How Does Aspiration Debit Card Work
Aspiration’s Spend has similar features to a traditional checking account. You’ll get an Aspiration debit card to use on your purchases, and you can earn up to 10% cash back. You can use your Spend account to buy groceries, pay your bills, withdraw cash at ATMs, transfer money to other accounts whatever you need.
Aspiration Spend & Save
The Aspiration Spend & Save account is the firms primary cash management account. This hybrid cash account offers many features found with checking and savings accounts, allowing you to spend and save from the same place. Its one account split into separate balances for spending and saving.
The account comes with a complimentary debit card and access to more than 55,000 fee-free ATMs nationwide. Opening an account only requires a $10 minimum deposit. Spend & Save accounts come with check-writing privileges and a complimentary first set of checks.
Spend & Save accounts have a monthly fee structure that could cost you as little as $0. Thats because Aspiration allows its customers to choose their own monthly fee, known as its Pay What Is Fair policy. When you open a Spend & Save account, you get to choose whatever monthly fee you think is fair, with the option to pay nothing at all.
The basic Spend & Save plan pays a very competitive 3.00% APY on the first $10,000 in your Save account each month, so long as youre able to meet certain requirements. You must spend at least $1,000 with your Spend account within a calendar month and have an open and active Aspiration Save account on the date interest is paid. Balances greater than $10,000 dont earn interest.
What Does Aspiration Offer
Aspiration does not offer traditional checking or savings accounts. Instead, Aspiration customers have a CMA, an account that allows you to manage cash, make payments, and earn interest. The Aspiration CMA offerings allow customers to use a single account for their checking account and savings account needs.
Though Aspiration is not a bank, and CMAs are not the same as traditional bank accounts, customer deposits are still insured by the Federal Deposit Insurance Corporation up to $250,000. Thats because the money you deposit to Aspiration is held at one of the institutions partner banks, all of which offer FDIC insurance.
Aspiration Spend & Save
Aspiration Spend & Save is the basic CMA for customers. This account allows customers to spend and save from the same place while still providing you with many of the benefits of a checking account. There are no minimum balance requirements, and you get to choose your monthly fee, which you can set as low as $0. The opening minimum is just $10.
Customers receive a debit card with this account, which earns cash back on purchases from a variety of retailers. You will also earn interest on money that is not spent, which means you can earn money with both the Spend & Save sides of the CMA.
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Any money you do not spend is considered to be in the Save side of an Aspiration CMA. However, unlike a traditional savings account, you are not limited to six savings withdrawals per month.
Aspiration Plus
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Are Aspirations Deposit Accounts Worth It
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Aspiration logo
Aspiration is a financial firm, not a chartered bank. It offers a variety of accounts, with a focus on rewarding customers with cash back for purchases made from ethical companies. The money customers deposit through Aspiration is held at one of its partner banks, which offer FDIC insurance. Check out our in-depth Aspiration banking review to see if its a good fit for you.
- Pros and Cons
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Earn up to 10% cash back on purchases with the cash management account
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Get unlimited fee-free withdrawals at Allpoint ATMs
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Choose your own monthly fee
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No brick-and-mortar branches for in-person banking
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No checks are available with the cash management account
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Paid upgrade required to earn best APY
Is The Aspiration Zero Credit Card Worth It
Yes, this card is certainly worth it. If you have a credit score of above 700, then you can apply for a credit card. You also need to meet other requirements like the age limit of 18 years.
Aspiration Company is committed to reducing its carbon footprint, and it does it by planting more trees. Apart from planting trees, they also donate some of the money to charitable organizations. Therefore, this credit card is good for eco-conscious people, as it helps them care for the environment.
However, Aspiration has some downsides, such as the high fees. The credit card fee of $60 per year is significant. This is considering that there are other credit card companies that have relatively lower fees.
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Investment Options With Aspiration
In addition to its valuable Spend & Save Account, Aspiration also offers customers the chance to invest in the Redwood Fund, a fossil-fuel-free fund that invests in companies that engage in sustainable environmental and employee practices. If youre planning to save for retirement, theres also a Redwood Individual Retirement Account that provides the same sustainable investment options.
With both investment accounts, the minimum opening deposit is $10. You do not need a Spend & Save account to open an investment account through Aspiration.
Earn Cash Back Of Up To 10%
You earn 0.5% unlimited cash back on all qualifying purchases you make with the card. But if you use the card 60 times a month, you not only get to net zero, you get to earn 1% in unlimited cash back. You can also get to 1% cash back if you round up your change on 30 qualifying transactions through the Aspiration Plant Your Change program.
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Aspiration Zero Credit Card Fees
When you sign up for the credit card, you get a $300 bonus. However, you must use $3,000 in the first 90 days of opening the account to get the bonus.
The credit card has an annual fee of $60, and you get a foreign transaction fee of 2%. They also charge a returned payment fee of $35 and a late payment fee of $10.
And did we mention the cash advance fee of $10 or 5%, whichever is higher? Yes, there is that one too. Lastly, there you are also charged $5 or 3% for your balance transfers, whichever is higher.
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Features Of The Aspiration Zero Credit Card
Everyday purchases lead to planted trees
Whenever you use your Aspiration Zero card, one of Aspirations global reforestation partners plants a tree. Round up your purchase to the nearest dollar to plant a second tree.
» MORE:Do eco-friendly credit cards deliver on their promises?
Use the card more often to earn extra cash back
Aspiration encourages you to make the Aspiration Zero your primary credit card by rewarding you with a higher cash-back rate if you use the card more. The base cash-back rate is 0.5%, but if you use the card often enough to effectively eliminate your carbon footprint for the month, youll instead earn 1% back on your purchases for the entire month.
Aspiration defines “carbon zero” as 60 trees planted through your spending per month, which they calculated using third-party data of the average carbon footprint, plus the effect of trees on said footprint. Again, your carbon footprint is assessed monthly, so you may reach the higher cash-back rate some months and not others. Depending on whether you opt to round up to the nearest dollar for that extra tree, it takes 30 to 60 purchases in a month to earn 1% cash back.
With other cards offering 1.5% cash back or more, the Aspiration Zero wouldnt be the first choice for anyone who wants to maximize their earning potential. Its main focus is rewarding cardholders with carbon offsets.
Track the environmental impact of where you shop
The card itself is biodegradable
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Youll Pay Zero Atm Fees Around The World
The average fee across the banking industry for using an out-of-network ATM is $4.68, according to BankRate.com.
But with Aspiration Banks FDIC-insured Summit Account, that fee is a big, fat goose egg: Zero. And that applies to both domestic and foreign ATMs.
Furthermore, theres no monthly minimum balance required and no hidden fees of any other kind.
Spend & Save Accounts
Aspiration offers a cash management account called Spend & Save. These two accounts are the only bank accounts offered by Aspiration, and you receive access to both when you open a new account. Aspiration customers cant opt-out of either account because they are a package deal.
Aspirations Spend account resembles a checking account and is meant for everyday use. Only the Spend account is accessible with the Aspiration debit card. Like a traditional checking account, you can also receive paper checks to use with your Spend account. Your first set of checks is free with Aspiration.
Your Save account works like a savings account and provides a safe place online to keep your funds.
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Aspiration Banking Review : Will It Work For You
Last updated June 28, 2022| By Lance Cothern| Edited ByMelinda Sineriz
FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author’s own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.
When you consider banking products, you usually look at the fees the organizations charge and the interest rates they pay. In a unique twist, Aspirations Spend & Save products offer low fees and potentially high interest rates with a bigger purpose.1
The company aims to help you save money and save the planet at the same time. In an even more unexpected twist, you get to pay what you feel is fair for its basic Aspiration plan. Some of its advanced features are only available with its paid Aspiration Plus account, however.
Learn the details you need to know before you consider signing up in this Aspiration review.
Quick Summary
$150 Bonus and up to 10% Cash Back
- Earn cash back rewards – up to 10% – when you spend with your debit card
- Get $150 bonus when you spend $1000 in the first 60 days
- Up to 5.00% APY interest as of June 21, 2022
Aspirations Commitment To Good
What makes Aspiration stand out from the crowd is its commitment to do good. It donates 10% of its profits to charities that help struggling Americans build a better life. And it lets you opt into these sustainable banking features:
- Planet Protection: Have a long commute? Drive a ton? With Planet Protection, Aspiration will automatically purchase carbon offsets when you swipe your Aspiration card at the pump. This is a feature bundled into Aspiration Plus, which costs $3.99 per month .
- Conscience Coalition: Conscience Coalition members are companies that are doing good, and you can get more cash back when you shop with your Aspiration debit card at these places, which include Warby Parker, TOMS, Blue Apron, Lola and Reformation, to name a few.
- Aspiration Impact Measurement : For each purchase you make, Aspiration will give you a Sustainability Score based on how a business treats its people and the planet.
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Not Ideal For Everyone
Unfortunately, the Aspiration Zero Mastercard is not ideal for everyone. It is a good option for people who have a good or excellent credit score.
Therefore, if you are still struggling to build up your credit score, this card might not be your best option. They only encourage people with a good credit score to sign up for the card.
Aspiration Review Vs City First Bank Review
City First focuses on community development, specifically in the DC area. Your deposits are used to disperse loans, and 80% of City First loans go toward causes such as housing development, community services organizations, and charter schools.
If you care about the environment, you may like Aspiration. But if you’re more concerned with community development and/or live in the DC area, you might prefer City First.
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Is Aspiration Right For You
Aspiration can be great for anyone no matter your income, spending habits or savings.
Because it doesnt have any account minimums and there are no overdraft fees, it can be great for college students or anyone getting by paycheck to paycheck. And it makes saving money easy.
Bottom line: With Aspiration, the biggest perks are that you can save a ton on fees and also even make some extra money from your debit purchases and your savings balance. Plus, it takes only a few minutes to .
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 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 don’t care for cash back rewards. Its APY is one of the highest we’ve seen — though you have to meet some qualifications to reach its top tiers. The Axos Bank Rewards Checking Account also includes unlimited domestic ATM fee reimbursements.
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How Aspiration Stacks Up
Aspiration is an alternative way to bank, particularly for customers fed up with traditional banks. Its transparent about its pay-what-is-fair fee model. It has a high interest rate Spend & Save account and reimburses customers at ATMs. Aspiration has some great feel-good features, but there are some things that make it difficult to fully commit to its platform.
For one, theres no way to deposit physical cash, which is a problem most online banks have. And it could be a potential problem for people who need to put money in their account quickly to pay a bill or transfer money.
The other hang up I have is that customer service is more responsive to emails than phone calls. If Aspiration is going to give out AIM scores for other businesses and go after other financial institutions, it should offer more customer support options like a chat feature and phone support representatives for the phone number it provides on its website. The company is still young and growing, so there may be more development in that area.
As a cash management service for the non-wealthy and socially conscious, Aspiration is great. It doesnt cap the number of reimbursements youll receive from ATMs and theres no minimum balance to maintain. Plus, you can use your dollars to align your finances with a worthy cause while still earning interest.
Interested In Opening An Account
The minimum deposit youll need to open an Aspiration Account is $10. Get started with the simple application process here.
Once youre signed up, youre encouraged to invite friends and family to sign up, too. For every person who joins you, Aspiration will donate a total of $50 $25 for you and $25 for your friend to the charitable cause of your and their choice.
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What Is The Difference Between Aspiration And A Traditional Bank
Aspiration is not a bank. Instead, it offers a cash management account as a registered broker-dealer. Because it is not a bank, it cannot directly offer FDIC insurance. Instead, it must deposit customers funds in FDIC-insured institutions to obtain FDIC insurance.
From a product perspective, Aspiration offers higher APYs on its accounts than most traditional banks as long as you meet the $1,000 per month spending requirement. Aspiration also focuses on sustainability to help save the planet.