could be better
Unfortunately, the Upgrade checking account has a particular drawback that stymies its benefits: strict requirements and limits on rewards.
While Upgrade earns up to 2% back on purchases, it can only earn this on up to $500 cash back total each year. This is rather limiting compared to most rewards credit cards on the market and harms the value of the account past a certain amount of spending. However, the 1% cash back rewards for active account holders is unlimited.
And as an online banking option, you can’t write checks or make cash deposits. Instead, you’ll need to transfer your funds using the Upgrade mobile app. Also, Upgrade doesn’t offer chat support via the company’s website. However, live representatives are available over the phone on weekdays from 5 a.m. to 7 p.m. and weekends from 6 a.m. to 5 p.m. PT.
Compare Upgrade Rewards Checking Preferred with other checking accounts
See how other checking accounts stack up based on their monthly fees and minimum initial deposits. Use the table to compare to competing checking accounts to find the best fit for your budget and financial goals.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Upgrade Rewards Checking Preferred fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Upgrade customer reviews and ratings
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.27 out of 5 stars, based on 932 customer reviews |
| Trustpilot score | 4.7 out of 5 stars, based on 57,336 customer reviews |
| Customer reviews verified as of | 30 June 2026 |
Upgrade has fantastic customer ratings. It is accredited by the Better Business Bureau (BBB) with a stellar A+ rating, and a great customer rating on the BBB. For the most part, online banking options have very poor customer ratings on the BBB platform, so Upgrade knocks it out of the park.
Upgrade also does very well on Trustpilot, holding an excellent rating with over 50,000 reviews. This is practically unheard of among banks and fintechs. Most reviews are glowing, with happy customers reporting ease of account setup, simple loan processes and great customer service.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Frequently asked questions
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Steven Finder
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