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Aspiration Review: A Potentially High APY, Hybrid Bank Account

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Aspiration is a hybrid checking and savings account with a conscience. It packs some desirable bank account features, like a high APY and cash back on debit card purchases, with unique perks that help the environment. But if you want access to Aspiration’s best perks, you have to be willing to pay a monthly fee. Read our full Aspiration account review to find out more.

Ratings Methodology
Rates as of Dec 20, 2024

Aspiration Spend & Save

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
up to 3.00% APY
Min. To Earn APY
$1 for base rate
  • Competitive rate on savings account
  • Cash back on debit card purchases
  • Get your paycheck up to two days early
  • Free out-of-network ATM fee reimbursement per month
  • No interest on checking account funds
  • Paid plan required to access all features

The Aspiration Spend & Save account is a unique hybrid account targeted at the environmentally conscious. It offers a lot of rare features that are sure to attract attention, but make sure you think you'll earn enough to offset the monthly fee if you sign up for the paid plan.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

How Aspiration works

Customers who open an Aspiration account automatically get a checking and a savings account. You only need to fill out a single application for both, and there isn't a way to just have one or the other. They come as a package.

Both accounts are necessary because they offer different perks. The Spend account -- Aspiration's checking account -- offers things like ATM withdrawals and a debit card, while the Save account pays interest on your funds.

Aspiration members choose between two service tiers when they sign up. The basic Aspiration account uses a "Pay What Is Fair" model, in which customers don't have to pay a monthly fee if they don't want to. The Aspiration Plus account carries an unwaivable monthly fee, but it offers more lucrative perks. Both tiers include access to a checking and savings account, and you can switch between tiers.

Top perks

Above-average APY on savings

Aspiration offers an above-average APY to those who have at least $500 of qualifying debit card transactions each month. Aspiration Plus members qualify for an even higher rate, which could help offset what they pay to maintain their account.

Up to 10% back

You can earn up to 10% cash back when you use your debit card at businesses that are members of Aspiration's Conscience Coalition.

One free out-of-network ATM withdrawal per month

Aspiration Plus members are eligible for one out-of-network ATM withdrawal per month. The bank also offers over 55,000 fee-free ATMs nationwide.

Manage your savings and checking in one place

When you open an Aspiration account, you get a checking account and a savings account, so you can manage your finances all in one place.

Know your impact on people and the planet

Every Aspiration account holder receives a personal impact score, which helps measure the impact purchases have on the planet and people.

Get your paycheck up to two days early

Customers who have their paychecks direct deposited into their Aspiration accounts can access those funds up to two days earlier than with most traditional banks.

FDIC insured

Finally, Aspiration accounts are covered by the same FDIC insurance as traditional bank accounts. Aspiration is unique in that balances are deposited with up to eight FDIC insured banks. In total, that gives you up to $2 million in FDIC insurance per depositor.

What could be improved

Checking account APY

Aspiration's checking account doesn't offer any interest. Those who want to earn the most interest on the money in their bank accounts may be happier with an interest-bearing checking account.

Monthly fee

The only way to access all of Aspiration's features is to opt for a paid plan, which brings a monthly fee, and there’s no option to waive it. However, you can downgrade your account to Aspiration's fee-optional account, though you give up the higher APY and monthly out-of-network ATM fee reimbursement.

Fees

Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
None required (Aspiration); $7.99 monthly or $5.99 billed annually (Aspiration Plus) $0 N/A -- You can't overdraw your account $1.19 $0
Data source: Aspiration

How to access your money

Aspiration account holders can access their funds in the following ways.

Deposit options

You can deposit money into your Aspiration account using any of these methods:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile-deposited check

Aspiration charges a small fee for incoming wire transfers, while many banks do not. The institution you're transferring the money from may also charge an outgoing wire transfer fee. Choose another payment method if you don't want to get slapped with these extra fees.

Withdrawal options

These are your choices for withdrawing money from your Aspiration account:

  • ACH transfer
  • Wire transfer
  • Request a mailed check
  • ATM withdrawal
  • Point-of-sale withdrawal

Aspiration also charges a small fee for outgoing wire transfers, so avoid this method if you wish to skip extra fees.

This checking account is right for you if:

Aspiration is a great fit for conscientious individuals who want to earn rewards and interest while also making a difference. Its cash back rewards and included high-yield savings account help make up for the lack of interest on its checking account. And its simple fee schedule leaves you with few expenses to worry about besides the small monthly fee.

Our checking account methodology

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 30%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.