Upgrade Launches Everyday Savings Account Offering 3.50% APY
Upgrade utilizes new process and technology to deliver higher yields to consumers
San Francisco - October 27, 2022
Upgrade, Inc., a Fintech company that offers affordable and responsible credit, mobile banking, and payment products to everyday consumers, announced today that it launched Premier Savings, an everyday savings account that offers 3.50% annual percentage yield (APY) to consumers.
The average savings account interest rate in the US was 0.21% as of October 17, 2022 (FDIC National Rates). At 3.50% APY, Premier Savings delivers a yield that is over 16 times the national average.
“Our mission is to help consumers move in the right direction with responsible financial products that put more money in their pockets,” said Upgrade co-founder and CEO Renaud Laplanche. “Premier Savings achieves this goal with an exceptional APY coupled with no account fees or transfer fees, truly delivering outstanding value to consumers.”
Upgrade was named earlier this month the fastest-growing U.S. credit card by outstanding balance among the top 50 U.S. credit card issuers according to the Nilson Report. Premier Savings, however, is not limited to Upgrade Card customers. It offers full interoperability with thousands of U.S. banks, and users can request same-day transfers to and from any bank, either online or using their Upgrade app.
Premier Savings accounts are available in all 50 states and require a minimum balance of $1,000 to earn an APY of 3.50%.
Upgrade has delivered over $19 billion in affordable and responsible credit to everyday consumers through cards and loans since its inception in 2017. Upgrade was ranked #1 in the Financial Times’ list of Fastest Growing Companies in the Americas in 2021. The company is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and a regional office in Atlanta, Georgia. Upgrade is a financial technology company, not a bank. Banking services are provided by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. Loans and credit lines are issued by Cross River Bank and/or Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.