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Aspiration Review: A Potentially High APY, Hybrid Bank Account

Review Updated Feb. 16, 2023
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. 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. It packs some desirable bank account features, like a high APY and cash back on debit card purchases, with unique perks that help the environment. But if you want access to Aspiration’s best perks, you have to be willing to pay a monthly fee. Read our full Aspiration account review to find out more.

Rates as of March 20, 2023

Aspiration

Member FDIC.
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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. 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY
Up to 3.00% APY
Min. To Earn APY
$1 for base rate

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

Above-average APY on savings

Aspiration offers an above-average APY to those who have at least $500 of qualifying debit card transactions each month. 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

Aspiration Plus 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.

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. Aspiration is unique in that balances are deposited with up to eight FDIC insured banks. In total, that gives you up to $2 million in FDIC insurance per depositor.

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 can't overdraw your account $1.19 $0
Data source: Aspiration

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 we've seen -- though you have to meet some qualifications to reach its top tiers. The Axos Bank Rewards Checking Account also includes unlimited domestic ATM fee reimbursements.

Rates as of March 20, 2023
Offer
 
 
 
Account
Aspiration
Rating
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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. 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.50 out of 5 stars.
Circle with letter I in it. 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. 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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. 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY Up to 3.00% APY 2.00% Up to 3.30%
Min. to earn APY $1 for base rate $100 Monthly direct deposits totaling at least $1,500
Next Steps

* Axos Bank Rewards Checking

To receive a $100 Bonus: An Axos Bank Rewards Checking application that includes the promotional code “RC100" must be submitted between 12/31/2022 at 12:00am PST and 11:59pm PST on 3/31/2023 to qualify. You must open your new Rewards Checking account and have qualifying direct deposit(s) that total at least $1,500.00 within a single calendar month during the first three (3) calendar months your account is open, including the month in which your account was opened. Qualifying Direct Deposits are defined as deposits from an enrolled customer’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; Peer to Peer (P2P) transfers; merchant transactions; and bank ACH transfers not from employers) do not qualify. All eligible awards will be delivered to your Rewards Checking account within 30 days following the 90-day waiting period. Account must remain open for at least 180 days or an early closure fee of $100 may apply. Please note that this offer can be changed or revoked at any time with or without disclosure. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "RC100" offer.

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.

Our Banking Expert