Introduction
The aspirant takes excellent pleasure in slamming the contenders. They made fun of Bank of America's pitiful savings interest rate on Twitter last year. To celebrate Earth Day this year, the group encourages people to switch their banking relationships from large institutions that they claim are funding the fossil fuel industry. Since its digital launch in 2015, Aspiration has targeted customers dissatisfied with the conventional banking sector and Millennials interested in supporting socially conscious companies.
For instance, the company gives up 10% of its profits and provides an in-app tool that directs Aspiration users to establishments that are good for the community and the environment. A user's purchasing habits might be evaluated for their environmental impact. Aspiration is not a federally chartered or insured bank. It's a bank that provides cash management accounts similar to those provided by Fidelity Investments. It, like Fidelity, maintains connections with financial institutions to guarantee that the FDIC covers the funds in your "Spend and Save" account. Here you’ll have a Aspiration Banking review.
Aspiration Banking Review
High-Interest Rates
Customers must make a minimum monthly payment of $1,000 using their Aspiration debit card to qualify for the high APY. You won't earn any interest if you have a basic checking account and your monthly purchases total less than $1,000.
The Aspiration Save Account, which offers a variable, subject-to-change Annual Percentage Yield ("APY") of up to 5.00% and up to 71x the national interest rate for those who qualify, is available exclusively to clients engaged in the Aspiration Plus programme. When specific requirements are completed, users of Aspiration Plus can earn a yearly percentage yield (APY) of 3.00%.
All-Point Network ATM Withdrawals Are Free Of Charge
Aspiration customers can use any more than 55,000 All Point ATMs nationwide. Monthly, Aspiration Plus members can get their out-of-network ATM cost repaid.
The "Planet Protection" Attribute
The use of this service incurs no additional fees. If you are an Aspiration Plus member, Aspiration will purchase carbon compensations equal to the projected carbon production for every gas transaction.
You Can Get Free Paper Checks
Buying checks from Aspiration for the first time is completely free. Once you've ordered your first batch of checks, additional shipping costs will apply.
Zero Overdraft Charges
When a customer attempts to withdraw funds from their checking account and the balance drops below zero, the transaction is automatically declined, and no fees are assessed.
Downsides
No Overdraft Safeguards
We regret that you cannot sign up for overdraft protection, which will transfer money from your savings account into your checking account in case of an overdraft. When covering overdrafts, Aspiration does not offer the low-interest line of credit that many banks give.
No Cash Deposits
Although Aspiration does not yet allow cash deposits into its Spend and Save accounts, the company says it is working to provide this feature shortly.
No Live Chat
To get in touch with Aspiration's support team, you can either call them, send them an email, or use any of the various social media platforms it maintains. Online access is required to use the Spend and Save Account. Restriction on using Debit Cards Abroad. Not all countries allow debit card purchases, so be sure to double-check the list provided by Aspiration.
Problems With Customer Service In The Past
Several customers, including NerdWallet readers, have complained about Aspiration's customer service since the company migrated Radius Bank accounts to its system at the beginning of 2019. As of this writing, response times appear to have sped up, and the app has received rave reviews.
Other Benefits
Among the few types of insurance that Aspiration provides is protection against identity theft. You'll also receive complimentary cell phone protection if you pay your monthly cell phone payment with an Aspiration debit card. Phone support available during weekends: The office is open from 6 a.m. to 6 p.m. PT Monday through Friday and from 8 a.m. to 4 p.m. PT Saturday and Sunday.
Spend And Save Account Of Aspiration Plus
Please read our reviews of Ally and Capital One 360 and add-on features to help you manage your finances; then, decide whether Aspiration is right for you. On the other hand, the Aspiration Spend and Save Account may be a good option if you want a web-based account with enticing bonuses.
Conclusion
Aspiration currently has no BBB rating. Remember that the Better Business Bureau's rating isn't everything. Current members can be contacted, or reviews can be read online. However, Aspiration has not been involved in any high-profile scandals, and it is a greener banking option. It's possible you could use Aspiration without any hesitation, even though it's a very new company.
