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.
My experience with Aspiration Bank's online website was almost entirely a positive one. The process of creating a bank account on their website was very fluid and they anticipated my needs at each step of the way and made it as painless as possible to complete each step. Signup up for a bank account is typically a long painful process but I was able to complete the entire thing in under 30 minutes, without having to spend too much time on the phone or waiting for any one particular step. I would definitely recommend Aspiration bank to anyone looking for a new, ethical bank provider to use. Furthermore, their interest rates are some of the highest in the industry and have no fees for their free bank tier.
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.
BEWARE: Aspiration pulled the bait and switch technique on their interest rate! They no longer actually offer 1% interest on your money if you have a balance over $2500. They only give you 1% interest on money over the $2500; so if you were storing $2600 dollars in the account, they cut your effective interest down by a factor of 4!
Unfortunately, Aspiration has just shown themselves to be like other banks that disingenuously drop interest rates once they gain lots of customers from the publicity. Mathematically you will now NEVER have an effective interest rate of 1% on your account. If you keep $3000 in your account every day, you’ll only have an effective interest rate of 0.37%.
If you keep $4000 in your checking account on a daily basis, you will still only have an effective interest rate of 0.53%
They advertised and sponsored posts in financial blogs etc. throughout the entire last year bragging about their interest rate and pulling people in, only to switch this on us all as soon as their user base increased. I checked many of these sites again and there are now many other options with higher interest checking accounts (without gimmicks) than Aspiration now.
Please join me in asking Aspiration to restore the rate structure they advertised to us so thoroughly over the past year. If they don’t, we have plenty of better options to take our money elsewhere. I had previously been a happy customer, however this switch places Aspiration firmly in the category of institutions that they swore they were different from.
This bank is still in the growth stage (still working on features like electronic check delivery, etc.) and may have just shot themselves in the foot with their user base.
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.14%|
|Return on Equity - YTD||1.51%|
|Annual Interest Income||$30.8MM|
|Assets and Liabilities|
|Assets||Q3 2017vs Q3 2016||$1.10B$850.1MM|
|Loans||Q3 2017vs Q3 2016||$813.7MM$698.5MM|
|Deposits||Q3 2017vs Q3 2016||$918.9MM$703.1MM|
|Equity Capital||Q3 2017vs Q3 2016||$106.1MM$72.8MM|
|Loan Loss Allowance||Q3 2017vs Q3 2016||$6.9MM$910.00K|
|Unbacked Noncurrent Loans||Q3 2017vs Q3 2016||$14.3MM$7.6MM|
|Real Estate Owned||Q3 2017vs Q3 2016||$0$188.00K|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
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%*||$2,500*||-||The Summit Account|
|OTHER TIERS: 0.25% → Up to $2,500|
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