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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 (5)

Awesome Bank

Getting an Aspiration Summit bank account has been one of the best financial decisions I've ever made! It was so easy to get set up, and I love the fact that it can be free, or you can pay them via a monthly tip that you choose. On top of that it's interest bearing which is amazing for an account like this. Since I travel a lot, having a bank that allows me to use all bank ATM's and that refunds the bank fee is really nice. I am using the bank account for savings because it's interest bearing, but also ordered checks through them as well as the debit card that automatically comes with the account. I very much recommend this bank as hands down the best online bank ever!

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.

Summit/aspiration bank

I opened an account with aspiration online. I liked the idea of having a bank account away from my immediate everyday life. It was fairly easy. At first I was put on a wait list. I soon passed the wait list by sharing the company on Facebook. The company grabbed me with a 1% interest on your funds in a checking account! Usually you are charged. However once involved they say you. An make a donation every month. You can choose to do so. Well that's not true the minimum is one dollar a month, one cannot slide bar to any less. I did keep the account though. I still liked the idea of having a separate account away from my everyday. I figured I'd put twenty bucks a month in case of emergencies. I signed up and was easy. No check books but they did give a prompt delivery card through mail. They have been very secure. With Everytime I sign in; they send me a text with a unique temporary password. They schedule transfers and live up to it. The website is set up nice. Account summaries and always give options to invest.

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.

Terrible Customer Service

Posted by: Nbundy | May 11, 2017

Terrible customer service not for international customers. The fraud alert could only be removed temporarily after talking to many people and three weeks and costing me 100s of dollars as their go to is we will look into it and contact you tomorrow. They then don't fix it then say I am not able access my money for my own safety. I am constantly traveling and luckily have accounts with banks with actual people that understand that or I would be sleeping on the street in China or Paris when my aspiration card is rejected as a fraud safety measure even though I told them I would be there. I emailed the CEO no response. Customer service also were rude and now give me no response.



Health

Health Grade Components

Overall
FDIC Certificate #32551
Year Established1987
Employees136
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.34%
Return on Equity - YTD3.55%
Annual Interest Income$9.3MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$973.0MM$790.1MM
LoansQ1 2017vs Q1 2016$824.9MM$640.9MM
DepositsQ1 2017vs Q1 2016$784.2MM$655.4MM
Equity CapitalQ1 2017vs Q1 2016$91.8MM$63.7MM
Loan Loss AllowanceQ1 2017vs Q1 2016$3.3MM$7.1MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$15.9MM$7.3MM
Real Estate OwnedQ1 2017vs Q1 2016$223.00K$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