Spotlight on Aspiration
Before getting into all of the benefits this online banking alternative has to offer, let’s cut right to the chase and address any doubts you might have about online banking services so you can fully appreciate what this financial institution is about.
- FDIC – Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.
- B-Corp – Aspiration is B-Corp certified. B-Corps must have a beneficial impact on society, employees, the community, the environment and profit as legally defined goals. Wells Fargo couldn’t get through this hoop.
- Security – Industry level encryption. Multi-Factor Authentication and 256-bit encryption.
Ok, now the cool stuff.
Why We Like Aspiration
1. Pay What Is Fair – even if it’s zero
Aspiration’s “Pay What is Fair” fee means you pick your fee, even if it’s zero. And you can change it anytime you want. This applies to their high-interest accounts, sustainable investments, no-fee IRAs and other products that were once only available to the wealthy.
2. Free ATMs – worldwide
Seriously. Free access to every ATM in the world. They reimburse you within two business days.
3. High-Interest account
They pay at least 100x more interest paid than big banks.
- Up to 2.00% APY interest on the entirety of balances
4. $10 minimum balance to open an account
Yes, you can open an Aspiration high-interest account right now for 10 bucks.
5. No overdraft fees
The transaction is simply declined.
6. They show you how your purchases impact the world
Your Aspiration mobile app tells you if you are in fact voting with your values. Aspiration offers a mobile app for both iOS and Android with a special feature: Aspiration Impact Measurement (AIM).
AIM provides you with a Sustainability Score based on where you’re shopping and spending, and lets you know if your spending habits are aligned with your values. When you use your Aspiration debit card at AIM scored businesses, you get to see their People and Planet scores –
- People scores – employee pay, workforce diversity, access to healthcare and more.
- Planet scores – greenhouse gas emissions, energy efficiency, renewable energy use.
Investors benefit from data on businesses’ social and environmental practices to make better investment decisions. Now you can, too.
That is what your money is doing for you in an Aspiration account. What is your money doing for the people and the planet?
7. Aspiration commits to donating 10% of its earnings
Aspiration commits to donating 10 cents for every dollar of its earnings. Aspiration’s “Dimes Worth of Difference” donates one dime for every dollar its customers agree to pay to charitable activities that enhance economic opportunity.
Aspiration partners with networks like Accion which provide micro-loans to empower low-to-moderate income business owners through access to capital and financial education. That means you can Make Money and Make a Difference.
These guys are competitive (and they’re green)
When comparing an Aspiration account to a high interest account of a traditional bank, it becomes a no-brainer.
- Traditional banks require you keep a certain amount of money in your account before they pay you any interest. (Usually 0.01%) Aspiration will pay you much more than that with no minimum requirement.
- Traditional banks have monthly fees of $10 and upwards. Aspiration does not.
- Traditional banks charge around $2.50 every time you use a non-brand ATM. Aspiration charges you nothing to access your money via ATM anywhere in the world.
- Traditional banks will overdraw your account if you make even the simplest of errors, and charge you 20-30 bucks for it. Aspiration will not overdraw your account. No surprises.
- Traditional banks generally have horrible track records funding destructive environmental and social enterprises. Aspiration are divested from oil and gas and use their revenue for good.
So, ever seen an account like this?
We haven’t either. The Aspiration Account is a Well Wallet smart move for sure. And you can open yours for $10 in minutes.
(Once you’ve opened an account at Aspiration, you can also become an impact investor for as little as $100.)
The Annual Percentage Yield (“APY”) associated with the Aspiration Summit Account is variable and accurate as of [January 2019]. Rates may be changed from time to time without notice.
Based on a comparison of Aspiration’s up to 2.00% APY interest rate to the following checking account interest rates reported by Bankrate for January, 2019: Wells Fargo (0.01% APY), Chase Bank (0.01% APY) and Bank of America (0.01% APY).
All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard®, Interlink®, Cirrus®, or Maestro® logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.
Aspiration Partners, Inc. and its affiliates are committed to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it’s $0, which is why we call it Pay What Is Fair.
The Aspiration Summit Account provides customers with the ability to see Aspiration Impact Measurement (AIM) People and Planet scores on a range of merchants where they shop using the Aspiration Debit Card. These scores are determined using a proprietary algorithm that incorporates several measures of sustainability performance. For more information, please click here.
Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.