Latest news with #PremierSavings
Yahoo
25-06-2025
- Business
- Yahoo
Upgrade review (2025): A leading fintech that offers high yields and few fees
Summary: Upgrade is a financial technology company offering various financial products, including personal loans, checking and savings accounts, and debit cards. It partners with Cross River Bank to offer FDIC- or NCUA-insured checking and savings accounts. Both account types are eligible to earn interest, with yields near the high end of what is offers several banking products that emphasize high yields, low rates, and an entirely online banking experience. While you can't visit a branch or deposit cash, those who prioritize convenience and getting the most out of their money may appreciate what Upgrade has to offer. Upgrade's Rewards Checking Plus account is packed with benefits and perks. These include up to 2% cash back on purchases from convenience stores, drugstores, gas stations, restaurants, and subscriptions. You can also earn a high yield on account balances and cash back on debit card purchases. There are no monthly or overdraft fees, and you can get paid up to two days early with direct deposit. There is one major caveat to these benefits: You must receive at least $1,000 in monthly direct deposits into the account to be eligible. If you don't meet this requirement, you'll miss out on benefits like 2% cash back. If you want to open a joint checking account, it's possible to do that with the Rewards Checking Account during the application process. The Premier Savings account is a high-yield savings account that pays a highly competitive interest rate on balances of $1,000 or more. There are no monthly maintenance fees, and the account is FDIC-insured up to $1 million through participating institutions. You can fund the Premier Savings account with an ACH or wire transfer in U.S. dollars. If your employer offers direct deposit, you can also fund your account through this method. Similar to the checking account, you can choose to open a joint savings account during the application process. Upgrade offers fixed-rate, unsecured installment loans ranging from $1,000 to $50,000 with terms of 24 to 84 months. Personal loan APRs range from 7.99% to 35.99%, and origination fees range from 1.85% to 9.99%. Funds are typically available within one business day after approval. Upgrade offers several credit cards, including multiple rewards cards. A credit monitoring and insights dashboard is built into the Upgrade mobile app, allowing you to track your credit score, analyze spending habits, and stay informed and proactive about your credit health. Many of Upgrade's basic account features are fee-free. However, fees may apply in certain cases. Here's a look at the fees Upgrade charges banking customers. Consider these pros and cons before becoming an Upgrade customer: Pros High yields on bank accounts: The Rewards Checking Plus account offers 0.42% APY, and the Premier Savings account offers 4.02% APY. Both rates are well above industry averages. No monthly fees: The checking and savings accounts don't have monthly fees, regardless of your account balance. Checking account earns cash back: Upgrade's checking account is a rewards checking account and is eligible to earn cash back when certain requirements are met. Cons No branch locations: Since Upgrade is an online-only financial institution, you must do all your banking online. This may be a drawback for those who prefer in-person assistance. No cash deposits: Mobile check deposit is available, but there is no option to deposit cash. Read more: How to deposit cash at an online bank While no in-person support is available, there are various ways to contact Upgrade. As with many online banks today, the first option is an online chat, which is available 24/7. You can also send an email to support@ Phone support is available Monday through Friday from 5 a.m. to 7 p.m. PT. On Saturday and Sunday, support is available from 6 a.m. to 5 p.m. PT. The contact number is 844-319-3909. The Upgrade app generally receives high ratings. The Android app is rated 4.5 out of 5 stars, while the Apple app is rated 4.9 out of 5 stars. The app offers several helpful features, including the ability to manage your checking and savings accounts in one place, set up autopay, and receive alerts. You can also monitor your credit score and make payments from the app. For general correspondence, you can send mail to the following address: 275 Battery Street, 23rd Floor San Francisco, CA 94111 Phone support is available by calling 844-319-3909. Upgrade is not a bank itself and does not carry FDIC insurance directly. Instead, it partners with FDIC‑insured banks — particularly Cross River Bank — to offer FDIC-insured bank accounts. You can find your routing number by logging in to your account and clicking 'Show Details' under your account balance. For Cross River Bank, the routing number is 021214891. Yes, Upgrade is a legitimate financial technology company based in San Francisco, California. Upgrade is not a bank. However, it works with partner banks, such as Cross River Bank and Blue Ridge Bank, to offer deposit services. Upgrade was founded in 2017 and has extended billions of dollars of credit to its customers since its founding.
Daily Mirror
27-05-2025
- Business
- Daily Mirror
Five of UK's major banks and how they are slashing their interest rates in days
A slew of high-street banks including HSBC, Natwest, Lloyds, Halifax, and Santander have confirmed to the Mirror they will slash their interest rates on select savings product in the coming weeks Most high-street banks have warned they will be slashing interest rates on some savings accounts in the coming weeks. The decision follows the Bank of England's announcement on May 8 that it had cut the base rate (the interest rate it charges other banks and lenders to borrow money) from 4.5 per cent to 4.25 per cent. While the move may be a welcome relief to households with a tracker mortgage, who could see their monthly payments drop by around £29, it's bad news for Brits who have been stashing away their savings for a rainy day. This is because a reduced base rate usually results in lenders dropping their interest rates - meaning you'll get a smaller return on your savings. The Mirror has therefore contacted the UK's most popular banks, including HSBC, Lloyds, Halifax, and Santander, to see how the announcement will impact their customers. While all banks confirmed the reduction will hit savers, Brits still have time to shop around - as the interest rate cuts don't kick in until later this month, or in June. HSBC "We are firmly focused on supporting customers with their savings," a HSBC spokesperson told the Mirror. "While changes are being made to some of our savings rates, with rates from July 21 to include a regular savings account at 5.00% and 3.75% on our Online Bonus Saver, we also provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand. "There are several factors taken into account when setting savings rates. We have designed our savings accounts to make it easy for our customers to start and maintain a savings habit so they can save towards longer term goals. We also proactively remind customers of the need to review their savings, highlighting products that might also be suitable for them and where they could benefit from a higher rate." There are no changes to the Premier Savings easy access account for those with balances over £100,000 (2.00%). However, Balances up to £50,000 will fall from 1.50% to 1.35%, while balances between £50,000 and £100,000 will decrease from 1.60% to 1.45%. There is also no change to HSBC's Regular Savings Account, which remains at 5.00%. This account allows customers to stash away between £25 and £250 per month, up to a total of £3,000. HSBC's Fixed Rate Cash ISA (which requires at least £500) saw its interest rate drop from 4.10% AER to 4.00% AER on May 12, 2025. Lloyds A Lloyds spokesperson told the Mirror it already has written to existing savers to advise them of 'upcoming changes to their rates' that will come into effect on June 3. For new account openings, the rate change came into effect earlier this week (May 21). Easy Saver/ Cash ISA accounts with balances between £1 and £25,000 will see the interest rate decrease from 1.10% to 1.05%. Balances from £25,000 to £100,000 will decrease by 0.5%, dropping from 1.20% to 1.15% - while those with more than £100,000 will be hit with a 0.20 decrease (1.40% to 1.20%). Customers that have an Advantage Saver will be stung the hardest, as its current 3.50% interest rate will slump to 3.25%. Halifax Halifax's Everyday Saver and ISA Saver variable accounts will follow the same interest rate decrease as Lloyds' Easy Save and Cash ISA accounts - as both banks are owned by Lloyds Banking Group. However, its Bonus Saver account will fall from 3.40% to 3.05%. NatWest "Following the Bank of England base rate cut, we will be passing on the rate cut in full to our customers on a Standard Variable Rate (SVR) mortgage," a spokesperson for the bank said. "SVR will be reduced from 7.49% to 7.24%, effective from 1st June. SVR customers may also be able to save money by switching to one of our fixed rate mortgages. "Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts. We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes." Until 29 May 2025 From 30 May 2025 Digital Regular Saver £1 - £5,000 over £5,000 6.17% / 6.00% 1.25% / 1.24% 5.50% / 5.37% 1.15% / 1.14% Flexible Saver £1 - £24,999 £25,000 - £99,999 £100,000 - £249,999 £250,000 - £999,999 £1,000,000+ 1.25% / 1.24% 1.85% / 1.83% 2.10% / 2.08% 2.70% / 2.67% 2.70% / 2.67% 1.15% / 1.14% 1.70% / 1.69% 1.95% / 1.93% 2.55% / 2.52% 2.55% / 2.52% Savings Builder £1 - £10,000 over £10,000 2.00% / 1.98% 1.25% / 1.24% 1.75% / 1.74% 1.15% / 1.14% Help to Buy ISA (Tax-free) £1+ 2.20% / 2.18% 2.05% / 2.03% Payment Accounts Until 14 July 2025 From 15 July 2025 First Saver £1+ 2.25% / 2.23% 2.05% / 2.03% Adapt Account £1+ 2.25% / 2.23% 2.05% / 2.03% First Reserve £1+ 1.25% / 1.24% 1.15% / 1.14% Primary Savings £1 - £24,999 £25,000 - £99,999 £100,000 - £249,999 £250,000 - £999,999 £1,000,000+ 1.25% / 1.24% 1.85% / 1.83% 2.10% / 2.08% 2.70% / 2.67% 2.70% / 2.67% 1.15% / 1.14% 1.70% / 1.69% 1.95% / 1.93% 2.55% / 2.52% 2.55% / 2.52% Santander Santander confirmed it will be reducing interest rates for savings products linked to the BoE base rate - starting from June 3, 2025. This includes Rate for Life and Good for Life savings accounts, as explained below: Good for Life ISA AER/tax free (variable) 1.00% for £1+ Article continues below 1.00% for £1+ 4.50% for £1,000+
