Founded in 2013 with a mission to revolutionize personal finance, Aspiration has quickly gained traction as a leading ethical financial firm based in the United States.
Aspiration offers a range of innovative financial products geared towards environmentally and socially conscious consumers. These include sustainable investing options, cash management accounts with competitive yields, and a fee-free debit card that rewards users for spending sustainably.
The Aspiration debit card stands out with features like cashback rewards on environmentally friendly purchases and the ability to round up transactions to plant trees through the “Plant Your Change” program.
In this review, we will dive deeper into the key features and benefits of Aspiration.
Overview
Aspiration excels in transparency and customer empowerment by allowing users to choose their own fees based on the value they perceive, fostering a unique sense of trust and accountability. Their commitment to sustainability extends to their banking practices, ensuring that every dollar deposited is invested in socially beneficial projects and companies.
Despite its strengths, Aspiration is currently available primarily in the United States, limiting its accessibility to a global audience. Additionally, while it offers competitive rates and innovative features, traditional banking services like physical branches are not available.
In addition to its core banking services, Aspiration offers a range of innovative financial products designed to empower customers to align their banking with their values and make a positive impact on the world.
Founded on the principles of sustainability and social responsibility, Aspiration provides options like sustainable investing portfolios, which allow users to invest in companies that prioritize environmental and social governance (ESG) criteria. These investments are aimed at generating financial returns while promoting positive environmental and social outcomes.
Aspiration’s flagship product, the Aspiration Spend & Save Account, combines everyday banking features with a commitment to transparency and fair fees. Customers can opt to pay what they think is fair, with no hidden fees and access to fee-free ATMs nationwide. The account also includes a debit card that rewards users with cashback on purchases made at environmentally-friendly businesses.
The company’s dedication to transparency extends to its charitable initiatives, as Aspiration pledges to donate a portion of its revenues to charitable causes. This approach allows customers to support causes they care about simply by banking with Aspiration.
Pros and Cons
Pros
- 1-3% APY in savings account (depending on the plan)
- Cashback in conscious purchases
- Support the environment
- Low minimum opening deposit required
- Ergonomic and intuitive app
Cons
- Limited account options
- No interest earned on a balance over $10,000
- No ability to deposit cash
- Response times from customer service can be slow
Account Types
With Aspiration, you have two options for current accounts:
- Spend & Save – free of charge
- Spend & Save Plus – $7.99/month
The Spend & Save plan comes with:
- 1,00% APY on your savings
- Up to 3-5% on conscious shooping
- Access over 55,000 free in-network ATMs
- Get paid up to 2 days early
- Option to fund planting a tree
The Spend % Save Plus plan comes with:
- 3,00% APY on your savings
- Up to 10% on conscious shooping
- Access over 55,000 free in-network ATMs
- Get paid up to 2 days early
- Option to fund planting a tree
- One out-of-network ATM reimbursement monthly
- Mastercard® Purchase Assurance
How to open an account
In order to use Aspiration, you will need to download the application and credit your account to start using the platform (you will need to transfer money from another bank account).
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
- Are able to verify yourself in one of our supported languages
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
Because Aspiration operates entirely online, you’ll need a U.S. bank or credit union account for transferring your $10 minimum opening deposit for Spend & Save.
Note that you can only open your Aspiration account in USD. That’s the only accepted currency!
The Aspiration Card
No matter which account you choose, your Aspiration card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International Money Transfer Fees
Aspiration has become increasingly popular due to doesn’t charge exchange markups. So you get what your money is worth, without conversion fees (using only the real exchange rate, provided by Mastercard).
However, while you will need to pay a $19.50 fee for each international transfer made.
Cash Withdrawal Fees
Cash withdrawals from Allpoint ATMs are free and there is not an overdraft fee!
However, there aren’t many of them, especially outside the U.S. and Europe. Therefore, in many cases, customers will have to withdraw cash from other ATMs. This action involves a fee for each withdrawal, it is not known in advance, since it is calculated individually for ATMs of different firms and in different regions.
The same applies to international transfers and bill payments, the fee cannot be calculated in advance, only right before the payment.
Safety Measures
Money deposited into Aspiration is held at FDIC-insured banks, so your funds in these deposit accounts are as safe as they would be in any U.S. bank. While risk is inherent in all investment accounts, Aspiration is an SEC-registered broker-dealer and a member FINRA/SIPC, meaning your assets are protected.
In fact, Aspiration policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.
In order to ensure your card’s security, Aspiration offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Aspiration is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Aspiration primarily serves customers within the United States, offering its innovative financial products to residents across the country. This localized approach ensures that anyone residing in the U.S. can easily access Aspiration’s diverse range of banking solutions designed to align with ethical and sustainable principles.
This availability means that if you reside in United States, you can easily open an account and access Aspiration wide array of financial services.
Costumer Service
In the app and user account on the website, customers can access the number of the call center. An email is an alternative option to contacting technical support.
Although, Aspiration has no live chat or chatbo, customers can contact managers through the bank’s official accounts on social platforms.
In addition, the website and app have a basic FAQs section and a blog with up-to-date information on the bank’s activities.
Bottom line
Aspiration has swiftly risen as a notable force in the financial sector, distinguishing itself with a commitment to ethical and sustainable banking practices.
Founded with a mission to offer financial products that empower individuals to make a positive impact on the environment and society, Aspiration provides a range of innovative services. At its core is the Aspiration Spend & Save Account, which integrates traditional banking features with a transparent fee structure that allows customers to choose their own fees based on the value they feel they receive. This account includes a fee-free debit card that rewards users with cashback on purchases made at environmentally-friendly businesses, promoting sustainable spending habits.
In addition to its banking services, Aspiration offers sustainable investing options, enabling customers to invest in companies that prioritize environmental and social responsibility. These investment portfolios aim to generate financial returns while supporting causes aligned with customers’ values.
Despite its strengths, Aspiration is currently available primarily in the United States, which limits its accessibility to a global audience. Furthermore, traditional banking services such as physical branches are not offered, as Aspiration operates entirely online.
In conclusion, Aspiration stands out for its pioneering approach to integrating financial services with sustainability and social responsibility. Whether you’re interested in ethical banking, sustainable investing, or supporting environmentally-friendly businesses through everyday spending, Aspiration provides a compelling choice for individuals seeking to align their financial decisions with their values within the United States.
