Aspiration Review: The Pros and Cons of This Online Account

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When it comes to successfully managing your finances, you’ll need to take some time to figure out where you want to keep your money.

This is a big decision. You don’t want to stash your money in a checking account that’ll hit you with hefty fees each month. Nor do you want to stick it in an account that doesn’t offer any perks (think: cash back, savings interest).

So, it’s time to shop for an account. One option? The Aspiration Spend & Save Account. (Formerly the Aspiration Summit Account.) Spend & Save is one fintech account that has separate checking and savings balances.

Aspiration’s pledge to be environmentally and socially responsible is a huge bonus on top of its financial perks that’ll appeal to just about anyone. Rather than funneling money into some of these big financial firms and corporations that are in it for the profit, Aspiration’s team actually genuinely cares about important causes.

At its core, Aspiration is a socially and environmentally conscious company that can help you make more sustainable choices — while making the most of your money.

In our Aspiration review, we’ll tell you all about the account’s financial and environmental benefits, as well as pros and cons to help you decide whether the account is right for you.

What makes Aspiration stand out from the crowd is its commitment to do good. It donates 10% of its profits from monthly fees to charities that help struggling Americans build a better life, and the company never invests your deposits in fossil fuels, private prisons or weapons manufacturing.

Maybe the coolest part: Aspiration lets you opt into these sustainable banking features:

Aspiration’s answer to a checking account is the “Spend” portion of its Spend & Save Account. It includes a cash-back debit card and unique banking features for environmentally conscious customers.

An Aspiration account is free to open, though Aspiration does have a “Pay What Is Fair” model. To tap into perks including Planet Protection, you’ll pay a $7.99 monthly fee ($5.99 a month if you’re an annual subscriber) to access Aspiration Plus. Aspiration Plus gets you 10% cash back (rather than 3% to 5%) on your Conscience Coalition purchases.

Use Aspiration Spend like any checking account, including to pay your bills. You’ll get your first set of checks free, and you can use Aspiration Payments, which lets you electronically schedule the delivery of a paper check to an individual or business for free.

An Aspiration account is free to open. To tap into perks including Planet Protection, you’ll pay a $5.99 monthly fee to access Aspiration Plus.

Aspiration’s version of a savings account is the “Save” portion of its Spend & Save Account. It’s a high-yield savings account, with extra interest to earn for customers who meet certain spending and membership criteria each month.

Here are the details for the somewhat complicated interest rate structure for the Save account:

Aspiration offers two more products to help you round out your money management with planet-friendly choices.

The Aspiration Zero Credit Card offsets your carbon footprint and rewards you for it. The company plants a tree for every time you swipe the card and gives you the option to round up your purchase to plant a second one. Get to carbon zero by using the card at least once a day, and you’ll earn 1% cash back for the month.

Right now, customers can earn a $300 bonus when they sign up for the Aspiration Zero card. Just spend $3,000 within your first three months to earn the reward.

Note: Aspiration is clear that “good credit” is required.

The Aspiration Redwood Fund is one of the earliest sustainable investment funds (ESGs). It analyzes companies’ environmental, social and governance practices to choose investments that have potential for financial growth and are sustainable for people and the planet.

With an Aspiration account, you decide how much your monthly fee will be — starting at $0. Through its “Pay What Is Fair” model, the company trusts customers to choose a monthly fee that’s fair for your wallet and fairly reflects the service you get from Aspiration. You can change your fee anytime.

For extras, including wire transfers and other services banks typically charge fees for, Aspiration charges just what it costs the company to provide the service — so it won’t pocket an extra for its trouble. You can’t overdraft on your Spend & Save Account, so you don’t have to worry about overdraft fees, either. ATMs are free to use as long as you use one of the 55,000 in-network options.

For $5.99 a month (billed as $71.88 annually), you can become an Aspiration Plus member for extra perks: Planet Protection, 5.00% APY on savings, 10% cash back on Conscience Coalition purchases, a debit card made from recycled ocean plastic and one out-of-network ATM reimbursement each month. (If you don’t pay annually, the monthly account fee is $7.99.)

Is the Aspiration Spend & Save Account what you’ve been looking for? Getting started is super easy.

Just create a log-in and verify your identity. (This requires your Social Security number, which is typical for any new financial account you sign up for.)

From there, you’ll link your existing checking and/or savings account so you can funnel your money over. You’ll also want to set up direct deposit with anyone who sends you a paycheck.

Signing up shouldn’t take more than a few minutes — no standing in line or sitting on hold with a customer service agent. Plus, you can open an account (even an investment account!) with as little as $10.

Aspiration can be great for anyone — no matter your income, spending habits or savings.

Because it doesn’t have any account minimums and there are no overdraft fees, it can be great for college students or anyone getting by paycheck to paycheck. And it makes saving money easy.

Bottom line: With Aspiration, the biggest perks are that you can save a ton on fees — and also even make some extra money from your debit purchases and your savings balance. Plus, it takes only a few minutes to sign up.

We’ve found a lot to like about Aspiration as you can see by our long list of pros and much shorter list of cons.

Here are our answers to common questions about banking with Aspiration.

Aspiration is totally legit but it’s not a bank. Like most other online banking platforms, Aspiration is a financial technology company that partners with FDIC-member banks to hold and insure your money. It partners with up to 10 institutions, which means you have access to more FDIC insurance than you would with most banks, up to $2 million. Aspiration accounts are offered through Aspiration Financial, LLC, an investment broker, and insured through its Insured Bank Deposit Program.

Aspiration’s Redwood Fund is an ESG investment fund made up of companies selected for sustainable environmental, social, leadership and hiring practices — characteristics that have historically shown to mean financial sustainability and growth for businesses, as well. The fund comes with an administrative fee of 0.50%, and no front load fees, back load fees, per transaction fees, performance fees or redemption fees.

When you set up direct deposit with your Aspiration Spend & Save Account, you can get paid up to two days early. Money will be available in your account as soon as the payer authorizes payment, rather than waiting until the scheduled payday like traditional checking accounts.

The basic Aspiration account does not come with a set monthly fee. The company operates on a “Pay What Is Fair” model, which lets you choose the fee you think fairly reflects your needs and the service you receive. You can pay as little as $0, but most customers pay at least a few dollars a month. To get the most out of your Aspiration account, become an Aspiration Plus member for $5.99 per month (when paid annually; otherwise, it’s $7.99 per month).

Penny Hoarder contributors Carson Kohler, Dana Sitar and Timothy Moore contributed to this review. Both are veteran personal finance writers specializing in banking and other topics.

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