Upgrade Rewards Checking $200 Referral Bonus

Update 1/24/24: Bonus is now $200. No referrals in the comments below, please go to this post to find referrals (closed for new comments). Direct deposit of $1,000+ required this time.

Update 12/27/23: Down to $100.

Update 10/15/23: Extended until Extended to 11/30

Update 8/30/23: Extended to 09/30.  No referrals in the comments below, please go to this post to find referrals.

Update 8/3/23: Extended until 8/31

Update 7/12/23: Referral bonus has increased to $150 for the new member. Referrer gets $50. Valid through July 31, 2023. Terms link I don’t see the Swagbucks offer right now. (ht Steve)(Some people might prefer the $500 checking+credit line offer instead of this checking offer. See also this comment.)

Update 12/22/22: Referral reduced to $50.

Update 10/28/22: Extended until 1/31/2023.

Update 10/26/22: Premier savings account has been increased to 3.5% (note: that account is not available for Upgrade checking customers)

Update 10/24/22: There’s also $100 Swagbucks bonus on the Upgrade checking account (slightly better on MyPoints). Reports in the comments indicate it’s possible to stack the referral bonus and the Swagbucks bonus, YMMV.

Update 10/14/22: Upgrade is now offering a 3% APY account with no monthly fee as well. Making it one of the better high yield savings accounts.

Update 9/30/22: Extended until Oct 31, 2022.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Up to $500 with a debit card
• Monthly fees: None
• Early account termination fee: None
• Household limit: None listed
• Expiration date: July 14th 31st, 2022 August 31st, 2022 September 30, 2022

The Offer

Direct link to offer (find referral links in this linked post)

• Upgrade is offering a $200 referral bonus (for both the referrer and referee) when the person being referred opens a new rewards checking account and complete the following requirements:
  • Make 3 debit card purchases within 60 days of account opening

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

According to the fee schedule there is no early account termination fee.

Our Verdict

Credit Karma has been offering a $500 bonus when you open a line of credit. It’s not 100% clear if you can do this $100 referral bonus and then that $500 bonus (some discussion of it here). If you can only do one then that $500 bonus will be a much better offer.

Hat tip to Ryan Michael Bednarski

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times