Aspiration Review 2018: Earn Interest On Your Checking Account
Why Aspiration Summit Checking Accounts
☑️ Earn interest on your checking account balance
☑️ Free access to any ATM in the world. Really.
☑️ Choose your own fee (hint: you can set it to $0)
The Aspiration Summit Checking Account is disrupting the playing field of checking accounts. And, while we know it probably isn’t easy to get excited over a checking account, this one goes the extra mile with perks, exceptional experience, and the backbone of a socially responsible company doing good out in the world.
What sets the Aspiration Summit apart from others is its high interest rates – with earnings of up to 1% APY – basically an unheard of interest rate for a checking account.
Tack on the extremely fair fees and Aspiration’s convenient app, and you’ve got a solid option for opening an online savings account.
At a Glance: Aspiration Summit
- Named ‘Best Checking Account in America’ by Money Magazine
- Up to 1.00% APY
- Free access to every ATM in the world
- FDIC Insured
- No monthly service fees
- Minimum opening deposit: $10 (to earn 1.00% interest rate, account balance must exceed $2,500)
- An industry leading 10% of revenue goes to charity
Who It’s Best For
- If you travel a lot and frequently need to use ATMs outside of your bank’s network.
- If you have a lot of cash stored in your bank account and would like to earn interest on that money
- If you want an exceptional banking experience and care about making an impact on people and the environment
Why We Like it
Unlimited, free ATM access around the world
With this account, you can use any ATM in the world and it won’t cost you a dime. Not only won’t Aspiration charge you a fee, but you will be reimbursed any fee charged by the other bank whether they are located in the U.S. or in another country.
One of the best interest rates in the market
At a traditional bricks-and-mortar bank, you would receive no interest on your checking account, and you would earn only 0.01% on your savings account. With this account, you earn 0.25% on the first $2,500 and 1.00% on everything above that amount. Other online checking accounts on the market sometimes offer 2.01%, but only as an introductory rate.
You no longer need to have a separate savings account and checking account
With that, you no longer need to worry about overdrafts. At a traditional bank, you could end up paying $10 just to have money automatically transferred from your savings account to your checking account if you make a mistake. Because you can keep all of your money in one account, you will not need to worry about overdraft transfers.
Full FDIC insurance
Up to $250,000 per account per individual
What Could Be Improved
Bill pay functionality
While Aspiration does mention that they will be making updates and improvements to their Payments feature, they don’t seem to mention going away from the paper check method. While sending paper checks may be a good solution for a feature that once didn’t exist at Aspiration, it’s still not as efficient as most online bill pay features that other banks offer.
How to Sign Up
Opening an account for Aspiration Summit requires an invite, but can be done within a couple of minutes. We believe the invitation process is meant to convey a feeling of exclusivity.
First, head to Aspiration’s site and “secure your spot” by entering an email address. Then, after providing your email to secure the spot, check your inbox for an invite to join.
Follow these simple steps to complete the application process:
1. Answer identity verification questions. Since it’s an online bank, there are extensive customer and compliance questions. These help increase security and reduce any risk of someone else opening an account in your name. You’ll also be asked to enter your Social Security Number, and potential questions about mortgage payments, car loans, and other credit bureau items to identify yourself.
2. Link an existing bank account. This is used to provide the initial funds in the account. By doing this, Aspiration also reduces its risk, because you will have gone through the compliance checks of your existing bank.
Once you finish the account opening process, it may take a few days for the account to be open and for you to receive your debit card in the mail.
Disclaimer: This content and the opinions expressed here are the author’s alone and have not been provided, commissioned, or endorsed by any financial institution. All information was accurate at the time of publication but terms and conditions may change at any time.