Looking for a straightforward way to pocket a little extra cash? Upgrade is offering a nice little incentive for trying out their Boost Money account. It's a checking account with some unique features, and for a bit of simple setup, they'll give you $25. Let's break down what you need to do and whether it's worth your time.
How to Claim Your $25
The process is pretty standard for a bank bonus, but pay close attention to the details. First, you need to open a new Boost Money account, which is Upgrade's version of a checking account. Once it's open, the clock starts ticking.
You have 90 days to get two direct deposits into the account. Each deposit must be at least $200. It doesn't matter if they're from the same source or two different ones, as long as they're legitimate direct deposits (think payroll, government benefits, etc.). Once you've hit that mark, the $25 bonus should be on its way to you.
What Else Comes with This Account?
While you're here for the bonus, it's good to know what you're signing up for. The Boost Money account is more than just a place to park cash for a couple of months.
- High-Yield Savings: The attached savings account offers a stellar 10.00% APY on your first $1,000. That's an eye-catching rate for a starter emergency fund. Anything over that earns a still-respectable 3.05%.
- BoostCash Advances: This is the core feature. It lets you access a portion of your upcoming direct deposit early for things like gas or groceries. Repayment is automatically aligned with your next paycheck, and they promise no interest or late fees (eligibility applies).
- Speed and Fees: They emphasize getting advance funds quickly without express delivery fees that some other apps charge.
A Few Important Caveats
No offer is perfect, and it's crucial to go in with your eyes open. Here are the potential downsides to consider before applying.
- The Monthly Fee: This account carries a $9.99 monthly fee. That $25 bonus will cover just over two months of it. You'll need to decide if the features, especially the high savings rate on your first $1k, are worth that ongoing cost after the bonus is spent.
- Direct Deposit Timing: Make sure you can reliably schedule those two $200 deposits within the 90-day window. If your payroll cycle is bi-weekly, this should be easy. If you're freelance or have irregular income, it might be a hurdle.
- It's a Package Deal: You're signing up for an account with cash advance features. If that's not a service you want or need, the value proposition changes. The high savings rate is a big plus, but the monthly fee is a definite minus.
Bottom Line
- A solid, low-effort $25 bonus for a simple two-deposit requirement.
- The attached savings account offers an exceptional introductory rate on your first $1,000.
- Weigh the $9.99 monthly fee against the account's features after you collect the bonus.
- Best for those who can easily meet the direct deposit requirement and see value in the cash advance feature.
Common Questions
What counts as a qualifying direct deposit?
Typically, ACH transfers from employers, government agencies (like Social Security), or pension providers. Transfers from other banks or peer-to-peer payments usually do NOT qualify. Always check the official account terms for the definitive list.
When will I get the $25 bonus?
Bonuses are usually credited after you've successfully met all requirements (the two direct deposits). It may take a few business days to a couple of weeks after the second deposit posts. The specific timing should be outlined in the offer's official terms.
Can I close the account after getting the bonus?
Technically, yes, but you should be aware of any early account closure fees (check the fee schedule). Also, if you close it immediately, you'll likely forfeit any pending interest from the savings account. It's generally good practice to keep it open at least through the next statement cycle after the bonus posts.
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