About Company
Aspiration is a financial institution that goes beyond traditional banking by offering a range of products designed to align with customers' values and financial goals. The core offering includes the Aspiration Spend & Save account, which combines a spend account, save account, and a debit card for convenient transactions. This account features benefits like the Aspiration Impact Measurement, providing customers with a personal sustainability score based on their spending habits.
With Aspiration, users can access a cash management account with a competitive Annual Percentage Yield (APY) through its partners and partner banks, including Coastal Community Bank. The Aspiration debit card allows for cash deposits and debit card transactions, all while earning interest on savings balances. The Aspiration Plus subscription enhances the experience with additional perks, such as cashback, higher interest rates, and access to fossil fuel-free investments.
Key Features
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Annual Percentage Yield (APY). Aspiration offers a competitive 3.00% APY on balances up to $10,000 in their Spend & Save account. However, the APY decreases to 0% for balance portions above $10,000.
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Free ATMs. Access to 55,000 free in-network ATMs, providing customers with convenient and fee-free access to cash.
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Debit Card. Aspiration provides a debit card for easy and secure transactions, allowing users to make purchases and withdrawals at ATMs.
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Cash Back. The platform offers up to 10% cash back on purchases made at select "mission-driven" brands that are part of Aspiration's Conscience Coalition. This feature allows users to support businesses aligned with ethical and sustainable practices while earning cash back.
Pros and Cons
Pros
Cons
Reliability
The Aspiration Spend & Save Account, which operates as a cash management account, is offered through Aspiration Financial, LLC. This entity is a registered broker-dealer and a member of FINRA/SIPC (Financial Industry Regulatory Authority/Securities Investor Protection Corporation), adding a layer of regulatory oversight and investor protection.
Furthermore, Aspiration's financial services, including the issuance of debit cards, are conducted in collaboration with Coastal Community Bank, a Member of the FDIC (Federal Deposit Insurance Corporation). This indicates that the Spend and Save accounts and Aspiration debit cards are FDIC-insured, providing a level of security for depositors up to the maximum allowable limits.
Products
Aspiration Spend and Save Account
Aspiration's Spend and Save account offers customers a unique approach to banking with the opportunity to earn interest on savings. For basic account holders, there's a potential to earn up to 1.00% on their savings balances. However, for those seeking higher returns, the Aspiration Plus subscription add-on, priced at $7.99 per month (or $5.99 per month with an annual payment), unlocks an impressive 3.00% Annual Percentage Yield (APY) on the first $10,000 in their Aspiration Save account.
To qualify for the higher APY with Aspiration Plus, customers need to meet a monthly spending requirement of $500 using their Aspiration debit card. Those with the basic account who spend less than $500 per month won't earn interest, while Aspiration Plus users failing to meet the spending minimum will receive a 0.25% APY on their savings.
Beyond traditional interest, Aspiration offers additional incentives. Basic account holders can earn 3%-5% cash back on purchases made with Conscious Coalition retailers, while Aspiration Plus subscribers enjoy an enhanced 10% cashback.
Customers also benefit from Aspiration's integration with the Allpoint network, providing access to over 55,000 ATMs nationwide. However, it's important to note that cash deposits cannot be made at ATMs. Instead, customers can deposit cash through electronic transfers, like a wire transfer, from an external account or by utilizing the mobile check deposit feature within the Aspiration app. This unique combination of savings opportunities, cash-back incentives, and convenient access to ATMs positions the Aspiration Spend and Save account as a distinctive and flexible financial solution.
Aspiration Spend and Save Debit Card
The Aspiration debit card enhances the banking experience for account holders, offering a range of features and benefits. This Mastercard-backed card provides purchase protection, including an extended warranty and satisfaction guarantee, ensuring customers have added security and confidence in each debit card transaction.
One notable advantage of the Aspiration debit card is the ability for account holders to get paid up to 2 days early with Direct Deposit, contributing to better financial management and quicker access to funds.
Account holders can access their money conveniently through more than 55,000 fee-free ATMs nationwide, thanks to Aspiration's integration with the Allpoint network. This widespread ATM network provides unlimited fee-free withdrawals, offering flexibility and ease of access to cash when needed.
Aspiration customers leveraging the debit card can earn attractive cash back rewards, ranging from 3% to 5%, for purchases made at Conscience Coalition merchants. These merchants, characterized by their commitment to ethical practices and planet protection, include certified corporations that prioritize 'doing the right thing' in their operations.
The Aspiration Impact Measurement (AIM) feature on the mobile app adds an innovative dimension to the debit card experience. It allows users to track and understand the sustainable impact of their spending by providing insights into the environmental and social effects of their purchases.
Aspiration Zero Credit Card
The Aspiration Zero Credit Card is a unique offering in the credit card landscape, designed to align with environmentally conscious values while providing cash-back rewards. With a $60 annual fee, the card stands out by rewarding every eligible purchase with .5% unlimited cash back on all eligible transactions each payment period. An additional 5% back is earned on all qualifying purchases each month when carbon zero is reached.
One distinctive feature of the Aspiration Zero Credit Card is its commitment to environmental sustainability. As cardholders make purchases, the company works in collaboration with reforestation Aspiration partners to plant trees. This initiative is activated when cardholders redeem rewards toward tree-planting efforts, contributing to the reduction of their carbon footprint.
Despite its earn rate being comparatively lower than some other cards, the Aspiration Zero stands out for its ethical stance. Aspiration Financial, the issuer of the Aspiration Zero, has made a clear commitment against fossil fuel investments, providing users with an alternative to cards issued by larger banks heavily invested in such industries.
The card comes with a $300 welcome bonus for new users who spend $3,000 within the first 3 months of savings account opening, adding an attractive incentive for those looking to maximize their initial rewards.
An additional feature is the option to redeem rewards to plant more trees at $1 per tree, allowing cardholders to actively contribute to environmental causes.
To track and encourage progress towards personal carbon-neutrality, the Aspiration Zero Credit Card comes with a dedicated app. This app provides insights and updates on carbon footprint reduction, reinforcing the card's commitment to sustainability.
Note! On May 3, 2023, the Aspiration Zero Credit Card program was discontinued while Aspiration assessed the best solutions for delivering positive climate action. Therefore, all accounts associated with this program were closed on that date.
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Other Services Aspiration Offers
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Investing with Aspiration Redwood Fund. Aspiration provides an investment avenue through the Aspiration Redwood Fund. This fund stands out by analyzing companies based on their environmental, workplace, and governance practices. By identifying investments aligned with these values, the Redwood Fund aims to support companies poised for growth while upholding ethical and sustainable standards.
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Environmental Impact. Aspiration recognizes the significant influence that financial decisions can have on environmental causes, especially in the context of climate change. The platform emphasizes the power of every dollar in driving positive change. By choosing Aspiration, users contribute to defending the Earth by keeping their money away from oil, gas, and fossil fuel companies.
Conditions and Requirements
Conditions
Aspiration Account
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APY on Savings. Earn 1.00% APY on your savings every month you have $500 of qualifying debit card transactions.
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Cash Back. Enjoy cash-back rewards of up to 3-5% on Conscience Coalition purchases.
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ATM Access. Access more than 55,000 free in-network ATMs, though other account fees may apply.
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Mobile Banking. Manage your account on the go with Android and iOS apps.
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Early Direct Deposit. Get paid up to 2 days early.
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Minimum Opening Deposit. Open an account with a low $10 minimum opening deposit.
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Tree Planting Option. Choose to fund planting a tree with every Aspiration card swipe.
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Personal Impact Score. Access a personal impact score to help you shop in alignment with your values.
Aspiration Plus
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Subscription Cost. With Aspiration Plus, pay a $5.99 monthly fee (if you select to pay annually) or $7.99 per month.
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Enhanced APY. Enjoy a higher 3.00% APY on your savings every month you have $500 of qualifying debit card transactions.
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Increased Cash Back. Receive a higher cashback rate of 10% on Conscience Coalition purchases.
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Additional ATM Reimbursement. Benefit from one out-of-network ATM reimbursement monthly.
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Mastercard Purchase Assurance. Obtain coverage for items that are damaged or stolen within 90 days.
Requirements
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Residency. You must be a current resident of one of the 50 states, Washington, D.C., Puerto Rico, or the U.S. Virgin Islands.
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Age. You must be at least 18 years old.
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Citizenship or Permanent Residency. You need to be a U.S. citizen or a permanent resident with a 10-year green card.
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Bank or Credit Union Account. As Aspiration operates entirely online, you will need to have an existing U.S. bank or credit union account. This account will be used for transferring your minimum opening deposit of $10 to fund your Spend & Save account.
Network of ATMs
Aspiration provides its customers with access to a widespread ATM network through its affiliation with the Allpoint network. This partnership grants users the convenience of using more than 55,000 ATMs nationwide without incurring fees when within the network.
While Aspiration account holders can easily access these ATMs for cash withdrawals, it's important to note that the ATMs in the network do not support cash deposits. To deposit accounts, users have the option to make electronic transfers from an external bank or credit union account. Additionally, the Aspiration mobile app facilitates the deposit money process through its mobile check deposit feature, allowing users to deposit checks using their smartphones.
Alternatives
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Amalgamated Bank is a socially responsible bank that offers a range of banking services, including traditional checking accounts, high-yield savings account, and lending products. They are committed to environmental and social sustainability, and they prioritize responsible investing and community development.
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City First Bank is a community development financial institution (CDFI) focused on promoting economic development and financial inclusion in underserved communities. They offer various banking products and services, including checking accounts, savings accounts, and loans, with a mission to support community development initiatives.
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Lattice is a fintech company that offers financial products and services designed to help individuals manage their personal finance more effectively. They provide budgeting tools, savings accounts, and investment options tailored to users' financial goals and preferences.
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Ramp is a financial technology company that offers corporate cards and expense management solutions for businesses. Their platform helps companies optimize spending, track expenses, and streamline financial operations, with features like real-time analytics and automated expense reporting.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Aspiration Account Review
- Aspiration Mobile App
- Aspiration Reviews
