When you sign up for a Premier Savings Account* through Upgrade, you will open a Premier Savings account at Cross River Bank, Member FDIC, under the terms of your Cross River Bank Savings Deposit Account Agreement (“Savings Account Agreement”).
When you open your Savings Account, you will also enter into a custodial and agency agreement (the “Custodial Agreement”) and agree to participate in a custodial deposit program (the “Program”). The Program is offered by Upgrade and Cross River Bank, through which, Cross River Bank may, as your agent and custodian, place some or all of your funds from your Savings Account with another depository institution or credit union (each a “Participating Institution”).
After you open and fund your Savings Account, your funds will either remain on deposit at Cross River Bank or some or all of your funds will be moved to and deposited in one of the Participating Institutions listed below by Cross River Bank, as your agent and custodian pursuant to the Custodial Agreement, unless you designate all Participating Institutions as ineligible to receive your funds in accordance with the Custodial Agreement. For more information on the insurance coverage of funds held at Participating Institutions, please see below.
The list of Participating Institutions is provided below. From time to time, one or more of the Participating Institutions included on the list of Participating Institutions may be replaced with a Participating Institution not previously included on the list. From time to time, one or more Participating Institutions may also be added to, or deleted from, the list. We will update the list of Participating Institutions accordingly in advance of depositing your funds in a Participating Institution not previously listed. Please check this page regularly so you are aware of any changes. Each Participating Institution is either an insured depository institution at which deposits are insured by the FDIC or a credit union at which share accounts are insured by the NCUA Share Insurance Fund, in each case, up to the Insurance Limit (as defined below).
Your funds on deposit at a Participating Institution will accrue interest or dividends, as applicable, on a daily basis, with interest or dividends generally credited monthly, at the same rate as the rate payable on your Premier Savings account, subject to any applicable statutory or regulatory restrictions.
Your funds at Cross River Bank and at a Participating Institution are eligible for FDIC or NCUA insurance coverage up to $250,000 per ownership category and per institution (the “Insurance Limit”). Any funds (including certificates of deposit or share certificates) that you maintain in the same insurable capacity (e.g., individual account, joint account, etc.) directly with any one institution, including through an intermediary (such as a broker), regardless of the number of accounts, will be aggregated with your funds held at such institution for purposes of the Insurance Limit.
Cross River Bank may place your funds at a Participating Institution or retain your funds with Cross River Bank without regard to whether such funds may exceed the Insurance Limit, even if your funds could remain in your Cross River Bank Savings Account or on deposit with a Participating Institution, as applicable, in an amount that does not exceed the Insurance Limit.
You are responsible for monitoring the total amount of deposits that you hold with Cross River Bank and any Participating Institution to determine the extent of FDIC or NCUA insurance coverage available to you. You will be able to check your Upgrade dashboard to determine the amount of your funds on deposit at Cross River Bank and any Participating Institution under the Program. You understand that funds held at Cross River Bank or at a Participating Institution in excess of the applicable Insurance Limit will not be insured by the FDIC or the NCUA.
You may, with reasonable notice, designate one or all Participating Institutions on the list below as ineligible to receive your funds by calling us at 844-319-3692 or emailing us at bankingsupport@upgrade.com. Designating all Participating Institutions as ineligible to receive your funds may result in a reduction of the amount of interest or dividends you earn on your deposits through the Program and/or a limit on the amount of funds that you may deposit through the Program.
For more information on your Savings Account and the Program, please refer to your Savings Account Agreement and Custodial Agreement. You should read the Savings Account Agreement and Custodial Agreement carefully. The actual terms of your Savings Account Agreement and Custodial Agreement govern your Savings Account and the Program; in the event of any conflict between this document and the agreements, the terms of the agreements shall govern.
If you have additional questions, please contact Upgrade Member Services at 844-319-3692 or email bankingsupport@upgrade.com.
List of Participating Institutions
Participating Institutions will be listed here 30 days prior to becoming active in the Program. Your funds will not be moved from Cross River Bank, Member FDIC, to any Participating Institution until 30 days after this list is updated.
- GreenState Credit Union
- Bellco Credit Union
- Franklin Mint Federal Credit Union
- Rogue Credit Union
- Capital Community Bank (CCBank)
- CapEd Credit Union
- Altra Federal Credit Union
- Carter Credit Union
- Spokane Teachers Credit Union
- 1st MidAmerica Credit Union
- Energy Capital Credit Union
- Four Corners Community Bank
*Please note that if you began your Premier Savings account application prior to December 13, 2022 and did not agree to the Custodial Agreement during the application process, your account is not eligible for the Program. In such cases, your account will now show as “Premier Savings (Oct 2022)” on your Upgrade dashboard. To participate in the Program, you must open a new Premier Savings account and agree to the Custodial Agreement upon presentation.