Would you like to explore all the features of the Upgrade savings account? Responsible Economy has thoroughly examined the fees, requirements, yields, and all the conditions that Upgrade offers in its savings account. We’ve also prepared a comparison with the best savings accounts available in the United States, along with an informative video.
Informative video
We’ve created a video that provides a simple and easy-to-understand summary of all the features of the Upgrade savings account. If you enjoy our content, we invite you to subscribe to our channel for daily videos:
Key Features
In this section, you’ll find a comprehensive overview of the key features of the Upgrade savings account.
Interest rate
Upgrade offers an interest rate of 4.81% APY. This high interest rate makes Upgrade one of the best banks to open a savings account.
Fee
Understanding the fees is crucial, as they can impact your returns. Upgrade provides an online savings account with no opening fees or monthly maintenance fees.
Minimum deposit
The minimum initial deposit to open this savings account is $1000
ATMs
Please note that Varo does not have ATMs or physical branches in the United States.
Deposit funds
You can deposit funds into the Upgrade savings account through bank transfers or by mailing a check.
Withdrawls
To withdraw money, you need to initiate a bank transfer from your Upgrade account to your desired account.
Best savings accounts 2023
We’ve conducted a comparison between the Upgrade savings account and the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
Additionally, we’ve created a video showcasing the top savings accounts:
Pros and cons
Now that we’ve explored all the features of the Upgrade savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| High yields | No branches in the United States |
| No fees | Minimum deposit $1,000 |
Requirements
Opening a Varo savings account is a straightforward process. You simply need to meet the following requirements:
- Must be at least 18 years old.
- Live in the United States.
- Have an American phone.
Documentation
Upgrade may also ask you for the following documentation:
- Certified copy of an identity document (for each applicant): in most cases, this will be your current, valid passport, although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
Based on the review, we believe that Upgrade provides one of the top savings accounts in the United States. The reasons are clear: you can enjoy a remarkably high-interest rate and zero commissions. However, it’s worth noting that Varo lacks branches or ATMs and the minimum initial deposit to open this savings account is $1000.
More information about Upgrade
Here you can find more information about Upgrade:
| Information | Description |
|---|---|
| Website | https://www.upgrade.com/ |
| https://www.linkedin.com/company/17979297 | |
| https://twitter.com/upgradecredit | |
| https://www.instagram.com/upgrade_credit/ |
Related content
Finally you have a related content about savings account:
High Yield Money Market Investment Account
Do you want to see a comprehensive analysis of Comerica’s High Yield Money Market Investment…
Comerica Money Market Investment Account
Do you want to see a comprehensive analysis of Comerica’s Money Market Investment Account? At…
Comerica Statement Savings Account
Do you want to see a comprehensive analysis of Comerica’s Statement Savings Account? At Responsible…
Do you want to learn about all the savings accounts offered by Comerica? At Responsible…
Do you want to learn about all the savings accounts offered by PNC Bank and…
BMO Premier Money Market account
Would you like to learn about all the features of the BMO Premier Money Market…
Would you like to learn about all the features of the BMO Savings Builder Account?…
Do you want to learn about all the savings accounts you can open with BMO?…
Would you like to learn about all the features of the M1savings account? Responsible Economy…
Updated the day 1 September, 2023 by Alfredo Barandiarán
- Best secured business credit cards - 15 September, 2023
- How to Apply for a Secured Credit Card - 15 September, 2023
- Secured Business credit cards - 13 September, 2023
