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Overview / Commentary
800-683-8529
4640 Admiralty Way
Marina Del Rey, CA 90292

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.

Reviews (2)

Why I'll always bank with Aspiration

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.

My personal experience

Posted by: jonniefan8 | Dec 9, 2016

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.



Health
B+

Health Grade Components

Overall
FDIC Certificate #32551
Year Established1987
Employees134
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.6%
Return on Equity - YTD7.01%
Annual Interest Income$20.1MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$946.6MM$777.7MM
LoansQ4 2016vs Q4 2015$791.8MM$635.2MM
DepositsQ4 2016vs Q4 2015$754.6MM$640.3MM
Equity CapitalQ4 2016vs Q4 2015$91.0MM$62.8MM
Loan Loss AllowanceQ4 2016vs Q4 2015$2.6MM$6.8MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$9.2MM$5.5MM
Real Estate OwnedQ4 2016vs Q4 2015$306.00K$0
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Aspiration Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$2,500*-The Aspiration Summit Account
OTHER TIERS: 0.25% Up to $2,500
Locations

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