Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Aspiration is a hybrid checking and savings account with a conscience. Some of its features, like its personal impact score, will appeal primarily to customers who are serious about making a difference to the planet, while other features, like its cash back on debit card purchases, sky-high APY on savings account funds, and ATM fee reimbursements, will appeal to just about everyone. Read our full Aspiration account review to find out more.
Rates as
of Jan. 21, 2022
| Offer | Our Score | APY | Best For | Next Steps |
|---|---|---|---|---|
Aspiration
Member, FDIC
|
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
APY: Up to 1.00% | Best For: High APY and ATMs |
Full Aspiration review
How Aspiration works
Customers who open an Aspiration account automatically get a checking and a savings account. You only need to fill out a single application for both, and there isn't a way to just have one or the other. They come as a package.
Both accounts are necessary because they offer different perks. The Spend account -- Aspiration's checking account -- offers things like ATM withdrawals and a debit card, while the Save account pays interest on your funds.
Aspiration members choose between two service tiers when they sign up. The basic Aspiration account uses a "Pay What Is Fair" model, in which customers don't have to pay a monthly fee if they don't want to. The Aspiration Plus account carries an unwaivable monthly fee, but it offers more lucrative perks. Both tiers include access to a checking and savings account, and you can switch between tiers.
Top perks
Impressive APY on savings
Aspiration offers one of the highest APYs of any account in the industry, though you only earn its highest tier on the first $10,000 in your account. Aspiration Plus members qualify for an even higher rate, which could help offset what they pay to maintain their account.
Up to 10% back
You can earn up to 10% cash back when you use your debit card at businesses that are members of Aspiration's Conscience Coalition.
One free out-of-network ATM withdrawal per month
Select Aspiration members are eligible for one out-of-network ATM withdrawal per month. The bank also offers over 55,000 fee-free ATMs nationwide.
Manage your savings and checking in one place
When you open an Aspiration account, you get a checking account and a savings account, so you can manage your finances all in one place. Aspiration members earn up to 3.00% APY on their first $10,000 in savings, while Aspiration Plus members can earn up to 5.00% on this amount if they have at least $1,000 in monthly debit card purchases. Those who don't meet this spending requirement earn up to 0.25% APY on balances up to $10,000. Aspiration members who choose the free account don't earn interest on funds over $10,000, but those with a paid account make a respectable 0.10%.
Welcome bonus for new customers
New Aspiration customers earn a cash bonus of up to $200 if they spend $1,000 using their Aspiration debit card within 60 days of account opening.
Know your impact on people and the planet
Every Aspiration account holder receives a personal impact score, which helps measure the impact purchases have on the planet and people.
Get your paycheck up to two days early
Customers who have their paychecks direct-deposited into their Aspiration accounts can access those funds up to two days earlier than with most traditional banks.
FDIC-insured
Finally, Aspiration accounts are covered by the same FDIC insurance as traditional bank accounts. In the event of a bank failure, this covers any loss up to $250,000 per depositor, per institution.
What could be improved
Checking account APY
Aspiration's checking account doesn't offer any interest. Those who want to earn the most interest on the money in their bank accounts may be happier with an interest-bearing checking account.
Monthly fee
The only way to access all of Aspiration's features is to opt for a paid plan, which brings a monthly fee, and there’s no option to waive it. However, you can downgrade your account to Aspiration's fee-optional account, though you give up the higher APY and monthly out-of-network ATM fee reimbursement.
Fees
| Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|
| None required (Aspiration); $7.99 monthly or $5.99 billed annually (Aspiration Plus) | $0 | N/A -- You cannot overdraw your account. | $1.19 | $0 |
How to access your money
Aspiration account holders can access their funds in the following ways.
Deposit options
You can deposit money into your Aspiration account using any of these methods:
- ACH transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
Aspiration charges a small fee for incoming wire transfers, while many banks do not. The institution you're transferring the money from may also charge an outgoing wire transfer fee. Choose another payment method if you don't want to get slapped with these extra fees.
Withdrawal options
These are your choices for withdrawing money from your Aspiration account:
- ACH transfer
- Wire transfer
- Request a mailed check
- ATM withdrawal
- Point-of-sale withdrawal
Aspiration also charges a small fee for outgoing wire transfers, so avoid this method if you wish to skip extra fees.
Online checking account comparison
The Bank5 Connect High-Interest Checking Account offers cash back on select debit card purchases and it has an above-average APY on purchases. Few checking accounts offer cash back and the opportunity to earn interest, so it's a great option for those who want to maximize their earning potential.
The Axos Bank Rewards Checking Account is the better choice for those who don't care for cash back rewards. Its APY is one of the highest with qualifying behaviors. The Axos Bank Rewards Checking Account also includes unlimited domestic ATM fee reimbursements.
Rates as of Jan. 21, 2022
This checking account is right for you if:
Aspiration is a great fit for conscientious individuals who want to earn rewards and interest while also making a difference. Its cash-back rewards and included high-yield savings account help make up for the lack of interest on its checking account, and its simple fee schedule leaves you with few expenses to worry about besides the small monthly fee.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
