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Aspiration Bank review: is it trustworthy?
Read this Aspiration Bank review and learn how you can stay environmentally friendly while earning a 10% cash-back reward.
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Understanding Aspiration Bank: 10% cash back for environmentally aware millennials
Looking for people-friendly, environmentally correct companies worthy of your money? This bank will help you direct your money toward them. This is our Aspiration Bank review.
How to join and start banking with Aspiration Bank
In this Aspiration Bank application guide you will learn how to get join easily to stay environmentally friendly while earning cash back.
With Aspiration Bank, you’ll have a bank account with a company that donates 10% of its income and offers.
You will also get your very own sustainability score on your spending habits. Plus, get 10% cash back at “mission-driven” brands.
- Financial products offered: Cash Management Account, Savings Account
- Fee: $7.99 monthly fee (or $5.99 if paid annually), 2% foreign currency transaction fee
- Minimum balance: $0
How is banking with Aspiration Bank?
Aspiration Bank is a financial firm that offers a cash management account it calls “Spend & Save”.
This account is similar to the Fidelity Investment one. It has the Federal Deposit Insurance Corporation (FDIC) insuring deposits in the institution.
The bank’s “Spend & Save” account comes with a debit card and earns interest on savings after the client meets certain conditions.
Technically, the “Spend & Save” account is actually two accounts. However, it is meant to operate as a single Aspiration Account.
The bank brags about the fact that it is 100% fossil fuel free. Plus, it charges little to no mandatory fees from its customers.
The account counts with bill pay, mobile check deposit, fraud protection, and a debit card. Plus, it offers rewards on your spending if you buy from members of Aspiration’s Conscience Coalition.
These are select “mission-driven” brands that fall within the category of environmentally and people-friendly businesses. This is a well-known demand of this bank’s target audience: Millennials.
The account offers an APY of 5% on balances up to $10,000. However, there is a $7.99 monthly fee that accounts holders cannot waive.
You can pay a lower fee if you pay the annual plan, which lowers the monthly amount to $5.99.
If you sign up for the Plus account, you will get a limited 0.25% APY on your balance of up to $10,000.
However, if you spend $1,000 a month, you will qualify for the 5% APY. Above the $10,000 cap, you will earn 0.1% APY.
When it comes to ATMs, Aspiration Bank customers have access to 55,000 free in-network ATMs all over the country.
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Significant benefits and disadvantages you may find
Now that you are familiar with this bank’s details, how about comparing its pros and cons? Our Aspiration Bank review would not be complete without one.
Benefits
- Environmentally and Socially conscious
- Charges little to no fees
- Offers high interest on savings
- Offers a convenient mobile app
Disadvantages
- It does not accept cash deposits
- Customer service works best through email
- Expedited debit card charge
Why should you choose Aspiration Bank?
If you are an environmentally and socially conscious millennial looking to contribute to a better world through companies that strive to do the same, this bank might just be for you.
How to start banking with Aspiration Bank
Do you like what you have seen in this Aspiration Bank review? If so, you might want to take the next step and apply for an account.
In the link below, you will find a complete walkthrough of the application process. Click on it, and we will show you how to set up your account today.
How to join and start banking with Aspiration Bank
In this Aspiration Bank application guide you will learn how to get join easily to stay environmentally friendly while earning cash back.
About the author / Danilo Pereira
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