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A spend and save combo account with no monthly fees and free access to ATMs around the world.
finder.com’s rating: 4.8 / 5.0
With a focus on doing good, Aspiration separates itself from other financial firms by committing to donate 10% of its earnings to charity.
With this cash management account, you get to choose how much you’d like to pay in monthly service fees — if any at all. You’ll also enjoy free access to every ATM in the world, unlimited cash back on debit card purchases and up to a 1.00% annual percentage yield (APY) on your Save balance. Moreover, with its mobile app, you can check your account balance and track businesses that make a positive impact on the world.
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
Must read: Aspiration Summit account
As of August 2019, all Aspiration Summit accounts have been converted to Spend & Save accounts. If you had a Summit account, your debit card and routing number will remain the same, but you will have a new account number.
If you’re a new customer, you’ll be able to open a Spend & Save account instead of a Summit account.
What are the benefits of the Aspiration Spend & Save Account?
There’s no shortage of low-fee, high-interest online accounts. But few let you support charities that change the world. Investment firm Aspiration Financial does, along with offering a number of other benefits:
Cash management services for social good.
Charitable donations. Aspiration commits to donate 10% of its earnings to charity. It maintains multiple funds to disperse its contributions, including the Poverty Fund, Water Fund, Education Fund and Environment Fund.
Aspiration Impact Measurement. Check the impact of your spending with its two ratings: a People Score and a Planet Score. Spend with high-scoring businesses to increase your Sustainability Score and earn extra cash back. The higher your score, the more confidence you have knowing your money is going toward improving the world.
Referral program. When you refer a friend, Aspiration will donate $25 to the charity of your choice and another $25 to one of your friend’s.
Cash management services designed for you.
No monthly or overdraft fees. There is no mandatory monthly service or overdraft fee for this account, and other service charges are lower than its competitors. For example, wire transfers only cost you what Aspiration pays: $0.82.
Excellent interest rates. Aspiration offers an industry-leading interest rate. You’ll earn up to a 1.00% APY on your Save balance.
Free ATM usage. Use any ATM in the world for free. Aspiration won’t charge fees for using ATMs and will reimburse fees charged by ATM owners.
Unlimited cash back rewards. Earn cash back whenever you use your Aspiration debit card, with extra cash back for spending at “businesses with a conscience”.
Low minimum opening deposit. The minimum to open an Aspiration Spend & Save Account is $10. That’s a low threshold, especially as many accounts require at least $25.
Security. Deposits are FDIC insured up to $2 million because Aspiration sweeps account balances to multiple FDIC-insured financial institutions, which are all screened for environmental friendliness.
Easy access. Use the Aspiration mobile app or website to access your account online, including to check your account balance, view transactions, deposit checks, transfer money, pay bills and add money to your investment account. As of January 2019, the app had improved from a 3 to a 4.9 rating in the iOS App Store, while its Android experience has garnered a 4.1 rating in the Google Play store.
What to watch out for
Here are a few things to watch out for when opening an account with Aspiration:
No physical branches. Aspiration operates entirely online, meaning you’ll need to call or go online to contact customer service, and check deposits can only be made through your mobile app.
Optional monthly fee. While there is no mandatory monthly fee, Aspiration makes money from donations or tips, ranging from $0 to $10.
Limited product selection. As an investment firm, Aspiration doesn’t offer savings accounts, money market accounts, CDs and other common accounts, so you might want to keep looking if you want all your accounts at one institution. This also means you can’t link your account for overdraft protection.
Compare the Aspiration Spend & Save Account to top checking accounts
How do I apply?
You can apply for the Aspiration Spend & Save Account or a standalone Aspiration Save Account online within minutes:
1. Visit the Aspiration website and click Sign Up at the top right corner. 2. Enter your email address and click Get Started. Aspiration will send you a link to sign up for an account. 3. Open the email from Aspiration and click Join Now. 4. Create an account by entering your email address and creating a password. 5. Complete the application with information like your name, date of birth, Social Security number and employment information. Fund your account with an opening deposit and pay a fee if you’d like. Then review your deposit and submit your application.
Contact details including phone number and address
Social Security number
How do I make deposits or withdrawals?
Despite being an online-only institution, it’s easy to access your money:
Mobile check deposit
Visit any ATM worldwide
How do I contact customer service?
To get in touch with Aspiration customer service you can:
Email: Fill out the form on the Aspiration contact page
What other products does Aspiration offer?
Aspiration Financial is an investment broker-dealer and can help you grow your investments or save for retirement, all while donating to charity.
With a $10 minimum deposit, you can get started with Aspiration’s managed funds:
Redwood Fund. Invest in companies that support sustainable environmental policies.
Flagship Fund. Invest in multiple mutual funds at once to spread your risk.
Open an IRA with a $10 minimum deposit. Choose between the Redwood IRA and Flagship IRA.
Daily spending and transfer limits
There is a $1,000 daily limit for cash withdrawals from an ATM and a $4,000 daily limit for PIN purchases or any charges requiring your signature.
You’ll also be limited to a $5,000 daily outgoing transfer limit and a $1,000 daily incoming transfer limit. These limits only apply to transfers made on the bank’s online platform.
For the first 30 days after you open your account, you’ll have lower limits on ATM withdrawals, debit card purchases and transfers. Once you’ve been with Aspiration for more than 90 days, your incoming transfer limit may change depending on your account type.
Aspiration is best for those looking for an account that is also socially conscious. This versatile cash management account comes with a strong savings rate and almost no fees. Best of all, you’ll rest easy knowing you’re working with a socially conscious firm. It’s rare to see any company commit to donate a portion of its earnings, and Aspiration sets an admirable example.
However, this company isn’t without its weaknesses — it doesn’t offer physical branches and has a limited product lineup.
If you’re looking for an account with more branch locations, you’ll want to keep looking. As always compare your options when choosing a checking account.
Frequently asked questions
You can open an Aspiration Spend & Save Account with as little as $10.
No, you must be a US citizen or permanent resident in order to open this account.
No. It doesn’t have any accounts that are specifically designed for students, but that doesn’t prevent students from opening an account if they are 18.
Yes. This account comes with a Mastercard debit card.
Checking account ratings
★★★★★ — Excellent
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★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
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