Is Aspiration Safe and Legit

Aspiration is a popular neobank with a goal of providing ethical banking services, but is it safe and legit? Read on to find out.

With a "Pay What Is Fair" fee structure, Aspiration aims to put its customers first.

But are they actually legit?

In this break down on the forward-looking green neobank, find out whether Aspiration is a safe and legit option for your needs.

Is Aspiration Safe and Legit?

The short answer: Yes, Aspiration is a safe and legit financial services provider.

It's great to hear that a bank (or a neobank) supports causes for the greater good. But you still need to keep your money safe. Plenty of scams have been perpetrated on well-meaning people hoping to help a good cause.

With Aspiration, all deposits are FDIC-insured up to $2,500,000.^[1] Your data is also protected with strict routing, firewalls, encryption, and controlled access. Plus, Aspiration does not sell or lease your info for any reason or anyone.^[2]

For those who want to verify Aspiration's ethical claims, rest easy. Aspiration is B-corp certified since 2016. B-corp certification is given to businesses dedicated to making a "social and environmental impact."^[3]

Their credit and debit cards are provided by Mastercard, a company trusted all over the world.

Aspiration Plus - Earn $200 Bonus

Click Here to Get Deal

• Spend $1,000 Within First 60 Days and Receive $200

Aspiration is not a bank. Cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With ten Banks available, Deposits are FDIC-insured up to $2.5 million per depositor.

What is Aspiration?

Aspiration is a neobank founded in 2013 with the goal of providing people with an ethical place to do their banking.

Aspiration offers a range of features that anyone would expect to find at a bank, including:

• Interest-paying checking accounts
  
• Free access to a network of ATMs
  
• Purchase assurance on lost or damaged items (reported within the first 90 days)

Where Aspiration stands out is their commitment to ethical practices. Here are a few highlights of Aspiration's mission:

Doesn't support companies that harm the environment: Aspiration ensures customers' money doesn't go toward causes that are detrimental to the environment, like the fossil fuel industry.

B-Corp Certified: Certified since 2016, they put their profits toward causes that seek to benefit the environment, stop climate change, and help communities in need.

Ethical cash back programs: They also offer cash back on purchases from companies in the Conscience Coalition, a Carbon Neutral Mastercard that offers 1% cash back on all of your purchases when you're carbon neutral, and more.

Supports nonprofits: For every $10 that customers spend with Aspiration, $1 is donated to charity. They round up user spending to put aside money for planting trees.

Provides sustainability scores for other companies: Aspiration applies their Impact Measurements to various companies. As a consumer, this gives you an easy way to know if the companies you're doing business with are providing a net good or harm to the environment.

If your goal is to make informed decisions about your consumption, this feature, available through the Aspiration mobile app, can be a game-changer.

Aspiration Spend & Save - Earn $150 Bonus

Click Here to Get Deal

• Spend $1,000 Within First 60 Days and Receive $150.

Aspiration is not a bank. Cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With ten Banks available, Deposits are FDIC-insured up to $2.5 million per depositor.

Aspiration Features

Aspiration boasts a suite of handy, user-friendly features. Check out the list below to see if its right for you.

What Aspiration Offers

• Interest-paying savings accounts
  
• Cash back on purchases from Conscience Coalition companies
  
• Get paid 2 days early with direct deposits
  
• Free ATM access
  
• Plant trees when you swipe
  
• Mastercard Global Service
  
• Purchase assurance for lost or damaged items in the first 90 days
  
• Carbon Neutral Mastercard pays 1% cash back on all purchases in months you're carbon neutral

Aspiration Accounts

As a potential customer, you'll want to know what exactly Aspiration offers in terms of banking. To that end, let's take a look at their various accounts.

Aspiration offers two main "Spend and Save" accounts:

Aspiration

This account has a "pay what is fair, even if it's zero" model (no catch!). It comes with an impressive -APY on the first $10,000 of your savings, if you spend more than $1,000 a month and meet the qualifying conditions.

You earn 3% - 5% cash back on Conscience Coalition purchases.^[5]

There's a $10 minimum deposit to open, and they offer 2-day early direct deposit, access to 55,000 in-network ATMs, and a personal impact score.

Spend and Save

• $10 opening deposit
• No minimum balance requirement
• No monthly fee - pay what you think is fair
• 55,000+ fee-free ATMs
• Plant a tree with every deposit when you round up to nearest whole dollar

Aspiration is not a bank. Cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With ten Banks available, Deposits are FDIC-insured up to $2.5 million per depositor.

Click Here to Learn More

Aspiration Plus

The Plus plan is $7.99 per month, or $5.99 if you pay on an annual basis. This plan comes with an even higher APY on the first $10,000 of your savings, as long as you spend over $1,000 a month and meet the qualifying conditions.^[6]

You earn 10% cash back on Conscience Coalition purchases.

There's a $10 minimum deposit to open, and they offer 2-day early direct deposit, access to 55,000 in-network ATMs, and a personal impact score.

And in addition to the features above, you get carbon-offset Planet Protection, out-of-network ATM reimbursement, and purchase assurance for items damaged or stolen in the last 90 days.

Aspiration Plus - Earn Up to 5% APY

• 5.00% APY on the first $10,000 of your savings
• $7.99/mo; $5.99/mo if you pay annually
• Deposits won't fund fossil fuel exploration or production
• Get paid up to 2 days early
• $10 minimum opening deposit
• 55,000 free in-network ATMs
• Automatic offsets for the negative climate impact of driving your car with Planet Protection
• One out-of-network ATM reimbursement monthly

Aspiration is not a bank. Cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With ten Banks available, Deposits are FDIC-insured up to $2.5 million per depositor.

Click Here to Learn More

Bottom Line

Aspiration is a neobank that offers a more ethical option for safely storing your money. While they're not technically a bank, they offer many of the same services a traditional bank would, in addition to their pledge to do only good for the environment.

Between their tree-planting, carbon off-setting policies, and their dedication to avoiding investments in the oil industry, Aspiration is working toward positive change in the world.

And as a certified B corporation, with customer funds held in FDIC-insured accounts, you can rest assured that your money is in good hands with Aspiration.

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