Aspiration (an online investment company) and Coastal Community Bank (an FDIC-insured bank) have teamed up to offer The Aspiration Account, formerly known as 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 Coastal Community 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.
Once you understand that cash can easily be turned into a money order and be deposited as a check would be, you will come to understand that Aspiration has you covered. Their mission of transparency and global responsibility is a breathe of fresh air in a time polluted with greed and corruption. Customer service is prompt, polite and effective, both by phone and email. The app is well thought out and easy to use. 2% interest on a savings account is nearly unheard of but there you go, and did I mention you can withdraw from any ATM anywhere and your fees will be reimbursed? Oh, and there are NO FEES to bank there. Plus, if that wasn’t enough already, they have shown through many efforts how they are thinking consciously for our future as a planet and acting with transparency toward goals that will make a difference. Bravo Aspiration!
I changed to Aspiration because I wanted to support a sustainable bank that does social and environmental good. Aspiration is fairly new compared to other banks offered, so there are some things that need improvement but I know with time Aspiration will be just as quick and flexible as the other banks. I really wish that Aspiration connects with Zelle soon, because instant real-time transfers to friends is very useful. Or even just quicker transfers between trusted bank accounts linked to our Aspiration account would be a useful upgrade. Overall, I love Aspiration and their stocks (Redwood Fund) have been profitable!
Aspiration may be a green bank, but in terms of how they treat their members, they get an F.
They JUST ran a 4 month long campaign incentivizing members to get their friends and family to sign up, only to CHANGE THEIR POLICY on interest rate requirements AS SOON AS THE CAMPAIGN ENDED. This means all of us who promoted Aspiration to our circle MADE A FALSE PROMISE about what this bank provides.
Aspiration used to pay 2% interest as long as you made at least $1 in deposits per month. Without so much as an email, they decided last month that only their wealthy members will continue to receive this privilege.
I noticed a few days ago that I didn't receive my interest deposit at the beginning of the month like I usually do and inquired about it. THAT'S HOW I LEARNED ABOUT THEIR NEW POLICY. I bet a ton of people haven't noticed yet and will soon....
Now they only pay 2% interest to those who deposit a minimum of $1,000 per month, or give 1.5% API to people who maintain a balance over 10K!
THIS IS HOW THE RICH GET RICHER AND THE POOR STAY POOR. Aspiration has poverty funds you can donate to, but for their own members, they've made it so only those who already have money get to make more money on their savings.
I rode the wave when Aspiration left Radius Bank and a bunch of people including myself didn't have access to their money temporarily. I had faith they'd get it together. But now, you've lost me Aspiration. I'm moving to another high interest bank who isn't going to constantly change the goal post. I'd love to be part of a green bank, but not at 0% interest.
Oh and by the way, once you leave Aspiration, their policy is YOU CAN NEVER COME BACK. What kind financial institution does that?
|FDIC Certificate #||34403|
|Return on Assets - YTD||1.25%|
|Return on Equity - YTD||12.16%|
|Annual Interest Income||$23.2MM|
|Assets and Liabilities|
|Assets||Q2 2019vs Q2 2018||$1.03B$850.3MM|
|Loans||Q2 2019vs Q2 2018||$835.0MM$692.2MM|
|Deposits||Q2 2019vs Q2 2018||$888.1MM$746.2MM|
|Equity Capital||Q2 2019vs Q2 2018||$110.1MM$80.8MM|
|Loan Loss Allowance||Q2 2019vs Q2 2018||$10.4MM$8.5MM|
|Unbacked Noncurrent Loans||Q2 2019vs Q2 2018||$260.00K$1.4MM|
|Real Estate Owned||Q2 2019vs Q2 2018||$0$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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.00%||-||-||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