Banking Bank Reviews

Upgrade Rewards Checking Plus Review [2025]: No Monthly Fees, Great Features

Upgrade Rewards Checking Plus offers debit card rewards and other great features, but you need to do a $1,000 minimum monthly direct deposit to access all the perks.

By Christy Rakoczy

Edited by Melinda Sineriz, ABFP™

Updated April 25, 2025

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4.9

2025 award winner Best for Rewards

Upgrade Rewards Checking Plus

OUR VIEW

Finding the right checking account is one of your most important financial decisions because, typically, all of your money moves through that account. For me, this means an account with no monthly fees or minimum balance requirements, mobile check deposits, online bill pay, and easy ATM access.

Upgrade Rewards Checking Plus¹ Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. offers all that and more.² There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information. With Upgrade, you earn cash back on purchases made with your debit card; many other checking accounts offer no cash back at all. You can earn interest rate discounts on loans, access your money sooner with early direct deposit,³ Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date. and even create automated savings rules to boost your savings rate.

With all these great features combined with a top-rated mobile app, you can’t go wrong with Upgrade Rewards Checking Plus, as long as you’re OK with a digital-only experience and don’t need to deposit cash.

Pros

Rewards for using your debit card, including up to 10% back at select stores

Automatic transfers between checking and savings to avoid overdrafts/bill payment failures and increase your savings rate

No overdraft or monthly maintenance fees

Cons

A $1,000 monthly minimum direct deposit is required to access certain account benefits like mobile deposit

You can’t deposit cash

No in-person customer service and limited customer service hours

How we evaluate products

Upgrade Rewards Checking Plus Basics

	Upgrade Rewards Checking Plus
APY	N/A
Rewards	Up to 2% cash back on common expenses, subscriptions, and recurring transfers with $1,000 minimum monthly direct deposit (up to $500 per year, then earn 1%) Up to 10% back at select stores
Minimum deposit to open account	None
Monthly maintenance fees	None
Overdraft fees	None
ATM access	Allpoint ATM features over 55,000 locations nationwide.
Joint accounts available?	Yes
FDIC insured	Up to $250,000
	Visit Upgrade

Who Upgrade Rewards Checking Plus is right for

Upgrade Rewards Checking Plus is a great option if you can make at least a $1,000 monthly direct deposit. While there's no minimum balance requirement or monthly maintenance fees for the account, you must meet the direct deposit requirement to enjoy the full benefits that Upgrade Rewards Checking Plus offers.

Specifically, you'll need the $1,000 direct deposit to earn 2% rewards on qualifying debit purchases, to earn an APY boost for your Upgrade Performance Savings account, to access lower loan and credit card rates, and even to make mobile deposits.

If you can't meet the direct deposit requirements, opt for an account at a different bank that doesn't require them. For example, my bank, Ally, allows me to do mobile deposits of up to $50,000 per day and $250,000 per month with no direct deposit required.

Since Upgrade also offers no way to deposit cash or get support in person, you should pick a different bank if you regularly have physical money you need to get into your account. For example, Discover allows you to deposit cash in your online checking account for free at Walmart.

Upgrade also doesn't offer 24/7 customer service, which, again, Ally does provide. Of course, Ally doesn't offer debit card rewards, but the ability to earn cash back on everyday purchases may matter more to you than these other features.

Account features and benefits

Here are some of the key features and benefits of Upgrade Rewards Checking Plus.

Rewards when you use your debit card

Debit card rewards are available from some other banks, like Discover, but they aren't common. Upgrade Rewards Checking Plus provides 1% back on debit purchases if you don't meet the $1,000 monthly direct deposit requirement and 2% back if you do (up to $500 per year, then earn 1%). The ability to earn rewards on things you were going to buy anyway is a huge benefit.

No-monthly-fee banking

There are no monthly maintenance fees, minimum balance requirements, or overdraft fees charged with Upgrade Reward Checking Plus. Avoiding these unnecessary costs can help you ensure your checking account is a tool to grow your wealth, not to chip away at it.

Upgrades on other products

As long as you meet the $1,000 monthly direct deposit limit on your Upgrade Rewards Checking Plus account, you'll benefit from upgrades and added benefits on other accounts.

For example, you'll be offered a higher rate if you also open a Performance Savings Account and earn discounts on loans and credit cards. Your rates could be as much as 10% to 20% lower.

Drawbacks

The single biggest drawback to the Upgrade Rewards Checking Plus Account is the requirement that you make a $1,000 monthly direct deposit to be an active member and gain access to mobile deposits and other benefits.

While many people can meet this requirement, not everyone can. If you can't, your account features are limited, and finding a different bank is probably best.

Not being able to deposit cash is also a disadvantage — although it is par for the course for most online banks. This shouldn't be a dealbreaker unless you deposit cash often, in which case you'd likely want to look into either a local bank or an online bank like Discover that offers a free way to make cash deposits where you live.

Upgrade customer service

Upgrade does not offer local bank branches, and you also do not have access to 24/7 customer service, unlike with some competitors like Ally. Support hours are Monday to Friday 5 a.m. to 7 p.m. Pacific as well as Saturday and Sunday from 6 a.m. to 5 p.m. Pacific.

You also have the option of searching Zendesk online to find answers to some basic questions about your account and the services it offers.

Alternatives

Discover^® Cashback Debit

Just like Upgrade's account, Discover's online checking account has no monthly fees. Discover also offers many other similar features to Upgrade, including early direct deposit and debit card rewards.

With Discover, you can earn 1.00%⁴ See website for details. back on debit purchases up to $3,000 per month. This is comparable to the standard rate Upgrade offers if you don't meet its $1,000 minimum deposit requirement. However, it's below the 2% to 10% you can earn if you do meet the requirement or if you shop at qualifying stores.

Discover offers more ATM access, though, including access to 60,000 ATMs instead of Upgrade's 55,000. Plus, Discover allows you to use contactless debit at any Walmart in the U.S. to deposit cash in your account fee free, which isn't an option for Upgrade users. Member FDIC.

Visit Discover | Read our Discover Cashback Debit review

SoFi®

SoFi Checking and Savings is another no-monthly-fee⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> account that offers some great perks, including a 0.50% (as of 01/24/25) APY⁶ SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>. on checking account balances with direct deposit.

Like the others on this list, SoFi provides early direct deposit⁷ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. up to two days ahead of your scheduled payday.

SoFi also comes with great member perks, including networking events, discounts on other loan products, a referral program, and more — and there's no minimum direct deposit required to access these benefits. Member FDIC.⁸ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Visit SoFi | Read our SoFi review

FAQs

Is Upgrade checking legit?

Upgrade has partnered with an FDIC-insured bank called Cross River Bank. Their checking account is legitimate, and your money is protected.

Can I deposit cash into my Upgrade Rewards Checking Plus account?

You cannot deposit cash into your Upgrade Rewards Checking Plus account.

Bottom line

Finding the best rewards checking accounts takes time, but it's worth the effort. Upgrade Rewards Checking Plus could be a great option for those who meet the direct deposit requirement, but if it's not right for you, you have plenty of other great accounts to choose from. Just decide what features are most important to you and take a little time to research the best banks to find an account that's the perfect fit.