Brief Look at 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.
- 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.
- 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.
TU Expert Verdict
Chief Analytics Officer
Aspiration Bank offers personal and business accounts via a user-friendly mobile app, supporting both a free standard account and a paid Aspiration Plus plan. Customers can manage finances, make international transfers, and withdraw funds globally with an Aspiration-issued card accepted at 55,000 Allpoint ATMs. The platform provides savings accounts with interest rates of 3% for the free option and 5% for Plus, cashback up to 10% for partner purchases, and unique features such as automatic environmental contributions, retirement accounts, and individual investment portfolios. Customers benefit from FDIC-insured funds, easy account connectivity for external banks, and convenient digital services without subscription fees for the basic account.
However, a notable drawback is that clients currently cannot deposit cash into their Aspiration Bank accounts, which may affect those who need regular cash deposits. Additional disadvantages involve limited customer support via the app, variable and sometimes unknown ATM and international transfer fees, and the restricted availability of debit card transactions in some countries. Aspiration Bank may not be suitable for users who prioritize immediate cash deposit options or require consistent, broad international card usability.
Aspiration Bank Summary
| 💼 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 |
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.
Aspiration Bank Commissions & Fees
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 |
| Aspiration Bank | No | No | $19.50 | No |
| 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% |
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.
Account Types
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
Investment Options
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.
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.
Contacts
| Foundation date | 2015 |
|---|---|
| Official site | https://www.aspiration.com/ |
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:
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$300 a year is the average savings for bank customers on fees;
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55,000 is the number of global ATMs with free cash withdrawal;
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$5,99 is the minimum cost of the Plus plan with the most favorable terms and conditions;
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$10 is the rate to start investing;
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10% is the maximum cashback available to neobank users;
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49 million trees is the current potential of the bank's eco-program.
Aspiration’s useful features:
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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.
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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.
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Budgeting functions. The mobile bank customer can set limits on expenses by category, set goals, and receive pop-up notifications when they are reached.
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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.
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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%.
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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.
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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.
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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.
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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).
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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:
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.
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.
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.
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.
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.
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