Aspiration

Aspiration offers several features that appeal to environmentally conscious consumers:

• Sustainable Investing: Aspiration automatically rounds up your debit card purchases and invests that spare change into a portfolio that prioritizes environmental and social responsibility.
• Cash Back Rewards with Sustainable Companies: Earn cash back rewards when you shop at companies Aspiration identifies as having positive environmental and social practices.
• Fossil Fuel Divestment: Aspiration’s investment strategies generally avoid companies heavily involved in fossil fuels, aligning your finances with your environmental values.
• High-Yield Savings Account: Aspiration offers a competitive interest rate on their Spend & Save account, potentially helping your money grow while keeping sustainability in mind.

These features cater to those who want their banking choices to reflect their environmental and social concerns.

Aspiration itself is not a bank, but a financial technology (fintech) company:

• Banking Partner: Aspiration partners with a reputable FDIC-insured bank to hold your deposits and secure your funds. This ensures your money is protected by the Federal Deposit Insurance Corporation, up to standard limits.
• Mobile-Centric Banking: Aspiration prioritizes mobile banking through their user-friendly app. Manage your account, invest your spare change, and track your environmental impact, all from your smartphone.
• Debit Card Transactions: Aspiration offers a debit card for everyday purchases and ATM withdrawals. You can also use the mobile app to manage your debit card settings and track spending.

While not a traditional bank, Aspiration leverages secure partnerships to provide core banking functionalities with a focus on environmental and social impact.

Aspiration has a tiered fee structure:

• Free Basic Plan: A basic free plan offers essential features like mobile banking, a debit card, and round-up investing for your spare change.
• Aspiration Plus Plan: A monthly subscription plan unlocks additional benefits like higher ATM withdrawal limits, exclusive cash back offers, and increased interest rates on your savings.

Carefully consider the features included in each plan and your banking needs to determine if the free plan suffices or if Aspiration Plus offers valuable additional benefits worth the monthly fee.

Security is a top priority for Aspiration:

• Data Encryption: Aspiration utilizes strong data encryption technologies to protect your sensitive financial information.
• Fraud Monitoring: They implement fraud monitoring tools to help identify and prevent unauthorized transactions on your account.
• FDIC Insurance: As mentioned earlier, your funds are held by an FDIC-insured partner bank, offering an additional layer of security in case of unforeseen circumstances.

Aspiration prioritizes security measures to safeguard your financial information and provide peace of mind when managing your finances with them.

Aspiration facilitates transfers between your Aspiration account and other banks:

• Account Linking: You can link your external bank account to your Aspiration app. This allows for easy transfers of funds between the two accounts.
• Transfer Options: Initiate transfers from your Aspiration account to your linked external account or vice versa directly through the mobile app. Standard processing times might apply for transfers.
• Potential Fees: While Aspiration itself might not charge fees for transfers, your external bank could have fees associated with incoming or outgoing transfers.

It’s always recommended to check with your external bank about any potential fees before initiating transfers between Aspiration and your existing account.