Overview / Commentary
4640 Admiralty Way
Marina Del Rey, CA 90292

The Aspiration Spend Account and the Aspiration Save Account are part of a cash management account offering of Aspiration Financial, LLC. This 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. This account is FDIC insured through several program banks.

It’s worth noting that while this summary is dealing mostly with the deposit accounts available at Aspiration. 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.

Reviews (193)

Fantastic Bank

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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.

Problem When The Phone

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problems opening a digital card on an android phone. although can open a digital card on an iPhone. want to know if you have such a problem. support could not answer me why such a problem and dont want to ask them more

Once Great, Now Not

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TLDR: Aspiration was once awesome, now it is frustrating, ever-changing, buggy, and charges for their worse service.

I've been with Aspiration for almost five years and I think it's time for me to close my account. For a while Aspiration was simple, had a pay-what-you-want system, and offered a high APY. I opened a Flaship Fund, which was one of their IRA options. It was great!

Then things started to change. First, they changed their website, which introduced a lot of bugs. When I started seriously using it I discovered the time between transferring the money out from an external account to it being available in Aspiration was several days. Last month one of my recurring deposits just randomly didn't run, and I ended up missing my car payment because of it. When I called customer service they were very honest- basically they found it alarming and said they had no idea what caused the problem.

A couple years ago they changed their website. Every transaction showed up for a long while as ASP Withdrawal and you couldn't tell what you actually were spending your money on. It took them half a year to fix this.

They decided to stop offering the Flagship Fund IRA. They sent me two emails warning me, both of which went straight to junk. One day I logged on and found my IRA account had vanished.

All these missteps- coupled with a difficult user experience, odd transfer limits that require you to break up deposits over several days if you want to move more than $1000, and a recent "upgrade" where you have to pay $46 a year to get 1% APY is leading me to change.

PS- the selling feature of Aspiration where they score how environmentally friendly your spending is? It doesn't work unless you shop at the most common big-box stores.

False Advertising And Prevents You From Ever Accessing Your Money.

Do you want to try to deposit valid checks and then make them completely invalid? Do you want to support a company that makes things more financially impossible for single patents during a pandemic?Then Aspiration is for you!

Like a lot of people during the pandemic, I am unemployed. Like a lot of people in my state, I got over 30 unemployment checks at once. I opened an account with aspiration specifically because they say you can deposit an unlimited number of checks, which a lot of banks don’t do for new customers. But they specifically advertise that. I deposited checks slowly in small batches over several days to make sure they all went through since I had to write “for mobile deposit only to Aspiration” on the back. They all went through. As a new customer, I knew it would be 5 business days before I could access them. Totally understandable.

The last 8 I sent in seemed to go through totally fine, but the next day, I got a message saying those checks were rejected. I haven’t paid my mortgage in months, so I wanted access to that $5000. I called to ask why. Again, these are state checks and 100% are not bouncing.
They don’t know, why don’t I try cashing it at the issuing bank.
There isn’t an issuing bank because, again, government checks.
You can take them somewhere else and just initial next to the “for mobile deposit only” saying that I wasn’t serious about that.
Thing is, these are government checks that obviously will go through, so no other institution believes me and assumes that I am trying to cash them twice.
I tried calling the state unemployment office to get them reissued. They won’t do that unless I can tell them why because apparently aspiration never even tried to process them.
I am not able to resubmit them, which I do understand, but why were they rejected in the first place?
Aspiration says they have no idea why because apparently their check processing department is some sort of omnipotent entity that answers to no other part of the bank and nobody is able to find out anything. They refuse to help despite many many hysterical calls.
So now I have almost $5,000 of useless checks that I guess I am holding onto for 6 months when they expire.

This is literally the worst banking experience I have ever had. Wells Fargo made like 8 accounts in my name without my knowledge, but that is infinitely preferable to a bank that prevents an unemployed mother from accessing her money during a pandemic.



Health Grade Components

Year Established1997
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.02%
Return on Equity - YTD10.3%
Annual Interest Income$28.5MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$1.68B$1.03B
LoansQ2 2020vs Q2 2019$1.43B$835.0MM
DepositsQ2 2020vs Q2 2019$1.31B$888.1MM
Equity CapitalQ2 2020vs Q2 2019$137.7MM$110.1MM
Loan Loss AllowanceQ2 2020vs Q2 2019$14.8MM$10.4MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$3.7MM$260.00K
Real Estate OwnedQ2 2020vs Q2 2019$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Aspiration Savings Account Rates

1.00%*-$10kSave Account
OTHER TIERS: 0.10% $10k+
0.25%*-$10kSave Accounts (non-qualifying)
OTHER TIERS: 0.10% $10k+

Aspiration Checking Account Rates

0.00%--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

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