Aspiration (an online investment company) and Radius Bank (an FDIC-insured, online bank) have teamed up to offer 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 Radius 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 signed up with this as they actually give you interest on your checking account, whereas my bank doesn't give anything for checking accounts. I haven't had to speak with the customer service lines yet as far as my account goes. It runs very seamless and smooth. I only spoke with a rep before signing up to have questions answered and they were quite nice. I'm loving my decision so far. As long as I don't run into any issues with customer service if I have an issue I would be quite happy to recommend this bank to anyone who wants a bank who works with you, not just for their benefit. I mean who doesn't want to have money back into their account? I mean the bank borrows your money to make money, you should get more than just fees!
Getting an Aspiration Summit bank account has been one of the best financial decisions I've ever made! It was so easy to get set up, and I love the fact that it can be free, or you can pay them via a monthly tip that you choose. On top of that it's interest bearing which is amazing for an account like this. Since I travel a lot, having a bank that allows me to use all bank ATM's and that refunds the bank fee is really nice. I am using the bank account for savings because it's interest bearing, but also ordered checks through them as well as the debit card that automatically comes with the account. I very much recommend this bank as hands down the best online bank ever!
I opened an account easily, with a transfer from my old bank account. My new debit card arrived quickly. There are no fees associated with this account, no overdraft or automatic monthly minimum fees. I can use any ATM without being charged, or charges will be reimbursed. I get to choose what my monthly fee will be and 10% of that goes to charity. When I was looking for my statement, the online chat representative was helpful and friendly. I haven't used their other investment products but I have looked into them and look forward to building my finances with the money market accounts, which look to have given a really good return. The checking account I signed up for has a high interest rate, I believe it is 1%, which is about 10 times more than what I was getting before.
I opened an account with aspiration online. I liked the idea of having a bank account away from my immediate everyday life. It was fairly easy. At first I was put on a wait list. I soon passed the wait list by sharing the company on Facebook. The company grabbed me with a 1% interest on your funds in a checking account! Usually you are charged. However once involved they say you. An make a donation every month. You can choose to do so. Well that's not true the minimum is one dollar a month, one cannot slide bar to any less. I did keep the account though. I still liked the idea of having a separate account away from my everyday. I figured I'd put twenty bucks a month in case of emergencies. I signed up and was easy. No check books but they did give a prompt delivery card through mail. They have been very secure. With Everytime I sign in; they send me a text with a unique temporary password. They schedule transfers and live up to it. The website is set up nice. Account summaries and always give options to invest.
I must say that I was a bit wary at first. I heard about them from a friend. The transition from my personal bank was smooth and you helped me along the way, and for that I am very thankful. They have no ATM fees or monthly fee. The interest rate is exceptional for a checking account. Overall, I am very happy with Aspiration and would highly recommend them to those looking for a checking account.
I knew the multiple steps to open a checking account with them. Getting on the list for the invite, waiting for the invite, etc. That wasn't the issue. They have a slowly rising daily limit for a deposit which made transferring my current checking account to this new checking account quite tedious. I also made the mistake of attempting to make two deposits in a daily that added up to their daily limit. They only take one deposit a day! If all that was bad enough over 30 days then I finally got to the point of switching to have my paycheck deposited. My paycheck amount was over their daily amount after 30 days which is ridiculous. Customer Service would reply 3-5 days later. Overall, worst experience ever with a bank in my 38 years of having a checking account.
What a mess this "banking institution" is. I thought it looked like a good option from the big banks but after a week and a half after opening my account, I didn't receive my debit card. Meh. Things get lost in the mail, no big deal. I contacted Aspiration and they verified that my address was correct and they said they would mail another card. 10 days later, still no card. I contacted them again and this time they stated that after their research, it looks like I listed a different address when I opened my account so I must now follow the multi-page set of instructions in an email they sent and send: a Utility Bill (Gas, Water, Electric, Cable, Land Line Phone, dated within 3 months), a Property Tax Bill, Auto Registration, a Bank Statement with address (dated within 3 months), a Student Loan Bill with address (dated within 3 months) or a Mortgage Bill/Statement, then fill out the change of address form. Sign the document in ink, upload it.....and then they'll send me a new card.
Well, how about I send you a screen grab of my account information page showing that my address is not incorrect and INDEED lists my current address? I did that, and promptly closed my account....which by the way also involves a lot of hoops.
No thank you, Aspiration, I'll stick with my big bank, which come to think of it has never really done me wrong anyway. We give big banks a hard time, but at least they have one thing down: how open (and yes close) accounts. To me, if you are banking institution and you can't manage how to properly open an account, then it's just a matter of time before you fail. Can't wait to say, "I saw it coming".
Terrible customer service not for international customers. The fraud alert could only be removed temporarily after talking to many people and three weeks and costing me 100s of dollars as their go to is we will look into it and contact you tomorrow. They then don't fix it then say I am not able access my money for my own safety. I am constantly traveling and luckily have accounts with banks with actual people that understand that or I would be sleeping on the street in China or Paris when my aspiration card is rejected as a fraud safety measure even though I told them I would be there. I emailed the CEO no response. Customer service also were rude and now give me no response.
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.3%|
|Return on Equity - YTD||3.19%|
|Annual Interest Income||$19.7MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$1.02B$835.0MM|
|Loans||Q2 2017vs Q2 2016||$850.2MM$668.3MM|
|Deposits||Q2 2017vs Q2 2016||$855.4MM$690.7MM|
|Equity Capital||Q2 2017vs Q2 2016||$92.6MM$71.8MM|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$4.8MM$200.00K|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$17.8MM$7.1MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$223.00K$0|
Always verify rates and promotions with the bank or credit union. We are not Aspiration; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.00%*||$2,500*||-||The Aspiration Summit Account|
|OTHER TIERS: 0.25% → Up to $2,500|
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