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Aspiration is a provider of financial services. It provides investing with minimal costs and cash-back options, a cash management account, a debit card, a credit card, and other services. Read the Review of Aspiration Bank on TradingCritique to take the first step towards a better, greener, and more prosperous trading future.
Table 1: Aspiration Bank Overview
 Aspiration Bank Highlights |
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|---|---|
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Account Types |
Spend & Save Account
Investment Accounts
Cash Management Account
Retirement Accounts |
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Minimum Deposit |
$10 |
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Debit Card |
YES |
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Payment Method |
Ach Wire Mobile Cheque Deposits Cash Direct Deposit |
|
Account Base Currencies |
USD |
|
Trading Platforms |
Mobile Desktop |
|
Overdraft Fee |
$0 |
|
Monthly Fee |
Spend & Save Account - $0 |
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Aspiration Plus - $5.99/month if you pay annually (or) $7.99/month |
|
|
Foreign Currency Transaction Fee |
2%/transaction |
|
Transaction Fee |
$0/transaction |
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Redemption Fee |
$0 |
|
Commission |
NO |
|
Inactivity Fee |
NO |
|
Deposit & Withdrawal Fee |
NO |
|
Customer Support |
Mon - Fri: 6 am – 6 pm PT |
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Sat-Sun: 8 am – 3 pm PT |
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Aspiration is not a federally insured, chartered Bank in and of itself. This firm provides a cash management account. It focuses on assisting clients in making moral financial decisions. Traditional savings accounts are not available through Aspiration. Cash back may be available on specific Aspiration debit card purchases, and if you meet the requirements, interest may be paid on your deposits. It donates 10% of its profits to charity.
In 2013, Aspiration was established. The company began operations in 2015, and by the end of 2020, it had over 360,000 funded accounts. California’s Marina del Rey is home to Aspiration, an online-only Bank with a strong Social conscience.
Joe Sanberg, a businessman, and Andrei Cherny, a former government official and political speechwriter, co-founded Aspiration. Cherny is the company’s CEO at the moment. One of Aspiration’s largest current investors is the asset management company Oaktree Capital Management, which specializes in alternative investments. Actors Robert Downey Jr., Leonardo DiCaprio, and Orlando Bloom were early supporters.
Aspiration Bank – Knowledge Bites
For those customers who are dissatisfied with traditional Banks, Aspiration is a viable alternative. The minimum balance required to get started is low, and it offers a wide range of choices for fee-free ATM transactions. Furthermore, you can still earn interest by using your money to align your finances with a good cause. Aspiration gives Social and Environmental responsibility a high priority. By providing environmentally friendly and Socially responsible Banking solutions, it seeks to have a positive impact on the world. With Aspiration’s “Plant Your Change” program, transactions made with the Aspiration debit card are automatically rounded up to the nearest dollar to support reforestation efforts. Customers can select the fees they pay with Aspiration’s innovative “Pay What Is Fair” fee structure, including the choice to pay none at all.
Image 1: Home page of the Aspiration Bank website
Image Copyrights reserved to the Aspiration Bank website
Your assets are secured because Aspiration is a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA) / Securities Investor Protection Corp (SIPC). Aspiration Bank does not have any physical branches.
The Federal Deposit Insurance Corporation (FDIC) protects the funds in your “Spend and Save” account through partnerships with Banks. Instead, the Securities Investor Protection Corp. will protect any securities you own through Aspiration.
The limited insurance coverage that Aspiration provides includes reimbursement for losses brought on by identity theft. If you use an Aspiration debit card to pay your phone bill, you can also get free cell phone protection.
Users who commit identity fraud may be reimbursed up to $1,000. Your money is kept at Coastal Community Bank during the day. For checking and savings accounts, you now have FDIC insurance for up to a total of $250,000. Your money is distributed overnight and instantly to a list of FDIC-member banks of which you will be notified. The network increases from $250,000 to $2 million in your FDIC insurance coverage.
To manage your cash balance, Aspiration uses a list of Banks in order of priority. Aspiration has listed the following Banks:
Table 2: List of Banks available in Aspiration
 Aspiration's Bank List |
|---|
|
The Freedom Bank of Virginia
Progress Bank
Manufacturers Bank
Ion Bank
EagleBank
Coastal Community Bank
C3Bank
Bridgewater Bank
Bremer Bank
Bank of New Hampshire |
The company is devoted to “clean money” and guarantees that savings and purchases won’t be used to support coal or oil companies. On the other hand, funds transferred from conventional Banks to Aspiration have a climate-saving effect. This is due to Aspiration’s policy of planting a tree for every debit or credit card transaction.
Mobile apps and the Aspiration website can both be used to access Aspiration. The mobile app allows for simple money transfers between the two accounts. Additionally, you can connect the Aspiration debit card to Google Pay or Apple Pay.
Aspiration Bank offers the following types of accounts:
The Aspiration Bank Account Types are:
Spend & Save Account
Investment Accounts
Cash Management Account
Retirement Accounts
Aspiration and Aspiration Plus are the two available account types in the Spend & Save Account.
You set the price you want to pay for Aspiration. They have enough trust in you to make this choice because they are confident in their customers and their products. “Pay What Is Fair” with this optional fee. Aspiration pledged to donate 10% of Pay What Is Fair’s earnings to charity.
You can alter your Pay What Is Fair fee as often as you’d like from your account dashboard after choosing it when you first sign up. Fee adjustments are only possible through the web.
Image 2: Pay What Is Fair on the Aspiration Bank website
Image Copyrights reserved to the Aspiration Bank website
ACH, wire, mobile cheque deposits, cash, and direct deposit are all acceptable methods of payment. The Aspiration debit card allows daily purchases of up to $4,000. Your daily Aspiration account ATM withdrawal limit is $1,000. Only USD can be used to open Bank accounts at Aspiration.
Below are some highlights of Aspiration’s wonderful, uplifting features:
Trading Tools available in Aspiration Bank:
Aspiration Zero credit card
Aspiration debit card
Protection of planet
Clean Money
Personal impact score
Beneficial State Bank issues the Aspiration Zero credit card. Zero charges a $60 annual fee and requires a credit score of at least 680. Every time your Zero card is used, Aspiration grows a tree. You have the option to round up your money to support the planting of a tree.
Because of this initiative, using the Zero card just once a day can assist you in becoming carbon-neutral. Aspiration gives you 1% cash back on all of your purchases for each month you achieve carbon zero.
Images 3 : Plant Your ChangeTM on the Aspiration Bank website
Image Copyrights reserved to the Aspiration Bank website
You have the opportunity to earn 0.25% in annual percentage yield (APY) on your savings balance if you use your Aspiration debit card for monthly purchases of less than $500. The 3.0% APY on your savings is only available if you spend $500 or more each month.
Aspiration rewards you with cashback whenever you make a purchase using your debit card at a Conscience Coalition company. With an Aspiration Account, you can earn 3% to 5% cash back; with an Aspiration Plus Account, you can earn 10% cash back.
You have the option to round every debit card purchase to the nearest dollar with Aspiration. Aspiration will grow a tree for every roundup.
Images 4 : Aspiration Debit card on the Aspiration Bank website
I Image Copyrights reserved to the Aspiration Bank websitete
The Aspiration Plus Account is the only one that offers the Planet Protection feature. The amount of carbon offsets required to offset the carbon dioxide generated from a tank of petrol is purchased by Aspiration every time you use the Aspiration debit card to buy petrol for your vehicle. You’ll get a push notification on your mobile device once Aspiration purchases carbon offsets.
Images 5 : Protection of the planet on the Aspiration Bank website
Image Copyrights reserved to the Aspiration Bank website
You might believe that choosing a Bank only has an impact on you. You might not, however, be aware of how Banks use the funds you deposit. Many people believe that the money they deposit at a Bank is kept in a vault in the back. People are frequently unaware of how their own money is being spent in ways that harm the environment. Your deposits won’t be used by Aspiration to support harmful Environmental projects like fossil fuel exploration.
Your personal impact score, which is a numerical score based on how your financial habits affect the environment, is tracked by the Aspiration app. Knowing which location has a higher impact score compared to another can be useful when making a choice.
Depending on the users’ spending patterns, they may even receive a sustainability rating. When customers shop at specific “mission-driven” companies that are part of Aspiration’s Conscience Coalition, they can receive up to 10% cashback. When you use the Aspiration Mastercard debit card to pay your monthly bills, you can receive up to $1,000 in annual mobile insurance.
The lists of benefits and drawbacks of Aspiration Bank are explained in Table 3.
Table 3 : Pros and Cons of the Aspiration Bank Website
 Pros of Aspiration Bank |
 Cons of Aspiration Bank |
|---|---|
|
Wide-ranging ATM network that is free and available everywhere.
Your money won't be used to fund any fossil fuel projects.
No fossil fuel projects will be funded with your money.
In Aspiration, joint accounts are available.
Shop at environmentally friendly businesses and receive up to 10% cashback. |
Not all countries accept debit card payments. No cash deposits are permitted in ATMs. Only available to citizens of the US. No overdrafts are permitted. The Aspiration Plus plan is the only one that allows you to earn interest on your savings. |
Calling, sending a written request, or contacting Aspiration through its Social media accounts are the primary methods of contacting support. In Aspiration, there are no physical branches. The website has a comprehensive glossary of terms related to Aspiration, account features, and other topics.
Table 4 : Customer support service details of Aspiration Bank
 Social Media Pages of Aspiration Bank |
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|---|---|
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800-683-8529 |
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https://www.facebook.com/AspirationInvestments |
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https://twitter.com/i/flow/login?redirect_after_login=%2FAspiration |
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https://www.linkedin.com/company/Aspiration-investments |
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https://www.instagram.com/Aspiration/ |
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https://www.youtube.com/channel/UCbAzYerbQvzGAxxA3vHLFww |
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support@Aspiration.com |
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1. Is Aspiration Legitimate?Aspiration is an authorized financial organization.
2. Is a Digital Card available from Aspiration?
Yes, even before your physical card is delivered, you can start using the digital card after your opening deposit is made available.
3. Are there any Physical Branches of Aspiration Bank?No, Aspiration Bank is primarily a financial institution with an online presence.
4. Is Aspiration Bank affiliated with any ATM fees?No, there are no ATM fees at Aspiration Bank.
5. How exactly does "Plant Your Change" operate?Aspiration’s “Plant Your Change” program uses spare change to plant trees as a way of supporting reforestation efforts. It rounds up purchases done with the Aspiration debit card to the nearest dollar.
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