When you sign up for the Premier Savings product 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”) and agree to participate in a custodial deposit program that may be offered in the future from time to time by Upgrade and Cross River Bank (the “Program”). Under the Program, Cross River Bank may, as your agent and custodian, place some or all of your funds from your Premier Savings account with another depository institution or credit union (each a “Participating Institution”) under the terms of your Deposit Program Custodial and Agency Agreement (“Custodial Agreement”).
We will provide you with a reminder notification prior to commencement of the Program. Please note that if you began your Premier Savings account application prior to 12/13/22 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. Cross River Bank’s new Premier Savings accounts offer a 4.38% APY on $1,000 or more.*
After you open and fund your Premier Savings account, your funds will either remain on deposit at Cross River Bank or, following the commencement of the Program, 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. Cross River Bank Premier Savings accounts are FDIC-insured up to $250,000 for all deposits held in the same insurable capacity (e.g., individual account, joint account, etc.) (referred to herein as “ownership category”) in which your Premier Savings account is held. 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 . 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 Premier 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 email@example.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 Premier 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 Premier 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 firstname.lastname@example.org.
List of Participating Institutions
- GreenState Credit Union (expected to be effective on or about February 1, 2023)
*This Annual Percentage Yield (APY) is effective as of December 23, 2022. The Annual Percentage Yield (APY) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premier Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.