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  • Aspiration Plus Review

Aspiration Review

by: Kailey Hagen  |  Oct. 21, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

The Aspiration Plus account is a hybrid checking and savings account with a conscience. Some of its features, like its Aspiration Impact Measurement (AIM) 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, above-average APY on savings account funds, and ATM fee reimbursements, will appeal to just about everyone. Read our Aspiration Spend & Save Account to find out more.

Ratings Methodology
Rates as of Dec. 29, 2020
Offer APY Best For Next Steps
Logo for Aspiration
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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. = Best
= Excellent
= Good
= Fair
= Poor
Aspiration Member, FDIC
APY: Up to 1.00% Best For: High APY and ATMs
Open Account

Full Aspiration Plus Checking Account review

Top perks

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 Plus account, you get a checking account and a savings account so you can manage your finances all in one place. The savings account earns a 1.00% APY on a balance up to $10,000, while you're enrolled in Aspiration Plus, and have at least $1,000 in monthly debit card purchases. If requirements for 1.00% APY aren't met, you earn 0.25% APY on balances up to $10,000. All balances over $10,000 earn 0.10%.

Know your impact on people and the planet: Every Aspiration Spend & Save Account holder receives an Aspiration Impact Measurement (AIM) score, which helps you measure the impact that your purchases have on the planet and people.

FDIC insured: Finally, Aspiration Spend & Save 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

APY: Aspiration's checking account doesn't offer any interest at all. Those interested in earning the most interest on the money in their bank accounts may be happier with a high-yield savings account and/or an interest-bearing checking account.

No monthly fee: An Aspiration plus account will cost you, though you can save a little money by paying annually instead of monthly. There’s no option to waive this fee, though you can downgrade your account to Aspiration’s fee-optional account if you’re willing to give up the included savings account and monthly out-of-network ATM fee reimbursement.

Fees

Aspiration Spend & Save Account Review Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $3.99 or $44.99 if paid annually $0 N/A -- You cannot overdraw your account. $1.19 $0

How to access your money

Aspiration Plus account holders can access their funds in the following ways.

Deposit options

You can deposit money into your Aspiration Spend & Save 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 Spend & Save 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 all 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 rarely use their debit cards and don't care for cash-back rewards. Its APY is one of the highest you'll find with a checking account. The Axos Bank Rewards Checking Account also includes unlimited domestic ATM fee reimbursements.

Rates as of Dec. 29, 2020
Offer
Logo for Aspiration
Member, FDIC
Logo for Bank5 Connect Checking
Member, FDIC
Logo for Axos Bank Rewards Checking
Member, FDIC
Account
Aspiration
Bank5 Connect Checking
Axos Bank Rewards Checking
Rating
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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. = Best
= Excellent
= Good
= Fair
= Poor
APY

APY: Up to 1.00%

APY: 0.25%

APY: Up to 1.25%

Best For

Best For: High APY and ATMs

Best For: High APY

Best For: High APY and ATMs

Min. to earn APY

Min. to earn APY: $10

Min. to earn APY: $100

Min. to earn APY: $250

Next Steps
Open Account
Read Review
Open Account

This checking account is right for you if:

The Aspiration Plus account 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.

Open an Aspiration Account

About the Author

Kailey Hagen
Kailey Hagen icon-button-linkedin-2x

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.

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