We introduce a new link invariant called the algebraic genus, which gives an upper bound for the topological slice genus of links. In fact, the algebraic genus is an upper bound for another version of the slice genus proposed here: the minimal genus of a surface in the four-ball whose complement has infinite cyclic fundamental group. We characterize the algebraic genus in terms of cobordisms in three-space, and explore the connections to other knot invariants related to the Seifert form, the Blanchfield form, knot genera and unknotting. Employing Casson-Gordon invariants, we discuss the algebraic genus as a candidate for the optimal upper bound for the topological slice genus that is determined by the S-equivalence class of Seifert matrices.