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 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.
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.
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.
|FDIC Certificate #||32551|
|Return on Assets - YTD||0.6%|
|Return on Equity - YTD||7.01%|
|Annual Interest Income||$20.1MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$946.6MM$777.7MM|
|Loans||Q4 2016vs Q4 2015||$791.8MM$635.2MM|
|Deposits||Q4 2016vs Q4 2015||$754.6MM$640.3MM|
|Equity Capital||Q4 2016vs Q4 2015||$91.0MM$62.8MM|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$2.6MM$6.8MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$9.2MM$5.5MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$306.00K$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 Aspiration 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