Upgrade Rewards Checking Preferred review

Upgrade Rewards Checking Preferred is on this list as the alternative for shoppers who want a return on spending rather than on balances. Upgrade states that Rewards Checking Preferred accounts do not earn APY; instead, Active Accounts with a monthly $1,000 direct deposit earn up to 2% cash back on common everyday expenses with the Upgrade Visa Debit Card, up to $500 in 2% rewards per calendar year. The linked Performance Savings account pays 3.30% APY for Active Accounts and 1.5% otherwise, with instant transfers between checking and savings. There are no monthly maintenance fees, no overdraft fees and no minimum balance requirements, and cash is available at 55,000+ fee-free Allpoint ATMs. Deposits are insured up to $250,000 through Cross River Bank or participating institutions. The value depends on how much you spend by debit card; if you keep a large balance in checking, an account that pays interest will earn more.

Who it is for

debit card spenders who prefer cash back over interest

Price

$0 monthly maintenance fees and $0 overdraft fees.

No recurring fees just to access and manage your account.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Up to 2% cash back on common everyday purchases with direct deposit, up to $500 in 2% rewards per year
• Performance Savings at 3.30% APY with a $1,000 monthly direct deposit
• No monthly maintenance fees and no overdraft fees
• 55,000+ fee-free Allpoint ATMs
• Instant transfers between Upgrade checking and savings

Strengths and weaknesses

• Strength: Cash back rewards replace interest for heavy card users
• Strength: Linked Performance Savings pays 3.30% APY for Active Accounts
• Strength: Free to open with no minimum balance requirements
• Weakness: Rewards Checking Preferred accounts do not earn APY
• Weakness: Top cash back and savings rates need a $1,000 monthly direct deposit
• Weakness: 2% rewards are capped at $500 per calendar year

Key facts

• Checking APY: None
• Cash back: Up to 2%
• Savings APY: 3.30% with $1,000 monthly direct deposit
• Monthly fee: $0

Where it ranks

Upgrade Rewards Checking Preferred is No. 9 in our Best High Interest Checking Accounts verdict.