Aspiration Review: Up to 5.00% APY + 10% Cashback + Social Good!






  • Competitive savings interest rate with spend requirement
  • Debit card offers up to 3-10% cashback
  • Unlimited worldwide ATM reimbursement


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

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.

Table of Contents
  1. About Aspiration
  2. Aspiration Spend & Save Account
    1. Aspiration
    2. Aspiration Plus
  3. Aspiration $150 or $200 New Account Bonus
  4. Aspiration Fees
  5. Aspiration’s Social Mission

About Aspiration

Technically, Aspiration is not a bank – it’s known as a fintech company. Aspiration Financial, LLC is an SEC-registered broker-dealer and member FINRA/SIPC.

Since Aspiration is not technically a bank, or an online 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.¹

The bank that Aspiration partners with may change but currently the top of the list is Coastal Community Bank, FDIC #34403. They’ve been in business since 1997 and are headquartered in Everett, Washington. Aspiration has a list of multiple partner banks that include:

  • Coastal Community Bank
  • ProgressBank
  • Amalgamated Bank
  • EagleBank
  • Manufacturers Bank
  • C3Bank, NA
  • The Freedom Bank of Virginia
  • Bridgewater Bank

Aspiration Spend & Save Account

Aspiration doesn’t have a named “checking” or “savings” account – they call it Spend & Save.

This is the name Aspiration gave to their all encompassing cash management account, which includes a checking (Spend) and savings (Save) balance.

The key idea to remember about the account is that your benefits are based on whether you have an Aspiration account or an Aspiration Plus account.


With an Aspiration Spend & Save, you pay what you want (even $0) and get a competitive interest rate of up to 3.00% APY on your Save balance every month you spend $1,000 or more on the card, putting it near the top of high yield savings accounts

Their Spend & Save plans offer up to 3-5% cashback on socially conscious spending.² This is when you use your debit card with one of the merchants in the Conscience Coalition, which is something they created to determine businesses that meet their socially conscious requirements.

Aspiration Plus

With an Aspiration Plus Spend & Save, you pay $7.99 per month (or $5.99 per month if you pay it annually) but you get an even better interest rate of 5.0%0 APY on your Save balance every month you spend at least $1,000.

With Aspiration Plus, the Spend & Save plans offers 10% cashback on socially conscious spending.² Again, this is when you make debit card purchases at one of the merchants in the Conscience Coalition.

You get one out-of-network ATM reimbursement each month.

There are two added perks worth mentioning:

  • They offer up to $1,000 in expense reimbursement for identity theft fraud.⁴
  • 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.⁵

Aspiration $150 or $200 New Account Bonus

Aspiration is offering a bonus for new accounts.

If you open a standard Aspiration account, the bonus is $150 when you spend $1,000 in the first 60 days.

If you open an Aspiration Plus account, the bonus is $200 when you spend more than $1,000 in the first 60 days. Recall that the Aspiration Plus account has a monthly fee.

Aspiration Fees

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

There are:

  • No monthly maintenance fees for Aspiration (you pay what you want, which can be $0) – fee is higher for Aspiration Plus
  • 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 fee-free ATM use at over 55,000+ ATMs nationwide.⁶

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.”⁷

Finally, we have the Conscience Coalition, a list of companies where you can earn greater cash back rewards when you use your debit card. This includes companies like Cariuma, Warby Parker, Blue Apron, Arcadia Power, Dropps, Lola, and Cloud Paper.

Learn more about Aspiration

The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is under separate ownership from any other named entity. Aspiration is not a bank. 

¹ Deposits in your Aspiration account are FDIC-insured up to $2 million per depositor by being swept to FDIC Member institutions. Visit and for details. 

² Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. Aspiration Standard customers receive up to 3-5% cash back while Aspiration Plus members receive up to 10% cash back. Everyday cashback is earned through AIM. For additional Cash Back details, click here & here.  

³ The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 20x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Terms & FAQ.

⁴ Aspiration’s Identity Fraud Expense Reimbursement Policy.

⁵ Aspiration’s Cell Phone Protection Coverage Policy.

⁶  ATM use is free and unlimited at all Allpoint Network ATMs. Transaction amount caps may apply. Out-of-network ATM usage may result in additional charges and fees. Customers enrolled in Aspiration Plus may receive one out-of-network ATM fee reimbursement per month. ATM Locator. ⁷ Aspiration provides customers with the ability to see Aspiration Impact Measurement (AIM) People and Planet scores on a range of merchants where they shop using the Aspiration Debit Card. These scores are determined using a proprietary algorithm that incorporates several measures of sustainability performance. For more information, please click here.

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About Jim Wang

Jim Wang is a forty-something father of four 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 Empower Personal Dashboard, 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.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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Dasheo Jackson
4 years ago

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

James Dutton
4 years ago

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.

4 years ago
Reply to  Jim Wang

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

Althea H
4 years ago
Reply to  James Dutton

I haven’t had a bad experience with them. What happened?

4 years ago
Reply to  Althea H

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… Read more »

Vara Heyman
4 years ago

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… Read more »

Pat Freeman Nesberg
3 years ago

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.… Read more »

3 years ago

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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