Aspiration Banking Review: Overview, Facts, Features, Plans, Pros and Cons

Aspiration is a financial firm, not a chartered bank. It offers a variety of accounts, with a focus on rewarding customers with cash back for purchases made from ethical companies.

Pros

Using the cash management account might earn you a cash back rebate of up to ten percent on your purchases.
At Allpoint ATMs, you can make as many withdrawals as you like without being charged a fee.
You get to choose your own cost each month.

Cons

There are no traditional, physical locations where customers can go to the bank in person.
The cash management account does not have any checks available for use.
For the greatest results, a paid upgrade is required.

Who Would Benefit Most from Using Aspiration?

Customers who prefer the ease of banking online without having to physically visit a branch may find that Aspiration is an excellent option to consider. It is possible that it would be suitable for someone who wants to: There are no ongoing charges for maintaining your checking account. Earn cash back on purchases made with your debit card at participating shops. Bank with a corporation whose primary concern is the environment. Avoid ATM costs

What are the Benefits of Having Aspiration?

Aspiration does not provide as many options for different types of bank accounts as do conventional banks with physical locations. However, if you are thinking about switching to internet banking, its services do come with a number of perks that you might find useful. Accounts that are available to customers at Aspiration:

Account for the management of cash flows
Account for savings

Account for the Management of Cash

Aspiration Financial, which is a broker-dealer and not a chartered bank, is the provider of a cash management account known as the Spend & Save account under the brand name Aspiration. It is convenient because you may spend and save money all in the same location. The following are important characteristics of the Spend account:

Unlimited cash withdrawals, free of charge, at any and all Allpoint ATMs
Access to your debit card through a digital platform while you wait for your physical card to be shipped to you
Up to ten percent cash back on purchases made with your debit card from within the Spend section of your account
In the Save section of the account, you will receive an annual percentage yield of 0.25 percent on the first $10,000 you deposit and then a yield of 0.10 percent on any money in excess of $10,000.
You get to choose your own cost each month.
Cell phone protection
Identity fraud fee reimbursement

This account is one of a kind since it gives you cash back on purchases while also allowing you to earn interest on the money you save and don't spend. Your cash-back benefits come from two different kinds of purchases: those made at one of the 20 companies that are part of the "Conscience Coalition" program offered by Aspiration, as well as those made at businesses that have high "AIM" scores (Aspiration Impact Measurement). The following businesses are members of the Conscience Coalition and have been selected by Aspiration because they "not only establish great businesses but also to help construct a better society."

5 percent of Cash Back on Purchases

Reformation
Warby Parker
United By Blue
Parachute Home
Causebox
Cloud Paper
LOLA
Goodwings
Burst
MiiR

4% Cash Back

TOMS
Known Supply
Soapbox

Receive 3% Cash Back on Purchases

Arcadia Power
Feed Projects
This Bar Helps Save Lives
Blue Apron
Imperfect Food
Drops
Girlfriend Collective

If you sign up for Aspiration Plus, which costs $7.99 per month or $71.88 per year, you are eligible to earn up to 10% cash-back incentives from firms that are members of the Conscience Coalition. The AIM score developed by Aspiration ranks businesses according to how ethically they handle both people and the environment. You will receive a cash-back bonus of 0.5 percent from businesses that received the top scores. If you sign up for Aspiration Plus and make monthly purchases totaling at least $1,000, you can earn an annual percentage yield (APY) of 1.00 percent on the first $10,000 you deposit into the Save section of your account. This is in addition to the cash-back rewards you already receive from the account. You are also able to determine the amount of the monthly cost that is associated with this account, thanks to Aspiration. You have the option to not pay any monthly maintenance fees at all, which would bring your total cost to $0. There are additional fees for services such as wire transfers, but Aspiration claims that it only charges customers the amount it takes to cover its expenses in order to deliver those additional services. In addition to that, you'll have the opportunity to contribute to the community in a constructive manner with this account. Aspiration claims that deposits do not go toward funding initiatives involving fossil fuels, and the company also gives away ten percent of its income to charitable organizations.

Account for Savings

You might want to consider opening the Aspiration Save Account if the main reason you need a bank account is to save money and you already have a checking account at another financial institution (the Save part of the Spend & Save Account). You have the opportunity to earn up to one percent annual percentage yield (APY) on the first $10,000 that you deposit into this account. However, the requirements to earn that 1% are the same as those for the Spend & Save account, and they are as follows: You must have a monthly spending total of at least $1,000 with your debit card, and you are required to have an Aspiration Plus account (which implies you will be charged a fee either monthly or annually). However, even if you do not register a Spend account but instead only open an Aspiration Plus account, you will still be eligible to earn interest. If you do not open the Spend portion of the account, you will be able to receive an annual percentage yield of 0.25 percent on your balance up to $10,000 and an annual percentage yield of 0.10 percent on assets exceeding $10,000. If you do not sign up for Aspiration Plus, however, the money that you have saved in your Aspiration Save account will not accrue any interest for you. You have the ability to select your own monthly cost for the Save account, just like with the Spend & Save account. On the other hand, you are unable to directly deposit checks into the Save account. The Aspiration Save account is not actually a savings account at all, in contrast to other types of savings accounts. This indicates that you are free to move money into and out of your Aspiration Save account at your discretion; however, you are limited to making just one transfer per day to an external bank account that is linked to your Aspiration Save account. Additional Financial Products Offered by Aspiration Managed investment portfolios and Individual Retirement Accounts.

Customer Service with Aspiration

Because this is an online bank, customer service may be obtained either through the website or by calling the bank. You have the option of submitting a query through the online form provided by Aspiration or calling their support number at 1-800-683-8529. Phone assistance is offered from 6 a.m. to 6 p.m. (Pacific Time), Monday through Friday, and from 8 a.m. to 4 p.m. (Pacific Time), Saturday and Sunday. You can also manage your account by using the Aspiration mobile app or by logging into the website. The mobile application may be downloaded for free on both Apple and Android devices, and there is no cost associated with using it.

How to Save Money with Aspiration

If you bank with Aspiration, your major options for doing so are either online or via the mobile app. To reiterate, you won't incur any fees if you use an Allpoint ATM to get cash out of your account. You are able to register an account with Aspiration through their website if that is something that interests you. It is helpful to know what information you need to get started before opening any bank account, and this is no different.

Final Verdict

If you are seeking a firm with a mission that is concentrated on generating positive social and environmental change, Aspiration might be a suitable option for you to consider. Aspiration stands out from both traditional and internet banks thanks to the flexible cost structure it offers customers. If you would want to earn rewards for debit card purchases while also supporting ethical businesses, you might find it useful to have the option to earn cash back with the Spend & Save Account. This feature is available with the Spend & Save Account. The disadvantage of using Aspiration is that if you want your money to earn an annual percentage yield of one percent (APY), you need to open a Spend & Save account and join the Aspiration Plus program. Aspiration is not a chartered bank; hence it does not offer credit-building accounts, and it does not provide banking services. Customers who are seeking a range of accounts and simple ways to earn income might not find the company's emphasis on social responsibility to be all that interesting, despite the fact that it is a positive aspect of the business.