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:Â $100
- Availability:Â Nationwide
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $500 with a debit card
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â
July 14th 31st, 2022 August 31st, 2022September 30, 2022
Contents
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
$300 link DP (Now expired, was posted in comments):
01/06 Opened
01/15 $700 work dd
01/29 $1800 work dd
02/13 $500 work dd
02/18 $300 bonus posted
Are there any Upgrade current bonuses / referral bonuses that don’t require the direct deposit for 10 months?
I opened an Upgrade account a few years ago, and closing it took a war powers act. I’d stay away.
So you are recommending that people don’t open an account just because you had trouble closing it? Maybe the solution is to leave your account open!
I called for an Upgrade 1099 today and was informed since I didn’t meet the $600 threshold I wasn’t issued a 1099, doesn’t look they’re 1099 the bonus here
I didn’t get a 1099-MISC yet even though my total bonuses was more than $600. It still isn’t clear to me whether they’ll send one later (I haven’t contacted them about it yet).
01/31 Chase Business ACH Payroll $3,001.00
02/03 $300 Checking Plus Bonus
Super fast! Also doesn’t check Chex my Chex is currently at 576 from opening 10 checking accounts in the last year
For anyone wondering about 1099s, I messaged their chat support about not receiving a 1099, despite earning a sign-up bonus and several referral bonuses. I was told they’re having trouble getting these on the customer dashboard. I was asked to give my email and told that they saw a 1099 for me in their system and would be sending it via email in 24-48 hours.
Same. Called in and gave my information. They’ll email the relevant 1099s in 24-48 hours also since it’s not on the tax/statement dashboard.
Did you get it
They ended up telling me I wouldn’t be getting one. Very confusing. I’ll be reporting it as MISC income.
Didn’t get a 1099 for $200 bonus done in 2024, anyone else?
I received a 1099-misc in email that included the referrals for both checking and savings, and in the online portal I found a 1099-int for the interest from the savings. These 1099s didn’t include the bonus from checking and savings. I wonder whether there will be another 1099 coming somewhere.
Did you have at least $600 from referrals?
1/29/25: $1000 push Discover Checking
1/30/25: Bonus Received
It seems like all the links in the other thread are now going to an upgrade credit card offer, vs. the checking account. Is that true for others, or am I in some strange cookie loop?