|Account Type||APY||Account Name||Min||Max|
|Checking||2.00%||Spend and Save Account||-||-||Details »|
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.
tl;dr the title
I have an Aspiration account that unless something changes I'll be closing this year.
Their ATM reimbursement is their best feature but you can get it with more and better features and rates elsewhere. Their web software is also just alright and I have no interest in their mutual funds.
They're an interesting new fintech company but not the right fit for me.
When 1% was a decent rate for idle money they lost a lot of good will when they added in rate tiers. Thankfully banks are plentiful so there's no need to remain with one you don't agree with.
I saw the commercial on TV and decided to join.
The process was fairly simple and I did like the debit card they offered. However, they fell below my expectations on so many levels.
It’s almost impossible to reach a person and I had to leave a voicemail and have somebody call me back, no one calls back when voice mails are left.
In their defense, I was put on hold and was offered a call back instead of waiting in queue, and I did receive a call back then.
But if you need someone right then and there, this is not your bank.
Another major issue is direct deposit.
My direct deposit would go in by noon of the day of my paycheck. While everyone else gets their paycheck the night before, mine was by 12 PM the day of which was very inconvenient.
Again, there’s no one in any way to reach and see what the holdup is. I gave them a few weeks and two direct deposit later, I decided to go to my old bank. Not for me.
They really need to rev up on their customer service before launching a major business like a bank where people need answers instantly, since they are dealing with our money.
This has got to be the worst experience I've had with banks, and I have banked with WellsFargo and Chase. I have a checking and investment account with these guys for 2+ years now.
On multiple counts, my funds were locked up due to "system issues" or "migration issues" (neither of which had anything to do with me, but caused my checking and mutual funds accounts to lock up. I could not access my money for days, which brings to me their customer service...
Their agents over the phone is nice, if you can get a hold of them (which is basically never). I have called, emailed, filed support tickets online, and even tweeted and they seem to call fall into some backhole. The justification the agent gave over the phone was that something is wrong with their phone routing (seriously? It's 2019, you can't get a grip on your telecommunications for a bank without physical branches? Insane.)
Greenwashing: the main holdings in their mutual funds are awful companies and I am unsure how they qualify as sustainable or responsible. Perhaps that's just my ignorance, but please do your research before purchasing. For example, how is Johnson & Johnson and Wallgreens considered sustainable? Not only do I feel like they are scamming do-gooders, they also charge an arm and leg with their fees (not the voluntary fees, but the hidden fees). If you read the prospectus, you'll see loads of them, including marketing fees and misc fees. I had my funds for over two years with them and it barely broke even. Conclusion: NOT GREEN and NOT PROFITABLE.
I created an account on Depositaccounts just to warn you all about how crappy this bank is. Do not do business with them!
|FDIC Certificate #||34403|
|Return on Assets - YTD||1.19%|
|Return on Equity - YTD||11.85%|
|Annual Interest Income||$38.7MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$952.0MM$805.6MM|
|Loans||Q4 2018vs Q4 2017||$758.5MM$648.8MM|
|Deposits||Q4 2018vs Q4 2017||$823.9MM$705.5MM|
|Equity Capital||Q4 2018vs Q4 2017||$102.4MM$77.0MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$9.4MM$8.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$1.3MM$1.7MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$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|
|2.00%||-||-||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