Aspiration Review

About Aspiration

Sustainability is the zeitgeist’s newest buzzword. It’s reached all corners of the marketplace, including fashion, food, and the automobile industry. While these three sectors have a heavy impact on the environment, did you know that banking also has a significant ecological footprint? That’s right, it’s time to rethink your bank of choice.

If you’re committed to leading a sustainable lifestyle, Aspiration can help ensure your money is lent to the right causes. Not to be thought of as a traditional bank, this financial firm funnels profits made from interest fees, investments, and other viable sources to environmentally conscious organizations. 

Considering that it’s one of a few eco-conscious banking alternatives, Aspiration has received a lot of praise for its unconventional approach, which includes features in Forbes and Bloomberg.

Aspiring to do better? If so, maybe it’s time to manage your money through this brand. Keep reading, as in my Aspiration review, I’ll take an in-depth look at the company, its services, customer ratings, promotions, and more to help you decide if they’re worth checking out. 

Why You Should Trust Us

Our mission is to help you make better, more informed purchase decisions. Our team spends hours researching, consulting with medical experts, gathering insight from expert professionals, reviewing customer feedback, and analyzing products to provide you with the information you need.

Overview of Aspiration

Traditional banking is often defined by Wall Street greed. Fat cats, corruption, and Mad Men-esque office politics don’t reflect a positive image of the industry as a whole.

Former Bill Clinton speechwriter Andrei Cherny and accomplished business entrepreneur Joseph Sanberg sought to remedy the negative affiliation associated with banking by integrating environmentalism into financing. The result? Aspiration made its official debut in 2013 in Marina del Ray (aka Silicon Beach), California.

Considered a new way to manage finances, Aspiration works to minimize the carbon footprint of traditional banking.

According to their website: “Aspiration helps our customers spend, save, and invest with a conscience so you can make money while making the world a better place. And, unlike the Big Banks, we don’t use your deposits to fund oil pipelines or turn your fees into campaign contributions to the politicians that work against you.” 

Before I kickstart my Aspiration review, let’s go over some initial highlights. 

Highlights

• A more sustainable banking alternative
• Percentage of profit earned donated to charities 
• Partnered with several organizations like 1% For The Planet 
• Funds are FDIC insured of up to $2.25 million per depositor 
• Positive customer reviews

Aside from usual check-ins with bill payments and transfers, we typically don’t pay much attention to the behind-the-scenes side of personal banking. 

To the casual eye, factors such as credit and interest may seem like mere percentages and numbers, but have you ever wondered how the bank handles your money? I’m not talking about how financial institutions safe-keep your income, but the ways they use your profits after the fact.

Considering that most banks prefer to keep their customers in the dark, Aspiration should feel like a breath of fresh air. Geared towards ethical consumers, this financial firm ensures that every penny you make will funnel into an environmental cause.

If you’re looking to switch companies, I’ll provide a quick overview of their services in the next section of my Aspiration review. 

Aspiration Bank Review

It’s worth noting that Aspiration doesn’t consider itself a bank. Instead, it’s colloquially known as a financial firm. Operated solely online, clients can create their own spending and savings account without accruing interest. You’ll only need to pay additional fees if you earn more than $1,000 per month.

Other highlights in joining Aspiration include 10% cashback for those who support businesses of the Conscience Coalition and Planet Protection, in which the brand will purchase carbon offsets whenever you need to pump gas.

Aspiration is free to sign up. If you want to take advantage of all their benefits, those interested can sign up for Aspiration Plus. By joining this upgraded plan, customers can earn up to 0.25% if they spend a select amount every month.

Aspiration Debit Card Review

Conscious consumption is something that we should all practice. Supporting eco-conscious brands and opting out of retail therapy is one of the many ways to shop thoughtfully. But if you really want to kick things up a notch, Aspiration counts each tap as a small contribution to the environment. For instance, every purchase you make leads to a tree being planted. 

Currently, Aspiration offers two debit card plans and one credit card program. For the time being, I’ll only go over their debit plans: 

The Aspiration debit card plan:

• $10 minimum on opening deposit
• Pay what is fair ($0)
• 3-5% cashback rewards on Conscience Coalition purchases 
• Up to 3.00% APY 
• Doesn’t fund fossil fuel production 
• Automatic carbon offsets for gas purchases 
• Unlimited withdrawals at over 55k Allpoint ATMs (no fees included) 

The Aspiration Plus plan:

• $10 minimum on opening deposit 
• Annual plan: $6 per month (or $7 per month)
• 10% cashback rewards on Conscience Coalition purchases 
• Up to 5.00% APY
• Doesn’t fund fossil fuel production 
• Automatic carbon offsets for gas purchases 
• Unlimited withdrawals at over 55k Allpoint ATMs (no fees included)

How Does Aspiration Work?

To join Aspiration, you’ll need to make an account. On the top right-hand corner of the screen, click the log-in button to get started. From there, select “sign up today.” You can also complete this process through their mobile app.

You will have to choose which Aspiration card you want based on your needs, as I outlined above. Choose one of their Aspiration debit cards or their Aspiration Zero crest card. You’ll be presented with each card’s features and associated fees.

Once you land on which card is right for you, you can officially apply for an Aspiration Spend & Save account as long as you are a US citizen or permanent resident at least 18 years of age.

The brand will run a credit check before you are approved, however, this won’t affect your credit score. No need to worry! Once you’re in, you can fund your debit card by linking it to a US-based bank account and start spending.

Aspiration Fees

As I mentioned, it’s totally free to sign up for Aspiration. Those looking to upgrade from their basic plan can sign up for Aspiration Plus for $6 per month, which is part of their annual membership. You can also opt for $7 per month if you’re not fond of committing that long.

Aside from account sign-up, the brand doesn’t charge any fees. They implement a “pay what is fair” policy where customers can select their own allotted amount. Yep, you can even choose to pay $0 if you feel that it’s just.

However, it’s worth mentioning that select features such as wire transfers and investments will incur some additional fees, but customers can relax knowing that Aspiration will never ask for more than the required amount.

Who Is Aspiration For? 

Aspiration is geared toward customers who care deeply about conscious consumption. This term goes both ways, as it relates to where you shop and how you handle your money.

This financial firm helps to ensure that each tap and swipe contributes to a good cause. All expenses filter into carbon offsets, reforestation, and monetary support for Conscience Coalition businesses.

Aspiration Reviews: What Do Customers Think?

Aspiration aspires to be the best financial firm when it comes to eco-conscious consumption. It’s definitely a big expectation to accomplish, which leads me to the inevitable question: are they as advertised? Fortunately, I found a large number of positive Aspiration reviews. Let’s take a peek at some average scores:

• Trustpilot: 1.1k reviews with 4.3/5 stars
• DepositAccounts.com: 395 reviews with 3.5/5 stars
• Wallet Hub: 9 reviews with 2.9/5 stars

Aspiration’s core mission was a win for ethical consumers, as they loved the brand’s sustainable and transparent approach. Others spoke highly about the company’s level of customer service. 

One Trustpilot user wrote: “I love banking with Aspiration. This bank makes it so simple for me to help the environment and focus on a positive carbon footprint. I’d recommend this bank to absolutely anyone.”

Another user wrote: “I called to report unauthorized transactions. My call was answered in seconds by a very pleasant, courteous, empathetic, and patient service rep.”

Independent blogs, such as NerdWallet.com, also left a favorable review of the financial firm. The author was quick to list multiple pros of joining Aspiration, including its excellent customer support and the company’s unique spending feature:

“Aspiration is best if you’re looking for an online-only account that earns interest and has a mission to create a positive social and environmental impact.”

From the get-go, there seem to be no qualms about joining Aspiration. It’s a great brand to choose if you’re tired of shady tactics used by traditional banks. To add to my Aspiration review, I thought it best to include some additional info concerning FAQs and sign-up details next. 

Is Aspiration Legit?

I didn’t find any major concerns worth including in my Aspiration review. 

Is Aspiration Worth It?

If you’re looking for additional incentives to shop consciously, Aspiration can lend a helping hand. It’s an effortless way to minimize your ecological footprint, as this financial firm supports sustainable organizations and efforts whenever you spend.

Other advantages include zero fees, cashback rewards, and automatic carbon offsets whenever you need to pump gas. With an innovative company mission, I can confidently recommend this brand. 

Aspiration Promotions & Discounts 

At the time of writing my Aspiration review, I didn’t find any Aspiration bank promotions and discounts to include. 

How To Get Started On Aspiration

Looking to make a change? If so, you can sign up for Aspiration by visiting aspiration.com. You can also download the mobile app through the App Store or Google Play. 

FAQ

Who owns Aspiration?

Aspiration is owned by founders Andrei Cherny and Joseph Sanberg. 

What is Aspiration’s Privacy Policy?

According to their website, they “use your personal information to provide you with our services, to communicate about additional services, to improve our services, to protect our services and business interests.”

How is Aspiration’s Customer Service?

Websites such as Trustpilot feature dozens of positive reviews of the brand’s customer service. According to several users, Aspiration’s customer service helped address any grievances.

How to Contact Aspiration

For any questions or concerns unrelated to my Aspiration review, you can contact the brand through:

• Phone: 800-683-8529
• Email: [email protected]

Their customer service team is available Monday through Friday from 6:00 am to 6:00 pm PST, and on weekends from 8:00 am to 3:00 pm.

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