Aspiration is a fintech company that offers a Spend & Save Account that acts like like a checking and savings account through their partnership with Coastal Community Bank (and others).
They are not a bank but you get bank-like protections as a result, so your money there is FDIC insured for up to $250,000 (you actually get much higher protections because they partner with several banks – as of May 2022, they work with ten partner banks).
Aspiration’s goal is to provide banking services to customers who care about building a more sustainable future. Whereas other banks may invest in oil pipelines or profitable projects that lead to bad outcomes for the planet, Aspiration promises to do none of that.
They also have a “pay what is fair” fee model on their base Aspiration account. In terms of a monthly fee, you get to choose what you want to pay and that can be $0. Their Aspiration Plus account, which is a mandatory $7.99 per month fee ($5.99 per month if you pay annually), comes with more perks, higher interest rate, and other protections. You can learn more about the Aspiration Spend & Save account in this review.
If you are interested in this account, here’s more information about it:
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Aspiration $150 Bonus / $200 Sign-Up Bonus [EXPIRED]
What happened to the Aspiration $150 Bonus and the $200 Bonus? It expired in July 2022 and Aspiration has yet to bring it back. For years, they had that as their standard offer but they haven’t brought it back after it expired earlier this year.
Previously, the offer was $150 or $200 cash bonus when you opened an Aspiration Spend & Save account and spent $1,000 within the first 60 days of opening the account. It was a nice and easy offer that plenty of folks took advantage of.
For now, the active promotion is a higher APY on their Spend & Save account. Details on that below.
Aspiration Spend & Save — 1.00% APY or 3.00% APY
Aspiration previously had a cash bonus offer when you opened an account and reached a certain level of spending with their card. This was replaced with an offer of a much higher interest rate on your savings.
If you open an Aspiration account, you will earn up to 1.00% APY on your savings with a $1,000 per month spend. The minimum opening balance is just $10 and the monthly fee is a “Pay What Is Fair,” even if it’s zero.
If you open an Aspiration Plus account, you will earn up to 3.00% APY on your savings with a $1,000 per month spend. Again, the minimum opening balance is just $10. The monthly fee is a $7.99 per month or $5.99 per month if you pay annually.
How Does This Offer Compare?
With no bonus offer and a below market rate on interest, the only reason to use Aspiration is if you believe in their mission. Financially, other options are much better.
Here are a few other better offers:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
