Aspiration Review: Up to 2.00% APY + 0.50% Cashback + Social Good!

Aspiration doesn't sound like a name for a financial institution.

It sounds like a self-help site that shows photos of the author on top of a mountain near Machu Picchu.

Machu Picchu
How aspirational!
You know the photo I'm talking about. 🙂

But it is and I think what they are hoping to accomplish is something many other financial institutions should put front and center.

Before we get to their social mission, I want to evaluate them based on a financial services firm. Social good is important but so is personal good. If a financial institution doesn't offer good products, then it's hard to argue that the social mission trumps bad products.

Fortunately, Aspiration delivers on that front too.

About Aspiration

First things first, Aspiration is not a bank. Aspiration Financial, LLC is an SEC-registered broker-dealer and member FINRA/SIPC.

Since Aspiration is not a bank, you won't be able to find them on the FDIC Bank Find tool. When you deposit funds, they are swept into multiple FDIC-insured members who each provide FDIC insurance for your funds.

The bank that Aspiration partners with may change but currently it appears to be Coastal Community Bank, FDIC #34403. They've been in business since 1997 and are headquartered in Everett, Washington.

Aspiration Spend & Save Account

This is the name Aspiration gives to their cash management account.

Their Spend account comes with a debit card that gives you 0.25% cash back on all purchases. It isn't as good as 1-2% cash back from a credit card but it's pretty good for a debit card. Very few institutions offer cash back on debit card purchases.

Their Save account offers a competitive interest rate of up to 2.00% APY, putting it near the top of high yield savings accounts.

There are two added perks worth mentioning:

  • They offer up to $1,000 in expense reimbursement for identity theft fraud.
  • They offer secondary cell phone protection insurance of $600 per claim, $1,000 per 12 month period. It covers damage and theft. Just pay your bill with the Aspiration debit card.

Where is the Summit Account?

If you read other reviews talking about a Summit Account but can't seem to find it anywhere, it's because the Summit Account was discontinued (and those reviews are out of date). The Aspiration Summit Account was the precursor to their current Spend & Save Cash Management Account. It was an interest-bearing checking account that offered somewhere around 1.00% APY.

They recently discontinued it but many of the same features are now available within the Spend & Save.

Very Few Fees

Like many online fin-tech startups, Aspiration doesn't have a lot of fees.

There are:

  • No monthly maintenance fees (you pay what you want, which can be $0)
  • No overdraft fees (they decline transactions that would overdraft you)
  • No minimum balances ($10 to open, $0 to maintain)
  • Free bill pay & one set of personal checks

They also offer unlimited ATM reimbursement, including international ATMs.

For services with a fee, they charge what it costs them to provide the service and not a penny more. What they charge for a wire transfer is what it costs them to send or receive that wire transfer.

Aspiration's Social Mission

Aspiration's social mission permeates a few aspects of the business. Most notably, they commit to donating 10% of their earnings to charity.

Another way they embody their mission is by showing you your AIM personal People/Planet impact score. AIM stands for Aspiration Impact Measurement, which is their proprietary algorithm, which is itself based on where you spend your money. It feels a little self-perpetuating but since this type of calculation doesn't exist elsewhere, it seems to fit.

They calculate the AIM People and Planet scores in this way: “People scores reflect company metrics like employee pay, access to healthcare, workforce diversity, and more. Planet scores are based on metrics such as greenhouse gas emissions, energy efficiency, and renewable energy use.”

The Aspiration Spend Account and the Aspiration Save Account are part of a cash management account offering of Aspiration Financial, LLC (“Aspiration”), an SEC-registered broker-dealer. After the close of business each business day, the cash balances in the Aspiration Spend and Save Accounts are swept to an account at one or more federally insured depository institutions (each a “Bank”). The deposits at the Banks are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC), subject to FDIC insurance coverage limits. For more information about FDIC insurance coverage, please visit the FDIC website. As stated in the Aspiration Financial, LLC Customer Account Agreement (Customer Account Agreement), customers are responsible for monitoring their total assets at the Bank to determine the extent of available FDIC insurance. FDIC insurance coverage is in accordance with applicable law and regulations, including the FDIC’s laws and regulations relating to “pass-through” federal deposit insurance treatment. The names of the current Banks that maintain the Aspiration Spend and Save Accounts are made available within your periodic statements and may vary over time. Deposits at the Banks are not eligible for SIPC coverage. Aspiration Spend is a non-interest bearing account with electronic transaction functionality. Aspiration Save is an interest-bearing account. Full disclosure about Aspiration Spend and Aspiration Save is available in the Spend & Save Supplement to the Customer Account Agreement. Investments placed in the Redwood or Flagship Funds available through Aspiration are not eligible for FDIC Insurance, are not bank guaranteed and may lose value.

The Aspiration Spend & Save Account is a cash management account offered by Aspiration Financial, LLC, a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Aspiration Financial, LLC (Aspiration Financial) provides brokerage services and securities products. Its affiliate company, Aspiration Fund Adviser, LLC, an SEC-registered investment adviser, provides investment advisory services. Aspiration Fund Adviser, LLC and Aspiration Financial, LLC are subsidiaries of Aspiration Partners, Inc. Neither Aspiration Partners, Inc. nor any of its subsidiaries is a bank.

Aspiration

9

Overall

9.0/10

Strengths

  • Competitive savings interest rate
  • Debit card offers 0.5% cashback
  • Unlimited worldwide ATM reimbursement

Weaknesses

  • No way to deposit cash
  • $5,000 online check deposit limit

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About Jim Wang

Jim Wang is a thirty-something father of three who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and a farm in Illinois via AcreTrader.

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About the comments on this site:

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  1. Dasheo Jackson says

    Thank you very much Jim. Well-rounded review. Still looking for the differences between their “Spend & Save” vs. “Save”–if any.

  2. James Dutton says

    There are literally thousands of complaints about Aspiration on many sites. Talk to customers that have had experience with them and be wary of their positive reviews as they sound copy pasted and bot like. I wish I had checked them thoroughly before putting my money there.

      • rob says

        DO NOT USE THIS COMPANY. They Have had my money for NINE MONTHS and i still cant use my card because of a “bug” that they have been “working on” SCAM SCAM SCAM

      • Rebecca says

        Bait & switch. From May 2019 when they switched the Summit accounts to Spend & Save, they offered 1% interest for the Spend account and 2% interest for Save. Then they dropped interest from checking, and in order to get a 1% interest on Save you have to deposit a whopping $1000 per MONTH. Transactions post slowly, and transfers sometimes don’t work (that $200 you needed to move so you could pay bills? Sorry). Cash back and ATM fee reimbursement are nice, and I do like the sustainability mission, but they’re not actually very transparent about their investments, and you can find the advantages elsewhere without all the fine print that makes saving inaccessible to people who need it most.

        Also, I invested in their Redwood fund for my IRA. You can start investing for just $10, not the usual $1000, but at some point they “upgraded” the system. I had been putting $25 into it every two weeks (I know it’s pathetic, but so is my income, hush). I paused the recurring investment when I took a different job, and then when I got a raise I went to restart the investment. Their system kept giving me a message that the amount I wanted to invest was too high given my reported income. So I tried “fluffing” my income a little. 40,000? 50,000? 100,000? 150,000? Nope, still too poor to invest $50/month. I contacted support and they gave me some generic, condescending, probably legally required language about investment risk and so on. So, I changed my income to 200,000. Boy, were my coworkers surprised when I went in and told them about my “raise!”

        TL;DR you get 0 interest on savings unless you have $1000 to sock away every month (pahahahaha, can I marry you? geez), and you aren’t allowed to invest $600 unless you say you make $200,000. Support seriously doesn’t care – they reply, but the tone is a general “yeah whatever loser, we don’t care about your below poverty level pittance.” Which I guess is fair, no banks really do.

        Anyhoo, I’m moving my IRA to Green Century (more for the social mission than the performance) and my cash management to a local credit union.

  3. Vara Heyman says

    Aspiration’s Dispute teams and Customer Service are lacking, at best. I had to get FINRA involved in a dispute that was drawn out over several months (of which I have every email saved). I now have a new dispute with them about how their transactions were posted. After between 2-3 weeks, they’ve come back w/ the same “it’s your fault” response. They claim no accountability now (despite several different possible issues/glitches previously tossed about). While I admire their mission goal, their service leaves a lot to be desired w/ account management, transparency, and responsibility. Lastly, I have to call several times to get anything done, despite assurances it’s been done when it hasn’t, or is “in process.”

  4. Pat Freeman Nesberg says

    I’ve been an Aspiration customer since the beginning in late 2015 and have ridden the waves of upgrades and changes along the way.
    I love the lack of fees and the crazy low fees; for example the wire transfer fee was 89 cents rather than $20 or more you’d pay elsewhere.
    Aspiration is still small. The customer service folks are exactly what I’d want and expect from this type of organization: well spoken, intelligent, knowledgeable, warm and friendly, never canned, quick to resolve the question or issue.
    I am a Plus customer, so I plant trees automatically with my change. This is great for me. I also negate my carbon footprint when I purchase fuel for my car with my Aspiration card. No one needs to pay the $3.99 to be a Plus customer, but I bet many are, willingly.
    I’d been looking for a socially conscious banking option for several years when Aspiration popped up. I am very satisfied, and they’ve provided more of what I was looking for than I imagined. I love the ease of moving money from my interest earning Save where I direct deposit everything to get the interest rate, then instantly transfer what I’m spending to the Spend so I can get cash back on my purchases. Yeah, cash back on my purchases. And I plant trees. They are my banking heaven.

  5. j says

    My husband ask me to check this company out this morning, we are both on disability could use any help stretching our income, after reviewing bbb also a diff site for reviews.
    We will Not be looking further at this company 😒 sadly to many rip off scams for ppl that could use help!

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