Across all of Upgrade’s product lines, the current bonuses are:
- Rewards Checking Plus. Earn a $200 bonus when you open and fund a new account and make three qualifying debit card purchases within 60 days. The bonus is credited within 60 days after you meet the requirements.
Upgrade Rewards Checking Plus Bonus Terms
To earn the $200 bonus for the Upgrade Rewards Checking Plus account, you must:
- Open and fund a new Rewards Checking Plus account.
- Make three qualifying debit card transactions within 60 days of account opening. ATM transactions do not count.
Additional terms to note:
- You must be a new Upgrade checking customer (previous checking customers are not eligible).
- Your account must remain open and in good standing to receive the bonus.
- The bonus is credited as a one-time payout within 60 days of meeting the requirements.
- This offer cannot be combined, substituted, or applied retroactively to other Upgrade checking promotions.
Is Upgrade Rewards Checking Plus Worth It?
With Upgrade Rewards Checking Plus, the real value comes if you set up at least $1,000 in monthly direct deposits. That qualifies the account for “Active” status, which unlocks 2% cash back on common everyday spending like restaurants, gas stations, utilities, drugstores, and recurring subscriptions.
There’s a cap of $500 in rewards per year at the 2% rate, but that’s still generous for a debit card. Purchases outside those categories earn 1%.
If you don’t set up direct deposit, the rewards are cut in half: 1% on the common categories and just 0.5% elsewhere.
For people comfortable with an online-only bank, Upgrade also offers access to a wide ATM network and potential loan rate discounts if you borrow through them. In short, it’s a good fit for someone who plans to use direct deposit and wants to maximize debit card rewards, but less attractive without that setup.
Upgrade Referral Program
Upgrade used to offer a referral program that paid up to $200 per successful referral, capped at 10 bonuses. Referral links have not been available in customer accounts for some time, and deal-tracking sites also no longer list active offers.
This was once one of the stronger referral programs among online banks, but it appears to be discontinued.
Comparison to Other No Direct Deposit Savings Account Bonuses
The Upgrade Checking bonus is simple to earn. Since it’s a personal account, there’s no direct deposit requirement, and the $200 is paid within about 60 days. Many people who are just starting to collect bank bonuses use it as an early option, since the requirements are light and the account itself doesn’t come with ongoing fees.
For more options, see our guide to instant bank signup bonuses.
