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Aspiration banking products: Savings, Checking, and CDs

Choose a bank that promises ethical investments and no monthly fees


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Aspiration Bank gives you the opportunity to invest your money in a bank that promises to give 10% of its earnings to charity and only invest your money in socially and environmentally responsible ways. But with limits on both account options and features, this digital-only bank isn’t the best option for everyone.

Compare Aspiration bank products

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Up to 1.00%
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.

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What banking products does Aspiration offer?

As part of its commitment to ethical banking, Aspiration offers the following accounts and investment products:

Personal banking

Cash Management
  • Spend & Save. This account offers cashback rewards, five free monthly ATM withdrawals, and 1.00% APY if you make an external deposit of at least $1,000 a month into any of your accounts.
Mutual Funds
  • Redwood Fund. An investment fund that actively looks for companies that meet environmental, social justice and governance standards to invest your money.
  • Flagship Fund. Lower volatility, long-term investment fund that only requires a $10 deposit.
  • Redwood IRA. The same as the Redwood mutual fund, but with the structure of a traditional IRA.
  • Flagship IRA. A lower volatility, traditional IRA designed for long-term investing.

Why should I open an account at Aspiration Bank?

Aspiration starts with a mission, but without skimping on the benefits:

  • You set the monthly fee. Choose to pay anywhere from $0 to $100 a month or more, depending on what you think is fair — 10% of what you pay is donated to charity.
  • Five free ATM withdrawals. Aspiration will reimburse any ATM fees on your first five transactions.
  • Invest in a clean environment. Your money isn’t used to invest in fossil fuel companies.
  • Track your impact. The Aspiration Impact Measurement app allows you to track the environmental impact of your spending.
  • Conscious Coalition. Earn greater cashback rewards when you use your debit card to shop at select stores that have partnered with Aspiration and its mission.
  • Free phone protection. If you pay your mobile bill with your debit card, you get up to $600 in phone protection for free.
  • Make charitable donations. Aspiration vets charities under seven categories and helps you make tax-deductible donations where every dollar you give goes directly to the charity.

What should I look out for?

As a digital bank, Aspiration comes with a few limitations:

  • No bank branches. Aspiration is an online-only bank with customer support access limited to phone support and an online request form.
  • No CDs or money market accounts. Your investment options are limited to mutual funds and IRAs.
  • No cash deposits. Use your ATM for withdrawals, but Aspiration doesn’t accept cash deposits.
  • Customer support issues. While some customers rave about Aspiration’s customer service, the Better Business Bureau and other customer review sites show a history of complaints varying from missing transfers to policy changes.

Aspiration Bank customer service

Contact Aspiration Bank’s support staff in the following ways:

  • Call 800-683-8529 weekdays from 6 a.m. to 6 p.m. or weekends from 8 a.m. to 4 p.m. PST
  • Fill out the Contact form from the website.

Bottom line

Aspiration Bank’s commitment to values-based investment makes it a great choice for anyone comfortable with digital banking and looking to manage their money in a socially and environmentally conscious way. But if the limited account and investment options aren’t for you, shop around to find a bank that better suits your needs.

Common questions about banking at Aspiration Bank

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