Aspiration (an online investment company) and Coastal Community Bank (an FDIC-insured bank) have teamed up to offer The Aspiration Account, formerly known as 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 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 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 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 changed to Aspiration because I wanted to support a sustainable bank that does social and environmental good. Aspiration is fairly new compared to other banks offered, so there are some things that need improvement but I know with time Aspiration will be just as quick and flexible as the other banks. I really wish that Aspiration connects with Zelle soon, because instant real-time transfers to friends is very useful. Or even just quicker transfers between trusted bank accounts linked to our Aspiration account would be a useful upgrade. Overall, I love Aspiration and their stocks (Redwood Fund) have been profitable!
Working with Aspiration has been the worst banking experience of my life. I reported a fraudulent charge on my account & was told it was procedure they cancel my debit card. I agreed & was advised I would receive my new card within 10 days. I received an email stating that since I had updated my address mmwithin the last month they would not send me a new card until I could verify my new address by sending them a copy of a utility bill that included my updated address. The problem is that at this point in time I I do not have this type of document. This happened right before Christmas. Fast forward to january 9th- everytime I try to use my husbands card it declines. I call the bank to be informed that they cancelled his card as well. They claimed they sent an email the night before but it was not received. At this point we have been locked out of our account completely since January 9. This bank has refused to help in anyway. We still have not received a replacement debit card. When I asked for assistance getting funds out of the account & the agent told me it was impossible. Actually, I could have moved the money via domestic wire transfer for $0.82. They refused to provide me an online debit card because I have been with them too long. I then set up a digital wallet which I was able to use twice before Aspiration locked my account. I set up 3 different mobile wallets & every transaction has declined. I have received an eviction notice. My children are starving. My bills are not paid. I have spoken to their customer service numerous times & they refuse to offer any solution. Changing to this bank was the worst decision I ever made
|FDIC Certificate #||34403|
|Return on Assets - YTD||1.29%|
|Return on Equity - YTD||12.37%|
|Annual Interest Income||$35.6MM|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$1.09B$916.9MM|
|Loans||Q3 2019vs Q3 2018||$863.2MM$735.2MM|
|Deposits||Q3 2019vs Q3 2018||$936.6MM$795.1MM|
|Equity Capital||Q3 2019vs Q3 2018||$119.1MM$98.4MM|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$10.9MM$9.1MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$258.00K$1.4MM|
|Real Estate Owned||Q3 2019vs Q3 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