Aspiration and Coastal Community Bank (an FDIC-insured bank) have teamed up to offer The Aspiration Spend & Save Account, formerly known as the Aspiration Summit Account. This is a cash management account that has no monthly fees and offers free worldwide ATM access. In fact, the interest rate on this Save 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 10% of their earnings 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 am a high income individual and decided to bank with Aspiration as they offered 2% interest with no deposit cap when I opened this account years ago. Things went well for 1.5-2 years but then disaster started to develop:
1. Their collaboration with Radius Bank was canceled and the account was transferred to a small community bank in the Pacific NW and is now called Spend&Save. Various glitches in their system left me unable to withdraw money from an ATM on a weekend in Las Vegas.
2. Customer Service was virtually unreachable at the time of their transition from Radius Bank. This is fixed now and one gets to talk to a rep within a few sec to min.
3. Their interest rate dropped 3 times over the last 6 months which is outrageous. In fact, the latest change leaves you with no or virtually no interest at all on the Standard Account. Now they stomped their new account Aspiration Plus out of the ground which gives you half of the historical interest at now 1% BUT only if you pay $3.99 per month account fees AND only up to $10,000 balances. Even if you had $10,000 in your account all year long, deducting the account fee, your effective APY therefore would only be about 0.5% (up to 10k). Previously, they would pay 2% on unlimited balances with no account fees whatsoever. If this not the definition of a bait and switch scheme, I don’t know what is. Aspiration, shame on you!!
4. On their now standard product they have what’s called the pay what is fair fee where you can choose your own monthly account fee contribution, entirely voluntarily. 4 months ago, they started deducting $2 from my account every month even though I never consented to a pay what is fair fee and multiple demands to turn off that fee withdrawal have been futile. They continue to withdraw it every month and I have to contact them to get a refund.
5. They would advertise with free unlimited ATM use with reimbursement of any ATM fees when I opened this account. Similarly to their constant reduction now virtual annihilation of interest rates, they switched up their ATM policy multiple times over the past few months culminating in the fact that now you can only use it at Allpoint ATMs. Sorry Aspiration, but this is ridiculous. I am not going to Walgreens or Target every time I want to withdraw cash.
6. Lastly, they don’t make the impression of a trustable business partner. Their bait and switch scheme has been outrageous and I would not trust them them with my money going forward. My gut feel tells me they will go bankrupt over the next year or so. In that case, good luck with waiting to get your FDIC insured money back quickly. I am withdrawing all my funds right now and going back to Charles Schwab. All the best to those Aspiration employees that will be suffering due to complete mismanagement.
|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|
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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.00%||-||-||Spend and Save Account|
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