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Aspiration Online Checking Account Review

Feb. 22, 2019
Banking, Banks & Credit Unions, Checking Accounts
Aspiration Review: Online Checking
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4.0 cheatgame.info rating

Update Feb. 7, 2019: Aspiration no longer partners with Radius Bank, so existing accounts are migrating to Aspiration’s system. This process has led to a rise in customer complaints.

An Aspiration spokesperson told cheatgame.info the company apologizes to customers for the inconvenience and that it has doubled the number of customer service workers in the past month to address the problems. The spokesperson said Aspiration expects to restore its usual service “progressively over the next few weeks.”

Where Aspiration shines:

  • Offers a hybrid checking-savings account with a rare 0.5% cash back on all purchases and a 2.00% APY
  • No monthly maintenance fee or minimum balance requirement
  • Reimburses all ATM fees worldwide
  • No overdraft fees

Where Aspiration falls short:

  • No branches or CDs
  • No cash deposits

Where Aspiration shines:

  • Offers a hybrid checking-savings account with a rare 0.5% cash back on all purchases and a 2.00% APY
  • No monthly maintenance fee or minimum balance requirement
  • Reimburses all ATM fees worldwide
  • No overdraft fees

Where Aspiration falls short:

  • No branches or CDs
  • No cash deposits

Where Aspiration shines:

  • Offers a hybrid checking-savings account with a rare 0.5% cash back on all purchases and a 2.00% APY
  • No monthly maintenance fee or minimum balance requirement
  • Reimburses all ATM fees worldwide
  • No overdraft fees

Where Aspiration falls short:

  • No branches or CDs
  • No cash deposits

 

The bottom line

Aspiration

at Aspiration

The Aspiration Spend & Save Account, formerly the Aspiration Summit Account, stands out as one of the best checking accounts on the market. The account earns interest and cash back and doesn’t have ATM or monthly fees. In addition, Aspiration doesn’t charge overdraft fees. But as an online-only investment firm, Aspiration doesn’t have bank branches or offer certificates of deposit.

Best if: You’re looking for a free bank account that earns interest and has worldwide ATM reimbursements.


Read on for more details about Aspiration’s account, overdraft fees and bank experience.

Checking: 5.0/5.0

Aspiration’s Spend & Save account is technically one account with separate checking and savings balances. There are no minimum balance requirements or monthly fees. The opening minimum is just $10.

More upsides:

Has a top interest rate. The Save balance has 2.00% APY on all balances, which is among the best savings rates. To get the rate, you must either deposit at least $1 a month into any Aspiration account or keep the Save balance at $10,000 or higher. Otherwise, the account doesn’t earn interest. Deposits are insured by the Federal Deposit Insurance Corp. like other banks.

Reimburses ATM fees worldwide. Aspiration doesn’t charge for using ATMs, and it reimburses any charges that hit your account in the U.S. or abroad.

Overdraft fees: 4.5/5.0

The upside:

No overdraft fees. Any checking transaction that would push the account negative is simply declined with no fee instead.

The downsides:

No overdraft protection. Because Aspiration lacks savings accounts, you can’t sign up for overdraft protection that would transfer money from savings to checking to cover overages. Some banks also offer a low-cost line of credit to cover overdrafts, but that’s not an option at Aspiration.

Bank experience: 3.5/5.0

Upsides:

Helpful website and multiple support channels. The website has a clear overview of fees, interest rates and other important information, and many detailed answers on the FAQs. You can reach customer service via email, live chat, Twitter or phone. Phone support is available on weekdays, live chat and email available every day.

Good mobile apps. Aspiration offers solidly rated iOS and Android mobile apps. Both let you deposit checks with your smartphone.

Unique spending feature. If you want to support socially responsible business practices, Aspiration helps make that happen. The firm gives businesses a social impact score based on how they treat their employees, customers, community and the environment, and you also receive a score based on where you shop.

Other benefits. You can get reimbursed for losses due to identity theft as part of a limited insurance coverage that Aspiration offers. There’s also free cell phone protection if you pay your phone bill with an Aspiration debit card.

Downsides:

Not consistently timely in support responses. Aspiration has acknowledged recent delays in response times, some of which can be found on its Twitter.

No branches. The Spend & Save Account is an online-only account.

If you’re looking for a standalone savings account to pair with your checking account, compare these highly rated online options:

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

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Discover

at Discover,

Member, FDIC

cheatgame.info bank rating:
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APY

2.25%





Monthly fees

$0





Bonus features

Excellent CD options



APY

2.25%





Monthly fees

$0





Bonus features

Large ATM network



APY

2.10%





Monthly fees

$0





Bonus features

Solid CD options



See more high-yield savings accounts
Aspiration

at Aspiration

If you’re interested in comparing Aspiration to other online banks, read our reviews for Ally, Capital One 360 and Discover. They are three online banks that have good checking and savings accounts along with add-on services that can help you handle your finances.

But if you’re looking for an online account with great rates and other perks, the Aspiration Spend & Save account could be a great choice.


Ratings methodology

cheatgame.info’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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