20,0%
Top 3
10,0%
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7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Aspiration Bank Review 2024
Trading platform:
- Plastic card
- Apple Pay
- Google Pay
- Wire transfer
Supported Countries:
- US
Supported
Currencies:
Currencies:
- USD
Deposit rate:
- No
Deposit insurance:
- Yes
Summary of Aspiration Bank
The Aspiration bank is a modern mobile bank, which allows you to manage your finances through a mobile app. It provides services to individuals and legal entities; there are two types of accounts, and one of them is completely free. The detailed statistics for any period are available in the application. You can make international transfers, and withdraw cash all over the world with a reasonable commission (the company has its proprietary ATMs network). There is a cashback and savings account with a high-interest rate. Customer funds are insured by the FDIC. The bank acts as a partner of 28 holdings firms, whose products and services have increased cashback for clients of Aspiration. Investment opportunities are available with automatic investment portfolio management. The bank offers individual retirement accounts.
| 💼 Main types of accounts: | Aspiration, Aspiration Plus |
|---|---|
| 💱 Multi-currency account: | Yes |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Budgeting, cashback |
| ➕ Additional features: | Aspiration Redwood, retirement accounts, environmental damage coverage |
👍 Advantages of trading with Aspiration Bank:
- The account is free of charge, there is no minimum deposit and no special requirements. Limits for individuals are good enough.
- The Aspiration app can be installed on any device and is easy to use, it is stable and functional.
- The bank customer receives cashback, its value depends on the type of account and financial activity and can be up to 10%.
- The interest rate on savings for a regular account is 3%, for a premium (paid) account, it is 5%.
- The bank offers an overdraft function for the debit card, it is activated automatically and you do not have to pay interest.
- The bank gives new customers a welcome bonus of $150-$200, depending on the type of account.
- If necessary, you can order the printing of a paper check for any transaction.
👎 Disadvantages of Aspiration Bank:
- Bank customers can't deposit cash into their account (this function is planned for the near future).
- The Aspiration app has no live chat, and if the call center is busy, it will be difficult to quickly contact technical support.
- Transactions with debit cards are not available in some countries, the list of these countries can be clarified in the Aspiration account.
Evaluation of the most influential parameters of Aspiration Bank
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Aspiration Bank News
- Analysis of Aspiration Bank
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Aspiration Bank
- FAQs
- TU Recommends
Geographic Distribution of Aspiration Bank Traders
Popularity in
77.7%
US
0.3%
NL
19%
Others
User Satisfaction i
2 comments
Total score:
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nilasneddo
1 year ago
Expert Review of Aspiration Bank
Reviews of Aspiration show that the organization can be trusted, and its clients get some advantages from cooperation in comparison with its competitors. The company has been operating since 2013, has never been rebranded, and has been successfully developing throughout its history, which speaks to its stability and prospects.
The bank offers free and paid accounts. The free account has no restrictions on features, but there are limits. For example, you can't get an interest rate for a savings pot higher than 3% on it. On the paid account (it's called Plus), that rate is 5%. The cashback increases in the same way. Note that high cashback is available only for purchases at partner companies of this neobank.
The bank provides customers with a free plastic card that is accepted at ATMs worldwide. The company has a network of Allpoint ATMs; currently, there are 55,000 units globally. However, you have to keep in mind that you can't deposit cash. Neither through ATMs nor through the mail or otherwise. The good news is that the company's management has recently officially announced that specialists are already actively working on this issue.
Aspiration’s activities are subordinated to the environmental protection paradigm. The bank doesn’t finance organizations or campaigns related to fossil fuel extraction, and 10% of the bank's income goes to developing environmental remedies and planting trees. The customer can activate the environmental damage calculation option, and the bank will automatically deduct a small percentage to compensate for the damage. This is quite a curious feature, which has no analogs.
Dynamics of Aspiration Bank’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Aspiration Bank
The Aspiration Redwood Foundation is one of the world's largest organizations developing environmental startups. Bank clients can invest in the fund starting at $10.
You can choose the company whose shares you are ready to buy on your own, but it is more advantageous to activate the investment portfolio management function. With this function, your funds will be automatically allocated among the most promising companies, which effectively diversifies risks and increases the earning potential.
Bank customers have access to one of two types of investment accounts, which are a taxable account or a traditional IRA account. They differ in the annual contribution limit, deposit fee, and client’s age limit. There are no limits on these items for the taxable account. A traditional account can have a maximum annual deposit of $6,000, which carries an annual fee of $15, and the customer must be under 59.5 years of age.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Terms for Cooperation with Aspiration Bank
The specifics of the digital bank are based on the provision of internet banking services in a simplified form for the user. The organization has no physical offices. The client interacts with the platform through an application installed on a mobile device (usually a smartphone). The app is free. The standard rate is also free, but fees are charged for international transfers, such as withdrawals from ATMs of other banks not a member of the Allpoint ATM system. Setting up statistics and reports, connecting to third-party accounts, interest-free overdrafts, and savings pots are all features that do not require additional fees.
| 💼 Main types of accounts: | Aspiration, Aspiration Plus |
|---|---|
| 💱 Multi-currency account: | Yes |
| 💵 Deposit terms and conditions: | From $10.000 and more |
| 💳 Loan terms and conditions: | No |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Budgeting, cashback |
| 📋 Types of payment: | Plastic card, Apple Pay, Google Pay, electronic transfers |
| ➕ Additional features: | Aspiration Redwood, retirement accounts, environmental damage coverage |
Comparison of Aspiration Bank with other Brokers
| Aspiration Bank | Wise | Bunq | Curve Bank | Monese Bank | Emirates NBD | |
| Supported Countries | US | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | UK and EEA | AED |
| Supported Currencies | USD | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | GBP, EUR, RON | UAE |
| Deposit insurance | Yes | No | EUR 100,000 | No | Yes | 100,000 AED |
| Minimum deposit | $10 | No | No | No | No | 500 AED |
| Deposit rate | No | No | 0.09% APY | No | 28.2% | 2% |
| Loan Rate | 3%-5% | No | The bank does not issue loans | No | Individual | Individually |
Aspiration Bank Commissions & Fees
Information
There is no subscription fee for the standard account, a common practice among digital banks aimed at attracting the largest number of clients. As a rule, the free type of account has restrictions on features, but Aspiration has no such restrictions, except that the terms are less favorable than in the case of the paid plan when spending funds actively.
The Plus subscription fee is $7.99 per month and you don't have to pay extra for any services. If you subscribe for one year at a time, the subscription fee is reduced to $5.99 per month. This is the lowest cost of a paid subscription among all the digital banks providing similar services.
Cash withdrawals from Allpoint ATMs are free. 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.
We also compared Aspiration fees with similar types of fees on other Digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Monzo Bank | 19-39% | Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% | €0.5 | 0.35%-2% |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Aspiration Bank | No | No | $19.50 | No |
Conclusion
There are many reasons why it's beneficial to have an Aspiration bank account. Aspiration is an easy-to-use and reliable mobile bank that uses advanced methods to protect user funds and personal data. Customers' money is insured, there are savings pots, investment programs, extra savings, and growth tools, including the largest cashback among all digital banks with similar terms. The bank's application is rated as intuitive and practical, with no bugs or vulnerabilities reported. The organization operates under a license, and insurance is provided by the FDIC. There are individual and business accounts. The Aspiration Redwood Fund allows for smart contributions to environmental projects. The bank offers several unique features, including on-demand paper check printing.
Detailed review of Aspiration Bank
Aspiration is recognized by experts as one of the most convenient and functional neobanks among the top digital banks. It has a simple interface, high level of adaptability and usability, and there is a possibility of individual customization. The company uses modern cryptographic security algorithms. During the 9 years of the bank's existence, its databases and clients' accounts have never been compromised. Moreover, if the personal information of the user got to third parties through no fault of his own (for example, due to vulnerability in third-party software), Aspiration is ready to pay compensation. The bank offers its clients a copyrighted application for additional protection of their mobile devices.
Aspiration mobile bank by the numbers:
-
$300 a year is the average savings for bank customers on fees;
-
55,000 is the number of global ATMs with free cash withdrawal;
-
$5,99 is the minimum cost of the Plus plan with the most favorable terms and conditions;
-
$10 is the rate to start investing;
-
10% is the maximum cashback available to neobank users;
-
49 million trees is the current potential of the bank's eco-program.
Aspiration’s useful features:
-
International transfers. This neobank’s client can transfer funds to banks in other countries with favorable commissions. The exact amount of the transfer fee depends on the receiving bank and the recipient's country.
-
Account linking. A client of Aspiration can link an unlimited number of his accounts from other banks to his account. He receives end-to-end statistics and the ability to manage all accounts at once.
-
Budgeting functions. The mobile bank customer can set limits on expenses by category, set goals, and receive pop-up notifications when they are reached.
-
Cashback. Depending on the type of account, the user can get up to 10% cashback at the bank's partner stores. The bank cooperates with 28 large conglomerates, which own hundreds of brands.
-
Savings Account. Clients with a standard account get 3% per annum, and clients with a Plus account get 5%. However, you have to spend over $10,000 a year to qualify, otherwise, the rate will be 0.10%.
-
Aspiration Redwood. The bank's own fund invests in environmental startups. The bank's clients can buy shares in individual startups or automate the creation of an investment portfolio.
-
Card payment. Aspiration cards are accepted in most online and offline stores worldwide where Visa and MC cards work. A list of restrictions is available on the bank's official website.
-
Cash withdrawal. You can withdraw money from the card at any ATM in the world. But it's more advantageous to do it in one of 55,000 Allpoint ATMs, in which case, the withdrawal is carried out without a fee.
-
Tree planting. Every $1,000 (or equivalent in another currency) that a customer spends on a bank card ensures that a new tree is planted (the planting is documented).
-
Planet Protection. A bank customer can enter data on his car usage and compensate for the resulting environmental damage by paying a small fee to the protection fund.
Advantages:
1
The bank's activity is 100% transparent. All fixed fees are listed on the website and in the app. Additional fees (for example, for international transfers or cash withdrawals from third-party ATMs) are specified in advance of the transaction.
2
The bank ensures its customers' deposits through the FDIC, and you can also insure against loss of data due to third-party causes. The platform has never been hacked and has implemented advanced solutions to ensure the highest level of protection of user funds and personal information.
3
The bank provides cashback at partner stores that offer food, clothing, footwear, construction materials, IT goods, and a wide range of services. The cashback is 5% on a standard account and 10% if the client signs up for a Plus account with a subscription fee.
4
Aspiration has the highest interest rate on savings accounts among all mobile banks. If a customer spends over $10,000 a year (or the equivalent in another currency), they can expect a 3% or 5% annual interest rate. To get 5%, a Plus account shall be set up.
5
This neobank has an intuitive app that you can download and install on a mobile device using any operating system. The Aspiration app is simple, straightforward, and easily customizable. It is installed for free, with no extra charges.
Types of accounts for individuals and businesses
The distinctive feature of Aspiration bank is that you can connect an existing account opened in another bank to the Aspiration app instead of opening a separate account at this neobank. In this case, you get all the benefits of an Aspiration account with some restrictions. You can also open an account in this mobile bank and connect other accounts to it to get transparent statistics on all your finances and conveniently manage them from one app.
Account Type Description
Account Type
Description
Aspiration
A regular account, which you get immediately after registration by default. The account provides all the features that are available on the platform. However, it has withdrawal and cash withdrawal limits (which are specified in the application, since they vary by region). Also, the standard account has a reduced cashback.
Aspiration Plus
The only paid plan. The subscription fee varies depending on the period for which you subscribe. The account has the same features as the free one. The difference is higher limits and lower fees. Only on this type of account, you can get the maximum cashback in stores that are partners with the bank.
Banking features
Aspiration implements the standard paradigm for mobile banking. It offers internet banking in its reference form. Customers can perform the absolute majority of transactions with their money while holding a cell phone in their hands. No bureaucracy, all transactions are instant, except for international transfers. It is possible to increase capital through cashback, savings pots, and investing. Aspiration provides more benefits to those who are more active spenders.
Technical Support
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. Aspiration has no live chat or chatbot. Customers can also contact managers through the bank's official accounts on social platforms such as Instagram, Facebook, and LinkedIn.
The website and app have a basic FAQs section and a blog with up-to-date information on the bank's activities. It is recommended to regularly review the entries in these sections, they are frequently updated and answer most of the questions that users may have.
Social programs of Aspiration Bank
Aspiration Mobile Bank offers a social program to refuse cooperation with companies that use fossil fuels for energy. At the moment, the neobank itself does not work with any counterparty that directly or indirectly leaves a carbon footprint. Aspiration Bank has developed a number of algorithms that allow other companies to terminate cooperation with such counterparties, replacing them with affiliates that receive energy in environmentally friendly ways.
The mobile bank customer can activate the Plant Your Change option in the application. The automated system uses public data from the carbon footprint calculator and reports from environmental organizations to calculate the customer's environmental impact. Every time a user with an activated Plant Your Change option deposits another $1,000 (in total, not a lump sum) to their Aspiration account, the bank transfers part of its own funds to plant trees.
Aspiration Bank offers its customers alternative ways to protect the environment. For example, Aspiration account holders can make voluntary donations to the eco-fund, while Aspiration Plus holders can do so at a fixed rate of $5.99 or $7.99 per month with detailed reporting. Thus far, the neobank has already planted several tens of millions of trees and intends to plant more than 125 million by 2030.
How to open an account at Aspiration Bank
Follow the official site of the mobile bank. Find a "Start" button in the upper right corner. Enter your email address and click "Start" again. Follow the instructions on the screen. Download the Aspiration bank app from the App Store or Google Play, and install it on your phone (you can find the application by searching or clicking on the button at the bottom of the home page). The bank will ask you for personal information and then confirm it with a scan of your passport or driver's license. After completing the verification, you will have full access to the bank's functions.
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FAQs
How does Aspiration Bank earn money?
The main income of Aspiration Bank is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Aspiration Bank protect its customers?
Aspiration Bank uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Aspiration Bank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Aspiration Bank?
Yes. Aspiration Bank allows you to make payments between customers in different countries.
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