Aspiration (an online investment company) and Coastal Community Bank (an FDIC-insured bank) have teamed up to offer The Aspiration Account, formerly known as the Aspiration Summit Account. This is a high yield checking account that has no monthly fees and offers free worldwide ATM access. In fact, the interest rate on this checking account rivals the top savings accounts on the market. Upon the account's release, it was quickly labeled by many reputable news publications as the best checking account in the country. It’s hard to argue with this when considering its appealing combination of low fees and high interest.
It’s worth noting that while this summary is dealing mostly with the deposit accounts available at Aspiration through Coastal Community Bank, Aspiration also offers a couple investment accounts that are aimed at middle-class consumers and seek to provide investment opportunities and advantages that traditionally are only available to wealthier consumers. Assets in these investment accounts are held by UMB Bank.
Aspiration’s consumer products are impressive, but equally impressive is the company’s commitment to giving back to the community. Through their “Dimes Worth of Difference” program, they donate a tenth of their revenue to various charities that seek to advance economic opportunities for the less fortunate.
Aspiration is headquartered in Marina Del Rey, CA. Any US citizen or lawful resident over 18 can open an account.
I have been with Aspiration for a while now and I had money taken out of my account without my permission. Aspiration froze the account and I was concerned because I have direct deposits going into this account. They were amazing and offered a one-time withdrawal from the atm before they froze the card completely and then expedited my new card all within 5 days. Kudos Aspiration keep doing a great service to your customers.
I changed to Aspiration because I wanted to support a sustainable bank that does social and environmental good. Aspiration is fairly new compared to other banks offered, so there are some things that need improvement but I know with time Aspiration will be just as quick and flexible as the other banks. I really wish that Aspiration connects with Zelle soon, because instant real-time transfers to friends is very useful. Or even just quicker transfers between trusted bank accounts linked to our Aspiration account would be a useful upgrade. Overall, I love Aspiration and their stocks (Redwood Fund) have been profitable!
I deposited $10 by ACH as initial deposit to minimize risk while trying them out. It's been over two weeks and I have yet to receive my debit card. The ACH deposit took over one week to clear. Putting any real money in here would be a real problem.
Credit Unions rarely invest in fossil fuels, are member-owned, and are a better option.
Really wanted to believe in Aspiration; signed up before the Radius split, and well before the changeover (over a year) I registered a change of address. After the split, I requested checks; none arrived after several weeks. I talked to a rep who confirmed all my info, and they promised to send new checks. Again, nothing. Months later, my old landlord contacted me about a piece of mail: yup, the checks had been delivered to my old address. If a bank can’t get an address right, and can’t find the problem with the customer on the phone, you’ve got problems. I stopped using them immediately.
|FDIC Certificate #||34403|
|Return on Assets - YTD||1.31%|
|Return on Equity - YTD||12.44%|
|Annual Interest Income||$48.6MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$1.13B$952.0MM|
|Loans||Q4 2019vs Q4 2018||$927.6MM$758.5MM|
|Deposits||Q4 2019vs Q4 2018||$981.8MM$823.9MM|
|Equity Capital||Q4 2019vs Q4 2018||$123.1MM$102.4MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$11.5MM$9.4MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$82.00K$1.3MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$0|
Rates for Aspiration are currently being reviewed.
Aspiration is an Internet only bank and does not have branch locations. Its headquarters is located at 4640 Admiralty Way - Marina Del Rey, CA 90292