Upgrade, an online lender, card provider, and neobank, has announced a high-yield savings account that currently generates 3.5% APY labeled “Premier Savings.” The savings account must hold a minimum balance of $1000 and is available in all 50 states
While interest rates have risen dramatically, many banks have been unwilling to pass on these increases to their retail accounts. This means more money for the banks and less for the masses. Upgrade sees this as an opportunity to propel its growth even further by providing a superior savings product to its customers. The new savings feature is not limited to existing Upgrade Card users.
Upgrade notes that, as of October 17, 2022, the average savings account interest rate in the US was 0.21%. At 3.50% APY, Premier Savings will provide a yield that is over 16X the national average.
Upgrade founder and CEO Renaud Laplanche commented on the new service:
“Our mission is to help consumers move in the right direction with responsible financial products that put more money in their pockets. Premier Savings achieves this goal with an exceptional APY coupled with no account fees or transfer fees, truly delivering outstanding value to consumers.”
As was previously reported, Upgrade was recently acknowledged as the fastest-growing US credit card by outstanding balances among the top 50 U.S. credit card issuers. This was according to the Nilson Report.