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 originally found out about this bank on DepositAccounts.com. The main thing that attracted me to this bank is that there are no monthly service fees, which most other banks charge for checking and/or savings. Signing up was simple and took about five minutes. I did an automatic transfer of $10 from my current bank account in order to set up the online account. The money posted in three days which is also when I received my debit card. I currently use my account as a savings that never gets touched. I have $50 from my direct deposit go into the online account every two weeks. Having an online bank account is more simple than one of the more traditional banks and I believe that they offer better rates as well. Plus, being able to use ANY ATM without having to pay a fee is the best bonus.
My experience with Aspiration Banking institution was very good. I had lots of doubt about it at first, mainly because of the online only factor but over time, i realized it was a great opportunity. The first reason i started using Aspiration was because of their savings accounts, i had saved up a good sum of money and was keeping it in another bank account with a bank that is "brick and mortar" with very little interest. When i heard about Aspirations savings account from a friend and how they had an interest rate that was way better than anything that the banks in my area were offering i jumped at the opportunity. Like i said i was a bit skeptical at first, not having any experience dealing with online banks, but i filled out the application to join and went through the motions, but i only deposited a fraction of my savings in my new savings account, expecting the worst. To my happy surprise nothing went wrong and i accumulated interest and my money was still there, i was honestly shocked and couldn't believe that this worked. Before i went head first i decided to wait another month to see how things were going and if this was a good idea to pursue. The next month came and all my money was still there, and i swiftly closed my savings account at the bank i had been with for years and transferred my savings to my Aspirations account. It was just surreal, i couldn't believe that this online bank was ridiculously better than any bank i could use in my area, at least the savings account. I have not moved my checking account because i am not comfortable being able to deposit money at my convenience, so i cannot speak on the checking accounts, but the savings account that they offer are a great opportunity.
I like this bank because they refund all atm fees. This makes it so worth it just to use this bank. I transfer money from other banks to this when I need to use an atm. The atm fees add up. Think about it. What I don't like is that they spam my inbox and screen with their leftist causes. They also give a higher interest rate than most banks. But there is a bit of false advertising. You need a few thousand in your checking to really gain the over 1% they claim. Only a fool would leave that much in a checking account when stocks and bitcoin are better investments. I think I get like .25 percent which is better than most banks. Overall I'd recommend the bank. They offer investment products but they seem to be a bit of a waste. The cards they give are pretty nice looking. It's a mountain. I get good comments about it. I think the concept of aspiration is good, too. I aspire to improve my finances and this helps a little.
I’ve never dealt with a bank so complicated. They do not keep up with the amount of money you have and when you overdraft your account they’re supposed to make you aware, but that NEVER happened. They charge you $5 every single day that you are overdrawn. It’s bullshit.
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.14%|
|Return on Equity - YTD||1.51%|
|Annual Interest Income||$30.8MM|
|Assets and Liabilities|
|Assets||Q3 2017vs Q3 2016||$1.10B$850.1MM|
|Loans||Q3 2017vs Q3 2016||$813.7MM$698.5MM|
|Deposits||Q3 2017vs Q3 2016||$918.9MM$703.1MM|
|Equity Capital||Q3 2017vs Q3 2016||$106.1MM$72.8MM|
|Loan Loss Allowance||Q3 2017vs Q3 2016||$6.9MM$910.00K|
|Unbacked Noncurrent Loans||Q3 2017vs Q3 2016||$14.3MM$7.6MM|
|Real Estate Owned||Q3 2017vs Q3 2016||$0$188.00K|
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 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