Upgrade: who holds your money
Upgrade is not a bank. Upgrade says customer money is held at Cross River Bank, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Upgrade is not a chartered bank, and customer deposits sit at Cross River Bank, which has letter C on this site. The grade compares Cross River Bank with banks of similar size on this site. Federal deposit insurance passes through Cross River Bank to each customer, subject to Upgrade’s recordkeeping. Coverage is $250,000 per depositor, per insured bank, for each account ownership category, provided Upgrade’s records identify each customer. Upgrade’s disclosure was read on September 5, 2026.
Partner banks
- Cross River BankFDIC #58410 · program bank33.3%above the insured limitC47.2
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
Deposits are insured up to $250,000 in FDIC or NCUA insurance through Cross River Bank or Participating Institutions.
www.upgrade.com · as of September 5, 2026
Upgrade also places balances at unnamed 'Participating Institutions' (banks and credit unions); only Cross River Bank is recorded.