Aspiration Review for 2024

Most of us aspire to change the world, but very few actually do something about it. That’s why Aspiration offers everyone the opportunity to put their money where their mouth is. This isn’t a bank focused on growing its earnings. It’s a brokerage that offers so-called Save & Spend plans.

These accounts are attached to debit cards and enable you to earn up to 5% APY while tracking the environmental impact of your spending, underscoring that the company cares about both its clients and the environment. 

But while these accounts include features that many unsatisfied bank customers are sure to find appealing, it’s important to delve deeper into the profitability of Aspiration’s sustainable approach to investing, saving, and spending.

What Can You Sign Up For?

The Aspiration banking replacement options currently include two separate Save & Spend plans: Aspiration and Aspiration Plus. Attached to debit cards, these cashback accounts are tailored primarily to risk-averse investors.

The Benefits of Using Aspiration

It’s important to remember that banks make a sizable chunk of their profits by charging fees. For your average customer, there is no such thing as fees that are low enough. That’s why Aspiration uses the “Pay What Is Fair” model. This means that the monthly payment with all Aspiration Spend & Save accounts can be any amount that the customer chooses.

When it comes to savings, customers can benefit from an exceptionally high annual percentage yield, which tops some of the best APY offers on the market. However, the option to earn 5% APY interest on balances of up to $10,000 is only available to customers who sign up for an Aspiration Plus account and spend $1,000 monthly. The APY on balances exceeding $10,000 is 0.10%. This is still higher than what many traditional banks offer to their customers at the moment. 

There is also an excellent cashback program that rewards customers for spending at retailers that have an ethical approach in the way they treat their employees and the environment.

Those enrolled in Aspiration Plus can earn up to 5% cashback for purchases at businesses that are members of the company’s so-called Conscience Coalition - a group of businesses focused on sustainability. Some of the companies in this coalition include TOMS, Girlfriend Collective, Soapbox, and Cloud Paper. 

Apart from the coalition members, Aspiration also gives other companies environmental scores that are determined using a proprietary algorithm. These Aspiration Impact Measurement Planet scores are available on a long list of merchants. And by shopping at businesses with the highest AIM scores, you can earn 0.5% cashback.  

It’s also important to mention that deposits are still FDIC-insured up to $2.5 million per depositor through the banks Aspiration partners with. You can also rest assured that you’ll be reimbursed in case of identity fraud with up to $1,000 per claim. 

Last but not least,  Aspiration promises that customer deposits don’t fund fossil fuel production or exploration, unlike with many big banks. Using the company's services can also reduce your carbon footprint. Moreover, Aspiration supports and funds Cool Effect and 3Degrees, two big names in the renewable energy sector.

Aspiration Spend & Save Account

In 2019, Aspiration rolled out a replacement for your traditional checking account. Aspiration’s Spend & Save option offers a spending and savings account in one place, effectively operating as a seamless cash management account. 

Some of the most notable benefits include the “Pay What is Fair” monthly fee model and the fact that there are no hidden fees. With this account, customers get a debit card to make purchases and withdraw funds from ATMs. The debit card is made entirely from recycled plastic, which is just one of the features environmentally conscious customers will find impressive.

Debit card holders can use any of the more than 55,000 free-in-network ATMs to make withdrawals with no fees involved. Additionally, there aren’t any overdraft fees or other hidden costs. 

Aside from enabling customers to save a ton of money on fees and take advantage of the aforementioned cashback promotions, the account also comes with a limited-time offer for a welcome bonus. This offer nets you $150 if you spend $1000 within three months of opening the account. 

Let’s talk about sustainability now. While using the mobile app for your online banking needs, you can check the AIM scores of individual businesses and see whether these merchants adhere to your set of values. You can also find the best cashback offers with a single click. 

Next, customers have the option to join the Plant Your Change program. With this feature, purchases you make with an Aspiration card will be rounded up to the nearest dollar, and the money will then be used to plant trees. Members can earn cash rewards for hitting tree-planting milestones. 

It’s important to mention that the Aspiration Save account, which we’ve been referring to as the savings part of the cash management account, isn’t your typical online savings account. 

With the Save account, you’ll get 3% APY on spending $1,000 monthly and having a balance up to $10,000 and an additional 0.10% APY on any funds that exceed that amount. Additionally, you can move your funds in and out whenever you like, but you are limited to one transaction per day.

Aspiration Plus

This is the most beneficial product that you can sign up for. The Plus account currently costs $5.99 per month, which is billed annually.

One of its more exciting features is Planet Protection, which automatically buys carbon offsets based on the number of gas purchases you make with the debit card.

With the plus plan, your cashback percentage rises up to 10%, which can in itself cover part of the monthly fees if your spending habits already include the member companies of the Aspiration Conscience Coalition.

Aside from the high yield of 5% APY after spending $1,000 monthly and having $10,000 in deposits, the plus plan offers one out-of-network ATM reimbursement each month and a personal impact score that helps you shop in a way that matches your values.

IRAs and Investments

Now, it’s time to cross over to investment opportunities that are fossil fuel-free and help you save for your future while saving the planet. The investments go into companies with sustainable environmental and employee practices, in line with the company’s primary goal. Options have a $10 minimum opening investment.

Aspiration Customer Service

When talking about financial services, the provider of your choice must have exceptional customer service. Since we’ve already mentioned that this is a fully online neobank, many may wonder what would happen if something goes wrong and how they can contact Aspiration's customer service to get it resolved. 

Most issues can be resolved by turning to the extensive FAQ section, which is available on the website and contains detailed explanations for some of the more common inquiries from customers. These range from questions about transfer options to more technical issues.  

If you still need help resolving a problem, the customer service team is available by phone from Monday through Friday between 6 a.m. and 6 p.m. PT and 8 a.m. to 4 p.m. on the weekends. However, it’s essential to mention here that the customer support team isn’t always the fastest option.

If you prefer asking for help online, you can submit a request through a contact form available on the site or send the company an email. While we’re confident the support team will resolve your issue, we’ll refrain from praising their response times. 

Should You Sign Up for Aspiration?

If you’re not a fan of good old brick-and-mortar banks with their high fees and often impersonal approach, then Aspiration is an ideal alternative. With such a cash management account, you save on fees and earn interest and cashback rewards for shopping with particular retailers. And let’s not forget that the company planted 15,368,193 trees at the time of writing this review.

On the other hand, Aspiration is not a chartered bank. It doesn’t offer many different accounts, and its reports won’t help with credit building. Ultimately, it boils down to what you need from an account and whether or not sustainability plays a crucial role in your lifestyle. If you prefer a transparent online solution with a focus on sustainability, then Aspiration is the perfect fit.

The Aspiration Spend & Save Accounts are cash management accounts offered by Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is under separate ownership from any other named entity. The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) is variable, subject to change, and is only available to customers enrolled in Aspiration Plus after conditions are met. Aspiration is not a bank. 

ATM use is free and unlimited, at Allpoint ATMs only. Transaction amount caps may apply. ATMs not included in the Allpoint network are considered out of network and customers may be charged a fee from that third-party ATM provider. Allpoint ATMs can be found via our ATM Locator here: aspiration.com/atms. Customers enrolled in Aspiration Plus may receive one out-of-network ATM fee reimbursement per month. Please note, there is also a foreign transaction fee of one percent that is not waived when using foreign ATMs, which will be included in the amount charged to your account. Aspiration Debit Card is issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.