Aspiration Spend and Save Review 2020

    Online banks and financial institutions are emerging in the market as an alternative to traditional banks, with fewer fees and personalized customer support. A great option to consider is Aspiration, which has a mission to help the world by ‘reforesting the planet as you shop.’

    However, Aspiration is not a bank. They can be defined as a broker-dealer that offers a big variety of financial products. Members can get access to their accounts and customer support anywhere in the world by using an Android or Apple smartphone. 

    What Are The Plans?

    They offer two plans for their Spend and Save Accounts: ‘Pay What is Fair even if it’s $0’, and ‘Aspiration Plus’.

    Pay What Is Fair

    • You can withdraw your money for free in one of their 55,000 network ATMs
    • Earn 3-5% cash back on Conscience Coalition purchases (check terms)
    • They have a ‘personal impact score’ in order to incentivize you to shop
    • You can choose to have them plant a tree every roundup

    Aspiration Plus

    • You can withdraw your money for free from one of their 55,000 network ATMs
    • Earn 10% cash back on Conscience Coalition purchases (check terms)
    • ‘Personal impact score’ in order to incentivize you to shop
    • You can choose to have them plant a tree every roundup
    • You have the right to one out-of-network ATM reimbursement monthly

    What’s Aspiration Spend and Save?

    Aspiration Spend Account

    Aspiration Spend Account is a spending account with no monthly service fees. There is a minimum deposit of only $10 to open an account with them. This account is FDIC insured. It also comes with a debit card that gives you up to 10% cash back (terms apply). 

    Aspiration Save Account

    With Aspiration Save Account, you can earn up to 1% APY on your balances (if you’re a Plus Member), without paying monthly service fees. Keep in mind that in order to withdraw your money, you’ll need to transfer it to your Aspiration Spend Account.

    Is Aspiration Legit?

    Yes, it is totally legit. However, it might take you some time to get used to it since they are a bit different from traditional banks, but they are totally worth it. It’s also insured in case of bank failure, so your money is super safe. 

    What Are The Pros?

    • Signing up is quick and easy, it will take you only a few minutes to open an account and make the initial deposit of $10.
    • You can earn a good APY rate (more than the national average) on your Aspiration Save Account
    • Aspiration is very clear about their charges so that you won’t have to worry about paying additional hidden fees. 
    • You can also take advantage of their cell phone protection on up to $600

    What Are The Drawbacks

    • If you travel overseas frequently or buy things from international websites, you should watch out for their foreign transaction fees.
    • Their cash back rewards are limited to Conscience Coalition members such as Reformation, Warby Parker, and Toms. 

    Aspiration Daily Limits

    • $100 Outgoing Transfers (for ACH/Bank Transfers)
    • $1,000 Incoming Transfers (for ACH/Bank Transfers)
    • $500 ATM Withdrawal limit
    • $4,000 Total PIN & Signature-based limit

    Is Aspiration FDIC Insured?

    The Federal Deposit Insurance Corporation offers a type of insurance that protects clients from bank failure or theft. Aspiration is insured on up to 2 million dollars per depositor, which is way higher than its competitors. 

    What do you need to open an account?

    Aspiration has some requirements for members such as: being 18 years old, or older; being a US citizen or a permanent resident and having an account to do the initial funding at a bank or financial institution. You will be also asked to provide your full name, address, social security number, and birth date. 

    How Can You Reach Aspiration?

    You won’t be able to go to a physical branch, since they are online-only. However, you can reach them by calling 800-683-8529, from Monday to Friday from 6 a.m. to 6 p.m PST, or Saturday and Sunday between 8 a.m. to 4 p.m. PST. You can also reach them via email at


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