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.
I have been banking with Aspiration for over a year now and I have loved their customer service and account offerings. I have the Aspiration Summit account that has a high interest rate. There are no fees associated with the account and you have the option to pay the bank what you think they deserve. The bank also has investment opportunities like, "The Redwood Fund," which allow you to invest as little as $100 in a sustainable investment fund. All ATM fees are reimbursed for using any ATM in the US. The only negative that I can report is that I had to wait a long time to get accepted as a new account holder. There is a waiting list to join the bank. I would highly recommend this bank for anyone looking for a high interest no fee account, but be prepared to wait a little while.
I've been doing business with Aspiration for nearly a year now. Ever since I left my last bank that did me wrong. In any event, this bank is great. They pay a decent interest rate and I actually pay nothing for the account whatsoever. They even reimburse each month for ATM fees charged. So, I can use my card at any ATM for free effectively. They also have some investment accounts that I may look into in the future. The customer service is also top notch. Every time I have needed anything, they were very quick about responding.
Aspiration is interested in working with altruistic and green companies that make you feel good about banking. Their "planet first" motto for banking makes me feel like I am banking with the bank that cares about the 99 percent. The online products include checking and investing products. They let you know at the end of the month how green your money is. Their online newsletter is chock filled with information that educates in a positive way.
I was excited to get this account with them. but I had NOTHING but problems with them. I would deposit a check on Thursday and it wouldn't be "available" to me until Monday. The worst is the stupid app said the money was in my account on Saturday but of course all my transactions were declined, so I went to the ATM and nope, my check was not deposited. Trying to get a hold of the "24/7" costumer support is a freaking joke, then of course they say we have online support well what they really mean is you can go read through questions and answers but you don't actually get to talk to anyone about your problem. Every time I have talked with costumer support (which always took me at least an hour!) They were rude and not helpful.
I will be closing out my account with them because I'm sick of trying to get a hold of the costumer support and consistently having problem with them.
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.5%|
|Return on Equity - YTD||5.37%|
|Annual Interest Income||$11.1MM|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$1.15B$973.0MM|
|Loans||Q1 2018vs Q1 2017||$845.3MM$824.9MM|
|Deposits||Q1 2018vs Q1 2017||$970.8MM$784.2MM|
|Equity Capital||Q1 2018vs Q1 2017||$106.0MM$91.8MM|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$6.6MM$3.3MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$10.6MM$15.9MM|
|Real Estate Owned||Q1 2018vs Q1 2017||$0$223.00K|
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%*||$2.5k*||-||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