Upgrade Introduces Premier Savings Account with 3.50% APY
Upgrade savings app

Upgrade Introduces Premier Savings Account with 3.50% APY

Throughout this year, interest rates have skyrocketed thanks to a series of aggressive moves from the Federal Reserve. While this is bad news for those borrowing funds, it also means that the interest consumers are earning from savings accounts has also been on an upward swing. Now, the FinTech Upgrade is unveiling a high-yield savings account with one of the highest APYs available.

Upgrade has launched its Premier Savings account, offering 3.5%0 APY. To earn this rate, customers will need to have a minimum balance of $1,000. On days when an accountholder’s balance is below that threshold, they’ll earn 0% APY. Funds deposited in Premier Savings accounts will be held with Cross River Bank and are FDIC insured up to $250,000 per depositor.

In addition to its high interest rate, Upgrade’s Premier Savings will reportedly allow customers to make same-day transfers to or from other banking accounts (up to $100,000). Also notable is that the account carries no monthly account fees or transfer fees.

Despite interest rates rising quickly among many banks, Upgrade’s 3.50% APY is 16 times higher than the 0.21% national average. It’s also higher than several other high-yield options at the moment. For comparison, as of this writing, Ally, Discover, and Marcus by Goldman Sachs all offer 2.35% APY on savings balances. Elsewhere, the neobank Current allows customers to earn 4% APY on funds, although this is limited to $6,000 total ($2,000 each across three “Savings Pods”). At the high end, Varo Bank has rates as high as 5% if you meet certain requirements.

Announcing the launch of Premier Savings, Upgrade co-founder and CEO Renaud Laplanche stated, “Our mission is to help consumers move in the right direction with responsible financial products that put more money in their pockets. Premier Savings achieves this goal with an exceptional APY coupled with no account fees or transfer fees, truly delivering outstanding value to consumers.” 

The debut of Premier Savings comes as Upgrade has continued to diversify its offerings. Despite starting as a personal loan destination, the company has since entered into the world of checking accounts, credit cards, and more. In fact, earlier this month, Nilson Report ranked Upgrade among the 25 largest credit card issuers by outstanding balance. Jumping from 50th place to 24th in the year, the company was also the fastest-growing issuer on the list.

Although there are several accounts where today’s consumers can earn APYs in the neighborhood of Upgrade’s 3.50%, Premier Savings is notable for a couple of reasons. First, while many high-yield products (especially those from FinTechs) put limits on how much cash consumers can earn on, Upgrade is doing the opposite by instead requiring a balance of at least $1,000. On that note, this is seemingly the only requirement the account has whereas other high-yield offerings may be contingent on direct deposits, number of debit card transactions, etc. For those reasons, Upgrade’s Premier Savings may be a good options for savers — and represents another significant move for the rapidly-expanding startup.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...