GreenFi (Formerly Aspiration) Banking Review [April 2025]: Bank to Help the Planet

GreenFi Checking and Savings accounts

GreenFi's Checking and Savings accounts¹ <p>GreenFi is not a bank. GreenFi Spend & Save accounts are checking and savings accounts offered through Coastal Community Bank, Member FDIC. Approved deposit accounts are FDIC insured up to $250,000 per depositor. For balances greater than $250,000, Coastal will Sweep the excess funds to one or more FDIC-insured depository institutions in their Sweep network (each a “Bank”) up to $250,000 per Bank. With five Banks available through the Coastal Community Bank <a href="https://assets.aspiration.com/docs/summit/Aspiration%20Funds%20Availability%20Policy.pdf?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_-12345">Insured Bank Deposit Program</a>. Deposits are FDIC-insured up to $1.25 million per depositor. This amount is subject to change at any time. Visit <a href="http://fdic.gov/">fdic.gov</a>. GreenFi’s <a href="https://www.aspiration.com/2024-sweep-program-banks">Program Banks</a> have formally committed that customer deposits will not be used for lending to oil and gas exploration, production or transportation, or coal mining.</p> charge between $0 to $7.99 in monthly maintenance fees and offer savings growth potentials in the form of annual percentage yields (APYs). On top of that, if you're looking for a greater purpose in your banking, these accounts can provide it.

GreenFi aims to help you save money and save the planet at the same time. This account provides a debit card and earnings on your savings, but also tracks the environmental impact of your purchases, plants trees through rounded-up purchases, and avoids contributing to oil and gas production.

I'm pretty intrigued by the GreenFi Spend & Save accounts, to be honest. While the APR on savings isn't as high as the maximum you can get from some high-yield savings accounts, you might prefer to earn a little less in exchange for knowing the good that your money is doing in the sustainability arena.

GreenFi Checking and Savings account basics

APY	Up to 1.00% (as of 01/11/25) on balances up to $10,000 with $500 per month in qualifying debit card transactions2 <p> <p>The GreenFi Save Account's Annual Percentage Yield ("APY") is variable and accurate as of 01/11/25. Rates are subject to change. To earn 1.00% APY (3.00% APY if customer is enrolled in GreenFi Plus) interest on GreenFi Save Account balances up to and including $10,000.00 in any calendar month, customer must have settled debit card transactions of $500.00 or more, monthly, on their GreenFi debit card. Debit card transactions for money transfer vendors (for example, but not limited to, CashApp, Venmo, Facebook Pay) do not qualify towards the $500.00 spend requirement. Balances over $10,000.00 will earn 0.00% APY (0.25% APY if customer is enrolled in GreenFi Plus). If the requirements are not met each month, the APY will be 0.00% APY (0.25% APY if customer is enrolled in GreenFi Plus) on Save Account regardless of balance. <a href="https://assets.ctfassets.net/ejg6grzpbbxj/2qiMJiSisziArCXc8PTC0g/aa466986a6f181fe0f9dea6c65d56cee/Aspiration_-_Deposit_Account_Agreement__February_2024_.pdf">Terms</a> &amp; <a href="https://my.aspiration.com/faq/Spend---Save%3EAspiration-Save-Account%3EWhat-interest-rates-are-offered-for-Aspiration-Save-">FAQ</a>.</p> </p>
Minimum balance for APY	$0
Minimum deposit to open account	$10
Monthly maintenance fees	"Pay What Is Fair" (PWIF) structure, starting from $0, so you're not obligated to pay a monthly account fee
ATM access	Fee-free ATM access with over 55,000 Allpoint ATMs ATMs outside the Allpoint network are subject to fees
Transactions per month	No limit
FDIC insured	Yes; GreenFi partners with Coastal Community Bank (FDIC Cert. #34403) to provide banking services and extended FDIC protection of up to $1.25 million per depositor through the Coastal Community Bank Insured Bank Deposit Program
Cash back	3% cash back on purchases through Green Marketplace brands3 <p>GreenFi’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click cash back on purchases.</p>

GreenFi Plus basics

APY	Up to 3.00% on balances up to $10,000 with $500 per month in qualifying debit card transactions2 <p> <p>The GreenFi Save Account's Annual Percentage Yield ("APY") is variable and accurate as of 01/11/25. Rates are subject to change. To earn 1.00% APY (3.00% APY if customer is enrolled in GreenFi Plus) interest on GreenFi Save Account balances up to and including $10,000.00 in any calendar month, customer must have settled debit card transactions of $500.00 or more, monthly, on their GreenFi debit card. Debit card transactions for money transfer vendors (for example, but not limited to, CashApp, Venmo, Facebook Pay) do not qualify towards the $500.00 spend requirement. Balances over $10,000.00 will earn 0.00% APY (0.25% APY if customer is enrolled in GreenFi Plus). If the requirements are not met each month, the APY will be 0.00% APY (0.25% APY if customer is enrolled in GreenFi Plus) on Save Account regardless of balance. <a href="https://assets.ctfassets.net/ejg6grzpbbxj/2qiMJiSisziArCXc8PTC0g/aa466986a6f181fe0f9dea6c65d56cee/Aspiration_-_Deposit_Account_Agreement__February_2024_.pdf">Terms</a> &amp; <a href="https://my.aspiration.com/faq/Spend---Save%3EAspiration-Save-Account%3EWhat-interest-rates-are-offered-for-Aspiration-Save-">FAQ</a>.</p> </p>
Minimum balance for APY	$0
Minimum deposit to open account	$10
Monthly maintenance fees	$7.99/month, billed monthly (or $5.99/month if paid annually)
ATM access	Fee-free access with over 55,000 Allpoint ATMs Get one out-of-network ATM reimbursement per month
Transactions per month	No limit
FDIC insured	Yes; GreenFi partners with Coastal Community Bank (FDIC Cert. #34403) to provide banking services and extended FDIC protection of up to $1.25 million per depositor through the Coastal Community Bank Insured Bank Deposit Program
Cash back	6% cash back on purchases through Green Marketplace brands3 <p>GreenFi’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click cash back on purchases.</p>

What is GreenFi?

GreenFi is a fintech company that was founded in 2013. It's not a bank, but it works with Coastal Community Bank to offer its banking accounts and deposit products. GreenFi was formerly known as Aspiration before being rebranded on April 22, 2025. 

GreenFi Checking and Savings accounts work as hybrid savings and checking accounts. Deposits are protected by insurance from the Federal Deposit Insurance Corporation (FDIC) up to $1.25 million through Coastal Community Bank's banking sweep program. 

The fintech also offers investing through the GreenFi Redwood Fund, which requires a minimum investment of $10 and focuses on Environmental, Social, and Governance (ESG) companies.

GreenFi is committed to helping bring about a more sustainable future by working to protect the environment. Its financial products stand out for focusing on avoiding fossil fuel investments and encouraging more climate-friendly actions by customers.

Who is GreenFi best for?

In general, though you can't earn quite as much on your money at GreenFi as with some other online platforms, its eco-friendly initiatives, like earning cash back on your debit card for spending at sustainable retailers, may be appealing if you want to bank with your values.

GreenFi's accounts are best suited for individuals who are environmentally conscious and don't want their deposits to fund loans for oil and coal projects. You can do a lot of good through patronizing businesses that prioritize fair treatment of workers, planting trees, and supporting eco-friendly products.

Ideally, you'd choose GreenFi if you regularly spend $500 per month or more on your debit card to unlock the account's higher APY. Otherwise, you won't get as much benefit out of this company as someone who does reach for their debit card often might.

Who shouldn't use GreenFi?

GreenFi wouldn't be a good fit for people who need a local branch for their banking needs since it's online-only. 

You also need to be aware of the requirements and limitations on its sole banking account. To earn the higher APY, for example, you must spend $500 or more in qualifying debit card purchases each month. If you don't, the APY will be either zero or very low, depending on whether you have a GreenFi Plus account.

Also, if you want to let your savings grow a lot, you might want to look elsewhere. The higher APY only applies to the first $10,000 in your account, so beyond that, you'd want to put your money in another account that pays higher interest. You can earn upwards of 4.00% APY in some of the best savings accounts at other online banks and fintechs.

GreenFi banking benefits and features

• High APYs with qualifying spending: GreenFi's regular account offers up to 1.00% (as of 01/11/25) APY and its Plus account offers up to 3.00% APY on balances of up to $10,000 if you make $500 or more in qualifying debit card transactions.
• "Pay What Is Fair" fee model: Although the Plus account has a monthly fee of $7.99, the regular GreenFi account allows you to pay what you want for its service, so it's technically free. (I don't know about you, but the "pay what you want" model kind of makes me feel more inclined to pay something, simply because it's optional.) 10% of these contributions are donated to environmental charities.
• Cash back: You can earn 3% or 6% cash back on debit card purchases with retailers that have sustainability initiatives.
• Early paycheck deposit: Get your paycheck up to two days early via direct deposit.⁹ <p>GreenFi’s early direct deposit of funds service is not guaranteed, is subject to payor’s support and the timing of payor’s payment instruction, and is based on a comparison of our <a href="https://assets.aspiration.com/docs/summit/Aspiration%20Funds%20Availability%20Policy.pdf?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_-12345">policy</a> of making funds available upon our receipt of payment instruction with the typical banking practice of posting funds at settlement. GreenFi generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p>
• ID theft protection: GreenFi Mastercard debit card offers identity theft protection.
• Phone protection benefit: If you pay your monthly phone bill with your GreenFi debit card, you may be covered with up to $600 in phone insurance. Terms and conditions of the program apply.

GreenFi sustainability perks

Check out GreenFi's website, and one of the first things you'll notice is its focus on the environment. The tagline on the page devoted to the Checking and Savings accounts reads "The account that's good for you and the planet." Here are some of the impacts consumers can have when they choose the company.

Your money won't support fossil fuel exploration or production

With a GreenFi Checking and Savings account, you have the guarantee that GreenFi won't use your deposits to support the exploration or production of fossil fuels. You can even use this GreenFi carbon avoidance slider to estimate your impact with respect to CO2 emissions and miles based on your account balance.

Extra cash back for purchases through The Green Marketplace

There's a broad range of merchants included in The Green Network, GreenFi's cash back rewards shopping center. Here are just a few brands you might recognize that offer cash back on your debit card spending with GreenFi:

• Allbirds
• Athleta
• Bombas
• Columbia Sportswear
• GreenPan
• Hungry Root
• Misfits Market
• Our Place
• Pact
• Pela
• OXO
• Stanley
• ZeroWasteStore

Option to plant trees with every purchase

If you have the GreenFi debit card, you can opt to fund tree-planting with each purchase through the Plant Your Change (PYC) program. You can connect your debit card to this feature using Plaid, which will automatically round up every purchase made with the card. The rounded amount goes to tree-planting initiatives through veritree.

Carbon offsetting

Do you ever feel guilty about the impact of your driving on the planet? I do, even though I'm a homebody and rarely travel very far. A way to lessen your environmental impact is by upgrading to GreenFi Plus. The company tallies up your gas purchases and calculates the carbon dioxide equivalent emitted from your driving. Then, it purchases carbon offsets to counteract your estimated emissions. This benefit is unique to GreenFi — I haven't seen anything like this before.

GreenFi Plus vs. traditional savings account

Curious how much your savings of $5,000 could earn if you just made an initial deposit and didn't add to the account for 10 years? Traditional savings accounts only pay an average APY of 0.41% (as of 3/17/25). The GreenFi Plus account, if you meet the debit spending requirements, has an APY that far surpasses that.

Here's how much that higher APY could impact your savings account after one, three, and 10 years, assuming you don't touch the money.

Visit GreenFi to get started.

Other GreenFi fees

Overdraft fee	N/A*
Stop payment fee	$1.19
ACH transfers	None
Incoming and outgoing wire transfers, both domestic and international	$10 for all
Foreign transaction fee	1%
Returned item charge	$4.50
Expedited debit card	$23.45 (three to five business day shipping) $59.68 (one to two business day shipping)
*GreenFi doesn't approve transactions that would cause overdrafts

Alternative to GreenFi

If environmental issues are key to you and your finances, check out these banking options with similar values.

Clean Energy Credit Union

As you might have guessed from the name, Clean Energy Credit Union is focused on banking that supports clean energy. It offers checking and savings accounts, money market accounts, carbon-zero teen accounts, and IRAs. From a financing standpoint, you can get loans for a range of clean energy projects like solar energy, electric vehicles, weatherproofing, and more.

Rewards Checking at this credit union pays up to 3.56% APY when you meet at least two of these criteria in any month:

• 10 debit card transactions
• $1,000 or more in direct deposits
• Outstanding Clean Energy Loan
• $2,500 or more in all accounts

Those criteria are a bit tougher to meet than those of GreenFi's, and Clean Energy Credit Union savings don't pay a significant APY either. But you might prefer this option for a more well-rounded financial experience.

FAQs

Bottom line

If you strongly believe in GreenFi's mission to help save the planet and fight climate change while using financial services or simply like the features the company offers, it's a solid option. Before you commit to any new financial account, you should compare your options to make sure it's the best fit for you.

I would definitely consider opening a Spend & Save account with GreenFi based on its robust offerings that benefit the planet. Plus, the savings APY is relatively high for an environmentally-focused financial services company.

You can compare GreenFi to our list of best banks to help you feel more comfortable with your decision before opening an account.