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've been doing business with Aspiration for nearly a year now. Ever since I left my last bank that did me wrong. In any event, this bank is great. They pay a decent interest rate and I actually pay nothing for the account whatsoever. They even reimburse each month for ATM fees charged. So, I can use my card at any ATM for free effectively. They also have some investment accounts that I may look into in the future. The customer service is also top notch. Every time I have needed anything, they were very quick about responding.
Aspiration is a terrific online bank with a unique fee structure. They have a great 1% interest rate on their savings account plus you can choose what fee to pay them (they default it to $3). Their website is very easy to navigate to make deposits and withdrawals. Plus they refund all atm fees on their debit card. Aspiration does run their accounts through Radius Bank so during tax season you will receive your documents from Radius not Aspiration. They also offer IRA investment options and a Redwood Fund that invests in environmentally conscious companies, though I have not put any money in those and can not report on their performance. Overall my experience with them has been extremely positive, I have made more in interest with them in a month than I did over four years with my previous bank.
I have a fair bit of experience with online banking. Trying to open an account at Aspiration because I think what they're trying to do is very good. Unfortunately they're just not ready for prime time. Poor communications + dysfunctional website. Long delay in opening the account and their website glitch still isn't resolved. Never had this problem with other online banks. Too bad, as I'd like to a fan of Aspiration but so far dealing with them has been one bad experience after another.d
Definitely not a trustworthy bank and the employees all have a different story. Supposedly mailed debit cards but never received. Just try getting a replacement. Then they don't send you any web access but all request you have to go through the website. But wait gets better, ask to close and still no access and they take 1/2 of what is in the account for a supposed charitable contribution. NICE Ripoff! Having attorney file federal fraud charges against this bank.
|FDIC Certificate #||32551|
|Return on Assets - YTD||1.31%|
|Return on Equity - YTD||14.26%|
|Annual Interest Income||$23.1MM|
|Assets and Liabilities|
|Assets||Q2 2018vs Q2 2017||$1.24B$1.02B|
|Loans||Q2 2018vs Q2 2017||$882.5MM$850.2MM|
|Deposits||Q2 2018vs Q2 2017||$1.01B$855.4MM|
|Equity Capital||Q2 2018vs Q2 2017||$111.8MM$92.6MM|
|Loan Loss Allowance||Q2 2018vs Q2 2017||$7.0MM$4.8MM|
|Unbacked Noncurrent Loans||Q2 2018vs Q2 2017||$10.2MM$17.8MM|
|Real Estate Owned||Q2 2018vs Q2 2017||$0$223.00K|
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%*||$2.5k*||-||The Summit Account|
|OTHER TIERS: 0.25% → Up to $2.5k|
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