Aspiration Bank Review
Aspiration Bank has undergone some major improvements over the years since it opened its doors back in 2015. For example, it originally offered a single checking account that offered a 1% APY (which was better than other digital banks or even brick-and-mortar banks that offered 0.1% APY).
It afterward replaced the single checking account with a “Spend and Save” account which offers better cash management together with a debit card. In addition, it also increased its APY up to 3.00% which is very competitive. The best part about using Aspiration Bank is how you get to contribute towards the betterment of the environment.
But Aspiration Bank is not perfect and also has its downsides which cannot be ignored, and that’s why I’ve prepared this comprehensive Aspiration Bank review. We’ve covered six of the most important things you definitely need to know before settling for this digital bank (fees, real customer reviews – including negative ones, etc.)
Let’s get started!
Full Disclosure: While we aim to show you the good and the bad in every review so you can make the best choice, there may be links contained in this page that are affiliate links (and while not costing you anything) do earn us a commission if you click on them and decide to use the service. In many cases, we also get the opportunity to provide you with discounts and offers as part of using the link. Cheers, and Thank You!
Quick Takes
With over 1,200 active reviews on Trustpilot, Aspiration Bank has a 4.4/5-star rating which is “Excellent”. 72% of the reviewers gave the digital bank a solid 5-star indicating responsive and helpful customer service. They also indicated that the platform is an excellent money-saving platform that supports clean energy.
Meanwhile, 22% of the reviewers gave the platform a 1-star which we will discuss.
| ? Established | 2015 |
| ???? Number of clients | 5 million active accounts |
| ? Currencies supported | USD only |
| ? APY | Up to 3.00% |
| ? Physical Offices | N/A – fully online (digital bank) |
| ?? Availability | the web/cloud, iOS, and Android |
| ? Security | Enterprise-grade security |
| ⭐️ Reviews | 4.4/5-star rating from 2,100+ real users reviews |
| ? Official website | Visit Aspiration Bank |
Pros and Cons
Pros
- Low amount of money needed to open an account
- High-interest rates
- Offers a way to support the environment by supporting green energy only
- Inexpensive fees and charges
- You get to earn cash back on purchases
Cons
- While its customer service is responsive and helpful, you can access customer support via mail only
- Other digital banks offer easier ways of depositing cash
- Aspiration Bank needs to make its out-of-network ATM charges clear
1.1 What can you do with Aspiration Bank
Here are some of the cool things you can do with Aspiration Bank:
- Checking and saving accounts
- Individual retirement accounts (IRAs)
- Investment accounts
- Credit card with a high welcome bonus
- A mutual fund that is free of fossil fuel
1.2 Additional Aspiration Features
- Zero Fossil Fuel Funding – Aspiration will use your savings in green projects only.
- Plant Your Change – When this feature is enabled, Aspiration will round up your purchases to the nearest dollar and use this amount to plant trees. You’d be getting cash rewards for this as well ($5 per first 30 trees and then $10 for 100 trees and so on ).
- Gas purchase carbon offset – When you use the Planet Protection option, Aspiration will automatically cover your carbon gas footprint.
- 10% Charity (Dime Worth of Difference) – Aspiration will donate 10% of all fees to sustainable and social impact charities.
- Free mobile phone insurance – You get free cell insurance by paying your monthly mobile bill using Aspiration.
2. Is Aspiration Bank Right for You? (And When It’s Not)
When Aspiration IS right for you if
- You want to make a difference in social and environmental causes
- You want to decide what to pay for the Basic, spend, and save account.
- You want to earn cash back on your purchases. 10% for Conscience Coalition and 0.5% for Walmart and Target purchases.
- You’re interested in philanthropy. Aspiration donates 10% of its income to charitable causes.
- You want to earn an Annual Percentage Yield (APY).
- You’re interested in a free social impact tracker.
When Aspiration IS NOT right for you if
- You want a cash deposit option
- You’re not interested in an online-only bank
- You want to receive interest without a paid plus account
- You want out-of-network ATM reimbursements
2.1 Aspiration Bank Alternatives
| Platform | Users’ needs | Why we think it’s better |
|---|---|---|
| SoFi Bank | Need to transact USD & Crypto | SoFi bank is similar to Aspiration Bank as it allows you to have a checking and savings account. Here’s what differentiates the two platforms: Established in 2011, SoFi bank allows you to deposit, transact, save, and invest traditional money as well as cryptocurrencies. If you are looking for a platform that allows you to comfortably trade cryptocurrencies, we strongly recommend going for SoFi Bank. P.S. – SoFi Bank has a slightly higher APY (at 3.75%) compared to Aspiration Bank (at 3.00%). Learn more about SoFi bank by reading our comprehensive SoFi Bank review. |
| Current Bank | Faster deposits and more ATMs | Current Bank is yet another awesome digital bank that allows you to have a checking and savings account. It additionally supports USD and cryptocurrencies, which is way better than Aspiration Bank which supports USD only. The best part about joining Current Bank is its rapid and direct deposits. This means that you are able to fund your account quickly and easily compared to Aspiration Bank and can receive your money up to 2 days earlier. It additionally has more ATM locations (60,000) which makes it easy for you to withdraw money from your account. And Current Bank has a higher APY (up to 4.00%) compared to Aspiration Bank’s 3.00%. You can learn more about this digital bank by reading our comprehensive Current Bank review. |
3. How Much Does it Cost to Use Aspiration Bank?
Aspiration is very transparent about all of the fees and services. Everything is stated in clear terms on the website and in the terms and services agreement.
| Feature | Aspiration Fee-free | Aspiration Plus |
|---|---|---|
| Fee | Pay what you think is fair ($10 minimum deposit) | $7.99/month or $5.99/month for annual payment |
| Annual percentage yield (APY) | No | 5% on the first $10,000 (must spend $1000/month, else you get 0.25%). After $10,000 APY is 0.10% |
| Personal impact indicator score | Yes | Yes |
| Cashback (on Conscience Coalition purchases) | 3-5% | 10% |
| Planet protection (carbon offsets for gas purchase) | No | Yes |
| ATMs | Free in-network only (55,000) | In-network ATMs are free plus one out-of-network ATM refund per month |
3.1 What are the Fees?
| ATM | Free on 55,000 ATMs. The first 30 days limit is $500 per day and afterward $1000 per day. |
| Card | Card issuance and replacement are free. Also, international transactions using the card are also free except for the %1 charged by Mastercard. |
| Transfer | Automated Clearing House (ACH) bank transfers (called electronic transfers) are free. The outgoing wire transfer fee is $4.50 domestically and $19.50 internationally. Outgoing transfers are not allowed for the first 3 months. |
| Deposit | There is no deposit fee. But, there are no options to fund your account with cash or using a bank card. Deposit options are limited to Paypal, Venmo, mobile checks, and ACH (electronic) deposits. |
4. How to Sign Up for Aspiration Bank
For now, Aspiration only allows US citizens or permanent residents to open accounts. The account opening process for Aspiration takes a bit more time than for other online-only banks.
The steps involved are explained below.
- Download the app or go to the website and click on “Get Started” and provide the required information including your bank account number and social security number.
- Aspiration will then transfer a tiny amount (a few cents) to your bank account for verification purposes. This can take 1-2 days.
- After receiving the amount verify it and deposit $10 in your new Aspiration account.
- Then you’ll be asked to verify your identity by providing a proper ID and a photo of yourself. This step will further take 1-2 days.
- After this, if the review is successful then you can use your account. Otherwise, you’ll be asked for further documents (e.g bank statement.)
5. What do Aspiration Bank Customers Say (including Negative Reviews)?
Overall, Aspiration enjoys excellent ratings on all of the platforms we reviewed. App store rating is 4.7/5 stars (27,500+ reviews) and Google Play Store 4.2/5 stars (14,100+ reviews).
The Good
Aspiration’s customers like its:
- Planet Protection feature
- Social Impact spending feature
- Weekend customer support hours over the phone
Here’s what a customer, Jeremy Perry, said about Aspiration:
“Five star hook up and well worth its weight in saving the planet! Now that’s what I call banking on the future!”
The Bad
Aspiration’s customers complained most about:
- Slow account opening process
- Long check deposit delay
Here’s what a frustrated new user wrote about Aspiration:
“I do not normally write bad customer reviews but, in this case, I feel I have to. I hope this review results in better customer service in the future. Aspiration has awful customer service for a company that claims to be so progressive.”
6. Is Aspiration Bank Safe
As far as we can tell, your money is safe at Aspiration Bank. There are no hidden fees or surprise charges and all their fees and charges are outlined on their website.
Aspiration Bank has partnered with 11 “real” banks (called Program Banks) all of whom are insured by the Federal Deposit Insurance Corporation (FDIC). Remember, Aspiration Bank is not a chartered, federally insured bank – it’s a financial firm that offers financial management.
Here’s how it works. First, your money is held at Coastal Community Bank (debit card issuer). This gets you $250,000 per account FDIC insurance. Afterward, your money is transferred to other partner banks (all FDIC members), extending your FDIC insurance to $2 million.
Additionally, Aspiration Bank is also a member of the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA).
7. Wrap-Up on Aspiration Bank Review
Aspiration Bank is a unique soulful institution that aims to not only serve its clients but also make the world a better place through a win-win strategy. There is no ‘profit first’ approach here.
The platform’s primary goal here is simple; you get all the benefits you get from a conventional bank but with Aspiration, you are really contributing toward environmental and social change as well without any additional cost.
So, if you are someone who wants to see some change in the world then we suggest you put your money where your mouth is and go with Aspiration.
What is the maximum amount of money you can withdraw from Aspiration Bank?
The maximum amount of money you can withdraw from Aspiration Bank is $500/day (assuming there are sufficient funds in your account). Aspiration Bank limits the amount of money you can withdraw from any of the 55,000 ATMs as a way of enhancing security.
How much money can you deposit in your Aspiration Bank account?
The maximum amount of money you can deposit in your Aspiration Bank account is $50,000 over 10 business days. These deposits are usually available in 1-2 business days as long as you’ve been an Aspiration Bank member for 30 or more days.
Aspiration Bank Review → 6 Must Knows [Before Signing Up]
In this Aspiration Bank review, we've covered everything you need to know before signing up for the platform. We've included its fees, charges, and real user reviews (including negative ones).
Application Category: Finance Application
4.4