Wondering for US-based digital bank 2021, Than here in the article, we are gonna do Aspiration Bank Review 2021 with its Pros / Cons.
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What is Aspiration Bank?
Aspiration is a US-based digital bank founded in 2013, which provides financial services online at your home. It is a branchless bank, meaning it does not have any physical branch located anywhere.
It does not hold a banking license, it is an SEC-registered broker. The deposits made by clients are secured by Federal Deposit Insurance Corporation (FDIC).
It has more than 2 million clients as of now. Top US celebrities are even part of the bank.
Its function is to provide support to small-scale businesses and to focus on socially and environmentally concerned projects. It does not use the client’s money in any of the projects supported by them.
Aspiration Premium Account
Aspiration offers a premium account, called Aspiration Plus. The fee for this service is $7 per month or $69 per year.
The benefits of Aspiration Plus are:
- 10% cash back at selected partners
- 1 out-of-network ATM fee rebate per month
- up to 1% interest on first $10,000 in account carbon offsets for all gas purchases through Planet Protection feature
- bank card made from recycled plastic
Aspiration Account Top Up Method:
- Wire transfer
- Direct deposit from employer
- Mobile check deposit
- Electronic bank transfer
- Via third party app (venmo, paypal,& more)
Account Opening & Maintenance Fee
Account opening at Aspiration is free, but you are required to pay a $10 minimum deposit to check the account. On the other hand, the maintenance fee is charged on the basis of the “pay what is fair” principle. In this, you have to decide on a charge between $0-20.
If the charges provided by you are suitable to them, you are now set to move further with your transactions.
Getting an Aspiration card is free, they do not charge any delivery charges as well. Even in case of loss and theft, your card is replaced at no additional cost.
Aspiration Bank does not charge for any foreign transaction, but you have to pay 1% as an international transfer fee charged by Mastercard.
All withdrawals within Allpoint network ATMs are free. Any withdrawal outside this network is charged according to the ATM service provider.
The initial limit on ATM withdrawal is $500, but it will increase to $1000 in 1-2 months of regular transactions.
Electronic, i.e. Automated Clearing House (ACH) bank transfers from your Aspiration account are free. Outgoing wire transfers cost $4.50 within the US and $19.50 for international transactions, while there is a $2.06 fee for all incoming transactions.
Aspiration Bank features
- Your savings are stored in your Savings Account so that you can easily check and manage them.
- Joint accounts are available.
- It supports Apple Pay, Google Pay, or Samsung Pay.
- You can link your account to third-party apps like PayPal, Venmo, Mint, Square Cash, & more.
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Aspiration Bank Additional Features
Aspiration is a bank that focuses so much on ethical practices. The bank is environmentally conscious, it invests all its amount in environmentally protective projects. It never uses the fund of its clients to empower fossil fuel projects.
It provides a list of non-profit organizations which pay much attention to environmental needs and work for climate change and betterment.
It can provide 3-5% cashback, this is the feature introduced by Aspiration. Here they have designed the AIM score. The score is generated by Aspiration for different companies with respect to their performance in terms of environment protection.
You will usually get 0.5% of the cashback from the companies that have average scores. This cashback will rise up to 5% for companies who have a high AIM score. If you are an Aspiration Plus customer then in that case cashback will be up to 10%.
You can check your sustainability score, with the help of your card.
10% to charity: Through “Dimes Worth of Difference,” Aspiration commits to donating 10% of its earnings to charitable activities.
Another feature provided is Plan your Change, with this you allow Aspiration to round off your transactions to nearby amounts. The difference is allotted for planting new trees. In this, you will get a cash reward after reaching a certain milestone.
You can also open an investment account at Aspiration, through which you can invest in its Aspiration Redwood Fund, an ESG (Environmental, Social and Governance) fund that does not invest in fossil fuels or firearms companies. Aspiration also offers retirement accounts (IRAs).
Is Aspiration Bank Legit?
Yes, it is safe. Although Aspiration does not hold any banking license but has partners with several banks, which holds accountability of funds invested by clients. Money deposited here is secured by FDIC.
Aspiration Bank debit cards are provided by Coastal community bank, based in Washington. It has provided a list of banks he has partnered with. Those are;
- Coastal Community Bank
- Ion Bank
- Bremer Bank, NA
- Bank of New Hampshire
- Manufacturers Bank
- C3 Bank, NA
- The Freedom Bank of Virginia
- Bridgewater Bank
- Nano Banc
Aspiration Bank Pros/Cons
|You can set your own fee||Available only for US customers|
|Socially conscious banking service||Lengthy account opening process|
|Upto 3-5% cashback||Not so user friendly banking services|
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