Aspiration (an online investment company) and Radius Bank (an FDIC-insured, online bank) have teamed up to offer The Aspiration Summit Account. This is a high yield checking account that has no monthly fees and offers free worldwide ATM access. In fact, the interest rate on this checking account rivals the top savings accounts on the market. Upon the account's release, it was quickly labeled by many reputable news publications as the best checking account in the country. It’s hard to argue with this when considering its appealing combination of low fees and high interest.
It’s worth noting that while this summary is dealing mostly with the deposit accounts available at Aspiration through Radius Bank, Aspiration also offers a couple investment accounts that are aimed at middle-class consumers and seek to provide investment opportunities and advantages that traditionally are only available to wealthier consumers. Assets in these investment accounts are held by UMB Bank.
Aspiration’s consumer products are impressive, but equally impressive is the company’s commitment to giving back to the community. Through their “Dimes Worth of Difference” program, they donate a tenth of their revenue to various charities that seek to advance economic opportunities for the less fortunate.
Aspiration is headquartered in Marina Del Rey, CA. Any US citizen or lawful resident over 18 can open an account.
I have been banking with Aspiration for over a year now and I have loved their customer service and account offerings. I have the Aspiration Summit account that has a high interest rate. There are no fees associated with the account and you have the option to pay the bank what you think they deserve. The bank also has investment opportunities like, "The Redwood Fund," which allow you to invest as little as $100 in a sustainable investment fund. All ATM fees are reimbursed for using any ATM in the US. The only negative that I can report is that I had to wait a long time to get accepted as a new account holder. There is a waiting list to join the bank. I would highly recommend this bank for anyone looking for a high interest no fee account, but be prepared to wait a little while.
tl;dr the title
I have an Aspiration account that unless something changes I'll be closing this year.
Their ATM reimbursement is their best feature but you can get it with more and better features and rates elsewhere. Their web software is also just alright and I have no interest in their mutual funds.
They're an interesting new fintech company but not the right fit for me.
When 1% was a decent rate for idle money they lost a lot of good will when they added in rate tiers. Thankfully banks are plentiful so there's no need to remain with one you don't agree with.
I have been a memeber of this bank for a year now and there have been nothing but problems, it takes at least 45 min to 1 1/2 hours to talk to a live person and I’ve have email requests answered a week later when my paycheck wasn’t showing in my account. Terrible customer service and even worse banking.
I am an Aspiration account holder. I have been trying for multiple days to call them to speak to someone in person about an issue with my account. Whenever I call, estimated hold times are 2 hours! There is an option to request a callback instead of waiting. Everytime i get a callback it is hours later and is a robot voice informing me that my callback request has been unsuccessful and lists multiple reasons why this might be the case.
What a joke! This is the worst customer service! Amateur tele spam calls have better customer service phone lines than you! Seriously, you need to add more phone service ! 2+ hours hold time! You think this is acceptable?!
I would give 0 out of 5 stars but that is not an option, you dont even deserve 1 star!
|FDIC Certificate #||32551|
|Return on Assets - YTD||1.01%|
|Return on Equity - YTD||11.23%|
|Annual Interest Income||$35.8MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$1.29B$1.10B|
|Loans||Q3 2018vs Q3 2017||$934.8MM$813.7MM|
|Deposits||Q3 2018vs Q3 2017||$1.12B$918.9MM|
|Equity Capital||Q3 2018vs Q3 2017||$111.8MM$106.1MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$6.9MM$6.9MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$11.3MM$14.3MM|
|Real Estate Owned||Q3 2018vs Q3 2017||$0$0|
Always verify rates and promotions with the bank or credit union. We are not Aspiration; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.00%||-||-||The Summit Account|
Aspiration is an Internet only bank and does not have branch locations. Its headquarters is located at 4640 Admiralty Way - Marina Del Rey, CA 90292