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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.

Related Posts

Aspiration Interest Rate Calculation Change - 11/15/2017

As interest rates have changed, Radius Bank-supported Aspiration has become less and less competitive. Their 1.00% is now way behind rate leaders, and this email was quite surprising and is honestly a step in the wrong direction. Seems like they are only good for 100% ATM fee reimbursements now. "We also want to take a moment to let you know about a change coming to the way interest is calculated on your Summit account. Historically, we’ve offered .25% APY on balances up to $2,499.99 and 1.00% APY on the entire balance on balances over $2,500. Beginning this month, we’ll be offering .25% APY on balances up to $2,499.99, and 1.00% on the portion of balances greater than $2,500. A minor change, we know, but since trust and transparency is at the core of who we are, we wanted to be up front with you about this instead of hiding it in a disclaimer. Even with this change, the Summit account still offers at least 25 times and up to 100 times more interest than Big Banks! We’re also going

My experience with Aspiration Bank

Posted by: Greeyellen | Oct 4, 2017

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

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.

Did They Really Just Bait And Switch?!?!

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.

Awfulness

Posted by: TwoSpirit | Nov 22, 2017

Worst bank account ive ever had. Never got my debit card and the eventually took 50% of my money in fees and other nonsense. Closing my account was even more of a hastle.avoid like the plague and stick to your locally owned credit unions.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #32551
Year Established1987
Employees154
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.14%
Return on Equity - YTD1.51%
Annual Interest Income$30.8MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$1.10B$850.1MM
LoansQ3 2017vs Q3 2016$813.7MM$698.5MM
DepositsQ3 2017vs Q3 2016$918.9MM$703.1MM
Equity CapitalQ3 2017vs Q3 2016$106.1MM$72.8MM
Loan Loss AllowanceQ3 2017vs Q3 2016$6.9MM$910.00K
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$14.3MM$7.6MM
Real Estate OwnedQ3 2017vs Q3 2016$0$188.00K
  User-submitted Promotions & Notices

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.

Aspiration Interest Rate Calculation Change

TheBombingRange   |  
As interest rates have changed, Radius Bank-supported Aspiration has become less and less competitive. Their 1.00% is now way behind rate leaders, and this email was quite surprising and is honestly a step in the wrong direction. Seems like they are only good for 100% ATM fee reimbursements now.


"We also want to take a moment to let you know about a change coming to the way interest is calculated on your Summit account. Historically, we’ve offered .25% APY on balances up to $2,499.99 and 1.00% APY on the entire balance on balances over $2,500. Beginning this month, we’ll be offering .25% APY on balances up to $2,499.99, and 1.00% on the portion of balances greater than $2,500. A minor change, we know, but since trust and transparency is at the core of who we are, we wanted to be up front with you about this instead of hiding it in a disclaimer. Even with this change, the Summit account still offers at least 25 times and up to 100 times more interest than Big Banks!

We’re also going another step further. Bank accounts change their interest rates all the time, but we want to show our gratitude to you for joining our community early on. So, if you keep your monthly average balance over $2,500 for a year (beginning December 1, 2017) we’ll give you a customer appreciation gift of $18 at the end of next year (which is roughly the difference made by the change in how we calculate our interest rate)!"

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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 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