Aspiration is a financial company, not a bank. It provides several accounts to reward clients with cashback for purchases made from ethical businesses. Customers’ money is held with Aspiration’s partner banks, insured by the Federal Deposit Insurance Corporation (FDIC). To determine if Aspiration banking is a suitable fit for you, read our in-depth review.
What is Aspiration?
Aspiration is a US neobank that offers financial services such as branchless banking and investing goods. It was formed in 2013. Its distinguishing feature is its emphasis on socially and environmentally responsible operations, as well as its support and rewards for enterprises that achieve these criteria, and its refusal to use client cash to finance fossil fuel projects.
Aspiration is not a bank and hence does not require a banking license; instead, it is an SEC-registered broker-dealer, with deposits insured by the Federal Deposit Insurance Corporation (FDIC) through Aspiration’s partner banks.
How does Aspiration work?
Like any other traditional or online bank, Aspiration provides a safe and secure method to manage your money. At Allpoint ATMs, it has unlimited, fee-free ATM withdrawals. It provides a Mastercard debit card. There’s a high-yield saving account included. Everything that the big banks do. It isn’t, however, a bank.
The Aspiration Account is a checking/savings account that combines the best of both worlds. You keep all of your money in one spot, with checking and savings buckets separated.
If you’re looking for a low-fee account, the Aspiration Account is a good choice. To begin, you must first determine how much you wish to pay each month, even if it is zero. Then, if you donate to Aspiration on a monthly basis, the company will donate 10% to charity.
The primary disadvantage is that you won’t earn interest on your savings unless you upgrade to an Aspiration Plus Account.
Aspiration Account opening Process
Aspiration is exclusively available to citizens and permanent residents of the United States.
It takes many days to open an account with Aspiration, from the time you submit your first application to the time you can access your account and begin transactions. The following are the steps we took to create an account:
- You can enter your information on the website or once you’ve downloaded the app.
- Aspiration transfers a tiny amount (a few cents) to your bank account to verify it, which takes roughly two days to arrive.
- You should confirm receipt of the funds and make a $10 minimum deposit to your Aspiration account.
- After that, you must scan and send an ID document to Aspiration to verify your identification. Aspiration may take another 1-2 days to evaluate these.
- You may be required to produce further paperwork, such as bank statements, at this time. This additional assessment could take several days.
- After you’ve completed the verification process and received your minimum deposit, you may begin utilizing your Aspiration account.
Aspiration Plus Account
The Aspiration Plus Account costs $7 per month. Still, it comes with two significant benefits:
Extra options for positively influencing the environment and a competitive interest rate on your savings. The first $10,000 in your savings bucket will earn you a high interest rate. After that, the rate decreases as the sum exceeds $10,000.
Other Financial Products Offered by Aspiration
Aspiration offers the following products and services in addition to its two CMAs:
- Individual Retirement Accounts (IRAs)
- Portfolios of Managed Investments
How much does Aspiration cost?
Aspiration offers two accounts: one without a monthly fee and the other with a fixed price. The first question you’ll be asked when opening a fee account is whether you want to pay it monthly or annually:
- Monthly: $7 per
- Annually: $69 ($5.75 per month), a savings of 18%.
That option may be more straightforward in part because it does not force you to put your conscience to the test of determining what charge, if any, you should pay for a bank’s services, however, with the basic Spend & Save account, which can be free if you want it to be.
Pros & Cons
Who Is Aspiration Best For?
Customers that are socially and environmentally conscientious and comfortable with an unconventional financial institution will be drawn to Aspiration. In addition, if you fulfill the following criteria, Aspiration will be a good fit for you:
- prefer to earn interest in a CMA
- Do you want to bank with a company that is concerned about environmental and social issues?
- Would you prefer the freedom to set your monthly fee?
- Do you want to be rewarded for spending your money with ethical businesses and retailers?
- Are you okay with simply doing your banking online?
- Need access to a vast network of ATMs that don’t charge a fee?
Aspiration Customer Service
On its website, Aspiration provides a comprehensive FAQ area for both existing and new clients that may help you discover answers to practically any query you might have regarding its services.
If you need to speak with a customer care professional, call 800-683-8529. The website, however, does not offer a live chat option. Instead, you can contact customer support by phone or by submitting a written inquiry.
Is Aspiration Trustworthy?
Aspiration receives a C- from the Better Business Bureau for its trustworthiness. One reason for this ranking, according to the BBB, is the high amount of customer complaints; Aspiration also hasn’t responded to all of the consumer concerns on the BBB website. Aspiration’s score was also harmed because it was a relatively new firm; the BBB does not consider two years long enough to establish credibility properly.
However, Aspiration has no public scandals and is a more environmentally friendly option to other financial platforms. So, if the fact that Aspiration is a new company doesn’t worry you, you might feel safe using it.
The Bottom Line
If you’re looking for free ATMs and no monthly maintenance costs, Aspiration’s checking and savings accounts are a fantastic option.
Its premium membership, Aspiration Plus, costs $7 a month and includes additional features and advantages to help you get the most bang for your dollars, are encouraged to “Do the Right Thing” and pay what they believe is fair on the basic Spend & Save plan, which does not have a monthly cost.
It’s all part of a financial firm’s goal that its consumers will be inspired to be socially conscious and help the environment.
What is Aspiration?
Aspiration is a US neobank that offers financial services such as branchless banking and investing goods.
When Aspiration formed in?
Aspiration was formed in 2013.