Your checking account is the centerpiece of your financial life. It’s how you get your paycheck, how you pay your bills, and, if you’re like most people, the balance in your account tells you when it’s time to stop spending.
But when was the last time you checked to see if your checking account is right for you? The answer for a lot of people may be never.
If you haven’t shopped for a new account in the last decade, a couple you should absolutely consider are The Spend & Save account from Aspiration. And see how they compare to other accounts on our list: Best Checking Accounts.
Quick Summary
- A cash management account with free and paid plans
- Currently earns up to 1.00% APY
- Oriented toward green environment impact
- Get a $100 bonus when you open an account and complete qualifying activities
Aspiration Spend And Save Details | |
|---|---|
Product Name | Spend and Save Account |
Min Deposit | $10 |
Monthly Fees | $0 - $15.00/mo |
APY | Up to 1.00% APY |
Promotions | $100 Bonus |
Two Spend & Save Plan Options
The Spend & Save plans from Aspiration are available as free and paid plans.
You can go free with some restrictions while still earn 3-5% cash back on Conscience Coalition purchases or choose the $15/mo plan (or $12.50 per month if you pay annually). Conscience Coalition purchases are from companies such as TOMS, Warby Parker, and Blue Apron. You can see the full list here.
Aspiration (The Free Plan)
The free plan lets you decide what you want to pay. Aspiration called this “pay what is fair,” even if it is nothing. This plan has the following features:
- Deposits won't fund fossil fuel exploration or production
- 55,000 free in-network ATMs
- 3-5% cash back on Conscience Coalition purchases
- Personal impact score to help you shop to match your values
- Option to plant a tree with every swipe
Aspiration Plus (The Paid Plan)
The paid plan is $15/mo or pay $12.50/mo if you pay annually. The paid plan comes with fewer restrictions and more benefits.
- Deposits won't fund fossil fuel exploration or production
- 55,000 free in-network ATMs
- 10% cash back on Conscience Coalition purchases
- Personal impact score to help you shop to match your values
- Option to plant a tree with every swipe
- Up to 1.00% APY on your savings
- One out-of-network ATM reimbursement monthly
Is the extra $15/mo worth it? If you are able to spend a lot from the group of Conscience Coalition companies, the 10% cash back may make the plan worth it, speaking from a purely financial point of view.
The Plus plan does include carbon offset purchases. This means that Aspiration will buy carbon offsets to counter the climate impact of your gas purchases. That alone might be enough of a personal difference to push you into the paid plan.
Finally, the 1.00% APY does have some restrictions. To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.
Opening a Spend and Save Account
The Spend and Save account has a $0 minimum balance, but you need $10 to open the account. You must be at least 18 years old and a US citizen or permanent resident to open the account.
No Fees Where It Counts
When it comes to choosing where to put your money, you want to avoid as many fees as possible. In particular, you need to avoid monthly fees and overdraft fees.
The free Spend and Save account has no monthly fees and no overdraft fees.
In fact, it is one of the few banking products that has no international or domestic ATM fees. The Plus plan will even reimburse you up to once per month if the other bank charges you a fee for an ATM withdrawal.
There are some fees to be aware of:
- Returned item fee (check or debit): $4.50
- Stop payment: $1.19
- Domestic wire in: $2.06
- Domestic wire out: $4.50
Is It Really Free?
The free Spend And Save plan really doesn’t charge you monthly services fees, but you can opt to pay a monthly fee for the account. Aspiration calls this “pay what is fair.” You can also pay the required monthly $15/mo fee for the Plus plan and get a few extra benefits.
However, Aspiration also has a charitable angle and pledges to give 10% of all profits to charitable causes, so you may want to pay for the free plan. The choice is yours.
With either plan, you can choose to plant a tree with every swipe.
Any Concerning Fine Print On The Spend and Save Account?
The main drawback to the Spend and Save Account from Aspiration is that it doesn’t have any branches. You can call them to get customer service, but you can’t walk into a branch.
This could prove to be a bit of an issue if you’re a baller who regularly gets large checks. Why? When you get a check over $5,000 you have to mail the check to Aspiration’s partner bank:
Coastal Community Bank, PO Box 2103, Everett, WA 98213.
The money won’t be available in your account until the physical check has been received and cleared.
Another possible issue with the Spend and Save Account is getting physical cash. Since you can’t go into a branch, you’re going to face certain limits. These include:
- $5,000 per day external transfer limit
- $500 cash limit
- $2,000 PIN limit
- $2,000 signature-based limit
Usually, these limits won’t be a problem, but if you want to buy a used car using cash (for example), you might be hard-pressed to get what you need from your account.
You might have also noticed above that there are some limits on how much interest your account actually earns. If you have over $10,000 in your account, your APY drops significantly. We wouldn't recommend holding a lot of cash in the Aspiration Spend and Save account - you're better off using a high yield savings account.
Finally, deposits in your Aspiration account are FDIC Insured up to $2,46 million per depositor by being swept to FDIC Member institutions (visit https://www.fdic.gov for more on this). This is common practice for other cash management accounts like Fidelity or Schwab offer.
Aspiration Bonus Offer
Right now, you can get a $100 bonus when you open a new Aspiration Spend & Save account with a deposit of $10 or more, and use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within the first 60 calendar days from account opening.
That's a pretty easy bonus to take advantage of, but you can see how it compares to other bank bonus offers here.
Aspiration Investing And Retirement
Aspiration also offers sustainable investing products for both a regular brokerage account and Traditional or Roth IRA accounts. They currently only offer one investment product for socially responsible investing. This is a sustainable investment portfolio that you can invest in for as little as $10.
The product looks at multiple environmental, social, and governance (ESG) factors to find companies whose management understands that smart, long-term thinking is not only the right thing to do, but right for their bottom line.
Final Take on Aspiration
Overall, the Spend and Save plans may be an awesome centerpiece to your financial life, but it is not perfect.
Brick and mortar banks may still make some sense for you to consider, especially if you deal with cash on a regular basis.
If access to physical currency isn’t too important to you, the plans from Aspiration could be a great choice, especially if you care about the environment.
Aspiration Spend and Save Features
Account Types | Cash management account |
Minimum Deposit | $10 to open, no minimum |
APY | Up to 1.00% APY |
Maintenance Fees | $0 to $15 per month |
Branches | None (online-only bank) |
ATM Availability | 55,000 free ATMs, ATM reimbursement |
Customer Service Number | 800-683-8529 |
Customer Service Hours | Mon - Fri: 6am - 6pm PT |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | Insured through partner banks |
Promotions | $100 Bonus |
Aspiration Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
Overall
Summary
The Aspiration Spend and Save account is a great product for those who care about their environmental footprint. However, there are some limitations you should be aware of. They also offer socially responsible investing.
Pros
- Great cash management account if you care about the environment
- Potential for a solid APY
- Free account offers a lot of good features
Cons
- Some limitations on APY earning potential
- Some limitations on cash access
- Only available online, no physical branches
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.