Aspiration Spend & Save Account Review

Kailey writes about credit cards, loans, and all things personal finance. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money.

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The Aspiration Spend & Save 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.

Top perks

Up to 5% back: You can earn up to 5% cash back when you use your debit card at businesses that are members of Aspiration's Conscience Coalition.

Five free ATM withdrawals per month: Aspiration reimburses you for five ATM withdrawals per month. This should suit everyone except the most frequent ATM users, and some may even prefer it to being tied to a particular ATM network.

Choice to pay no monthly fees: Unlike other banks that set their own fees, Aspiration lets its customers avoid checking account fees, if they choose to. Customers choose what fee is fair and it is a percentage of the money that’s in your account. You can change it at any time. You can even choose to pay no fee at all. Aspiration donates 10% of all the fees it takes in to charities that help improve economic opportunities for low-income Americans.

Get up to $600 in cell phone protection: Aspiration Spend & Save Account holders receive up to $600 in cell phone protection if they pay their cell phone bill with their Aspiration debit cards.

Manage your savings and checking in one place: When you open an Aspiration Spend & Save 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 with a direct deposit of at least $1,000 each month.

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.

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.

More free ATMs: Those who frequently use ATMs may prefer a checking account that includes a surcharge-free ATM network to Aspiration's five ATM fee reimbursements per month. However, the ATM fee reimbursements should be more than enough for most people.


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

How to access your money

Aspiration Spend & Save 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 Jan. 16, 2020
Aspiration Spend & Save
Member, FDIC
Bank5 Connect Checking
Member, FDIC
Axos Bank Rewards Checking
Member, FDIC
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.

APY: 1.00%

APY: 0.76%

APY: Up to 1.25%

Best For

Best For: High APY and no ATM fee's

Best For: High APY

Best For: High APY and unlimited ATMs

Min. to earn APY

Min. to earn APY:

Min. to earn APY:

Min. to earn APY:

Next Steps

This checking account is right for you if:

The Aspiration Spend & Save 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, including five ATM fee reimbursements per month, make this an affordable account to own.

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