Upgrade is a free checking account that’s currently offering a $150 referral bonus if you open an account using a referral link. To earn your Upgrade referral bonus, you have to do the following:
- Open an Upgrade checking account using a referral link (here is my Upgrade referral link).
- Receive direct deposit(s) of $1,000 or more within 45 days of opening your account.
These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. It’s unclear when this bonus will end or if it will get reduced to a smaller amount (that being said, I recommend signing up for it now while you can).
In this post, I’ll briefly go over what Upgrade is and walk you through exactly how to earn your Upgrade referral bonus.
What Is Upgrade?
We won’t go into too much detail about what Upgrade is, but a bit of background on it should be helpful so you know what you’re getting into.
The first thing you should know is that Upgrade is a fintech bank account. In this case, Upgrade partners with Cross River Bank, which is an FDIC-insured bank. Any funds you have in Upgrade are held for you with Cross River Bank, so your funds are safe and secure.
What makes Upgrade good for bank bonus purposes is that it has no fees or minimum balance requirements. This makes it a good bank bonus – especially for beginners – since you don’t have to worry about managing the account to avoid fees.
In terms of features, the most interesting to me is their high-yield Premier Savings Account. They currently offer a 4.81% interest savings account with no limit on how much you can have earning that rate. That makes Upgrade a bank you could use to store cash or your emergency fund.
Upgrade also offers cashback on their debit card, which could be useful, since most debit cards don’t offer cashback. Specifically, you’ll earn 1% cashback on all purchases and 2% cashback on purchases at convenience stores, gas stations, restaurants, monthly subscriptions, and utilities. There aren’t many bank accounts that offer cashback like that, which makes Upgrade a potential option if you have certain purchases that you can only pay with a debit card.
Upgrade Referral Bonus: Step By Step Directions
With that background out of the way, let’s look at how to earn your Upgrade referral bonus. Here’s what you need to do:
1. Open An Upgrade Account Using A Referral Link. The first thing you’ll need to do is open an account using a referral link. Here is my Upgrade referral link so you can earn your bonus.
When you click the referral link, you’ll see a screen like the one below.
Opening the account is straightforward. When I opened my account, it took me a day to get approved. A friend of mine opened it and was approved instantly. I’m not sure why mine took a day and his account was immediate.
I recommend downloading the Upgrade app, as that’s the easiest way to manage your account. You can also manage it on your computer if you prefer.
2. Complete Direct Deposit(s) Of $1,000 Or More Within 45 Days. The terms state the following:
An “Eligible Direct Deposit” is a recurring deposit to an account by Automated Clearing House (“ACH”) from the account holder’s employer, payroll, or benefits provider, or gig economy payer OR a deposit by Original Credit Transaction (“OCT”) from your gig economy payer. One-time direct deposits, including tax refunds, bank ACH transfers, bank verification or trial deposits, peer-to-peer transfers from services, such as PayPal or Venmo, merchant transactions, mobile check deposits, and cash loads or deposits are not “Eligible Direct Deposits.”
The plain language of the terms suggests that you would need to complete a real direct deposit to trigger the bonus. If you can do a real direct deposit, that is your best option to earn the bonus.
Refer Others To Upgrade
When you open your Upgrade account, you’ll also get a referral link that you can use to refer other people to Upgrade. You’ll find your referral link on the main page of the app.
Each person you refer will earn $150 if they meet the requirements. You’ll also earn $50 for each person you refer. If you’re a two-person household, that means you can earn an easy $350 with just a few minutes of work.
First, you’ll open your own Upgrade account using a referral link. Then you’ll want to refer your spouse or partner using your link. If you do this correctly, you’ll earn $150 for opening your account, your spouse will earn $150 for using your referral link, and you’ll earn another $50 for referring your spouse.
The terms state you can earn up to 10 referral bonuses per year, so there’s room to earn quite a bit if you have other people you can refer.
Final Thoughts
Upgrade is an interesting, free cashback checking account offering a good, easy referral bonus. The account has no fees or minimum balance requirements, which makes it a particularly easy bank bonus to earn. I recommend getting in on it as soon as you can. They keep extending this promotion, but it’s always possible that it will end eventually.
If you want to learn more about bank account bonuses and how they work, be sure to read my in-depth post, The Ultimate Guide to Bank Account Bonuses. This is required reading for anyone interested in learning how to make extra money from bank account bonuses.
I hope this post was helpful. Feel free to leave any questions or comments below and I’ll do my best to answer them.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- Moomoo (15 free stocks and 1 stock of Tesla or Google) – Moomoo is a free investing app currently offering 3 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Webull (12 free stock shares) – Webull's current promotion gives you 12 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($150) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Upgrade ($150) – Upgrade is a free checking account that’s currently offering a $150 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $150 Referral Bonus – Step By Step Directions.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($100) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $100 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Netspend ($40 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $40 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $40 to start! Make sure to check out my in-depth guide on how to set up these accounts.
- Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.25% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
When clicking on your link it says no referral link available through the upgrade webpage…what is your referral code?
I just updated the link. Here it is: upgrade referral.
Important note: IF YOU CLOSE your Upgrade Rewards checking account after getting your bonuses, you CAN’T REOPEN one, not even with a different email. I opened mine last July and closed it last Nov. Now I wish I’d kept the cashback debit card.
How do you find the refer link
Seems the referral program is currently disabled.
Referral program is currently disabled, so you can’t refer people if you don’t already have a link. If you have a link already, the referrals are still valid. They’ve just made it so you can’t generate new referral links anymore.
Hopefully you got your referral bonus from this bank via my successful sign up. Thanks for the tip & writing up this information for everyone.
The signup bonus is now $200. Is that correct?
If you get a personal loan too they kinda hide that. Max is $100 without loan – only with a reference/ referral code… Mines up there lol <3
It is Tueaday, Sept 27th, 2023. I just now signed up. Is there a minimum to deposit? I will put in $20. I did not see a referral name ANYWHERE when I was signing up. Usually if you are following or clicking on a link that contains the referral code, it is done
automatically. I didn’t see that either.
I will go ahead and do more referrals and try to give an update in a week or so.
Justin.
There’s no minimum deposit, but you’ll eventually need to put something in if you want to earn the bonus.
In case anyone doesn’t trust this promotion or too good to be true. I can vouch that I opened an account through Kevin’s link, waited for my card, deposited $100, made my three transactions on a Vegas trip I recently went on. I received my $100 this is a legit deal.
Data Point –
Signed up in 5 minutes and transferred $50.
Waited about a week to get the debit card.
Made 3 $5 purchases at a nearby convenience store.
$100 bonus posted 3 days later (as a Refer a Friend reward).
This was a very easy bonus to get.
I signed up and everything looks ok for now… I have no way to fund the account and what currently shows is:
WE HAVE EVERYTHING WE NEED FOR NOW. CHECK BACK FOR FOLLOW-UPS. WE’LL EMAIL YOU WITH UPDATES.
It appears I have a Rewards Checking Account Number. There is also a note that this program is now set to expire on 8/31/22. I guess I’ll jus sit tight and wait for an email.
Also… FP mentioned buying three small Amazon gift cards to cover the three purchase requirement. The Ts & Cs say that is a violation, but I’m not sure if the bank just sees an Amazon purchase and not specifically a gift card:
What Purchases Are Eligible. For purchases to be eligible, the transactions must have settled. Certain transactions are not eligible, including: money transfers, including wire transfers and transfers made through Apple Pay, Google Pay or similar services; manual cash disbursements; ATM transactions; the purchase of checks, financial products, promotional merchandise, gift cards, foreign currency, money orders, other monetary instruments, or similar; debt repayment; account funding; transactions executed for the sole purpose of transferring funds to another account maintained or controlled by the same consumer; refunds or other card credits; or disputed or fraudulent transactions.
I referred a friend earlier this month and they received the same message. For whatever reason it took them 4-5 days to get full approval and access to the app.
For purchase requirements, I always find it easy and safe to just go to a CVS and make 3 small purchases at a self checkout machine.
Yes… everything has worked out fine.
Account was funded properly, I eventually got the debit card, made three small purchases as the grocery store self-checkout and my bonus is one the way.
They requested a bunch of documents from me to open this account: Most recent two years federal tax return
W-2
4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
Photo of Yourself (Use Mobile Device)
Government Issued ID – Back (Use Mobile Device)
Government Issued ID – Front (Use Mobile Device)
I just opened the account thru your link. It looks the acct was approved but I did not see where I can fund the account. I thought all steps have to completed during setup.