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.
I signed up with this as they actually give you interest on your checking account, whereas my bank doesn't give anything for checking accounts. I haven't had to speak with the customer service lines yet as far as my account goes. It runs very seamless and smooth. I only spoke with a rep before signing up to have questions answered and they were quite nice. I'm loving my decision so far. As long as I don't run into any issues with customer service if I have an issue I would be quite happy to recommend this bank to anyone who wants a bank who works with you, not just for their benefit. I mean who doesn't want to have money back into their account? I mean the bank borrows your money to make money, you should get more than just fees!
Aspiration banks Summit account is pretty good over all. I like the fact that it's so easy to set up and that it is interest bearing. I don't like the fact that you have to pay at least $1 per month to have the account, which is frustrating if you just used most of the money. I use this account as my savings account, even though it's technically a standard checking account. I like the fact that you can have checks and a debit card like you normally do. I still have to have another bank account though because if I need to deposit cash, I can't with an online only bank. Otherwise it's good though.
Absolutely terrible customer service. After 2 years of being a customer, my account was frozen and I could not access my money. After several emails I called the bank for more information as it was going on 2 weeks that I could not access my account. After my 2nd call, I was informed that my account had been closed and a check mailed to me with the balance without prior warning. What kind of customer service is that? My account never fell below 5K the entire time that I banked with them. DREADFUL
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.3%|
|Return on Equity - YTD||3.19%|
|Annual Interest Income||$19.7MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$1.02B$835.0MM|
|Loans||Q2 2017vs Q2 2016||$850.2MM$668.3MM|
|Deposits||Q2 2017vs Q2 2016||$855.4MM$690.7MM|
|Equity Capital||Q2 2017vs Q2 2016||$92.6MM$71.8MM|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$4.8MM$200.00K|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$17.8MM$7.1MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$223.00K$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.
* 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