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Aspiration’s Savings Account offers competitive interest rates with no monthly fees or minimum balance requirements, making it an attractive option for savers. The account stands out for its focus on socially responsible banking, allowing customers to support environmental and social causes. Aspiration also offers FDIC insurance for added security and provides access to over 55,000 ATMs nationwide. While some benefits, like higher interest rates, are exclusive to the paid Aspiration Plus membership, it’s a great choice for those who value ethical banking alongside solid financial features.

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Written by:Casey Newton

Casey Newton,

Aspiration Savings Account Review


Aspiration offers a unique savings account that stands out due to its focus on environmental responsibility and social impact, in addition to its competitive financial features. Aspiration’s savings account, paired with its Aspiration Impact Measurement (AIM) tool, allows customers to earn interest while supporting causes that align with their values.

Key Features:

High Interest Rates: Aspiration offers competitive interest rates on their savings accounts, especially when compared to traditional savings options. Their rates vary based on the membership tier, but they are consistently higher than many brick-and-mortar banks, making it a solid option for growing your savings.

No Fees: Aspiration has no monthly maintenance fees or minimum balance requirements for their savings accounts, meaning your money works for you without being eroded by hidden costs. They also offer a no-fee ATM network with over 55,000 ATMs nationwide.

Socially Responsible Banking: Aspiration prides itself on its commitment to sustainability and ethical banking. Customers can track how their money is being used, ensuring that it supports positive environmental and social causes. Aspiration is a Certified B Corp, which means it meets rigorous standards of social and environmental performance.

FDIC Insurance: Aspiration savings accounts are FDIC insured up to $250,000, giving you peace of mind that your money is protected by the government, just like in traditional banks.

Aspiration Plus Membership: Aspiration also offers a premium membership called Aspiration Plus, which provides higher interest rates and additional benefits like cashback on environmentally conscious purchases. The membership comes with a modest monthly fee, but it provides extra perks for those willing to pay.

Pros:

  • Competitive interest rates that surpass many traditional banks.
  • No monthly fees or minimum balance requirements.
  • Socially responsible banking that supports sustainability.
  • Access to over 55,000 ATMs nationwide without fees.
  • FDIC insured for added security.

Verdict:

Aspiration’s Savings Account is a great choice for individuals who are not only looking to grow their savings but also want their money to support environmental sustainability and social causes. With competitive interest rates, no fees, and FDIC insurance, it’s a solid option for most savers. The Aspiration Plus membership can further enhance the experience, especially for those who value extra perks and higher rates. Overall, Aspiration offers a unique, values-driven approach to banking that can appeal to conscious consumers.