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Aspiration Spend & Save

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FDIC-Insured Online Cash Management Account

The world’s first cash back account that lets you track the impact of your spending - all managed through one intuitive app by socially-conscious, ethical and sustainable financial firm Aspiration.

Fee-free ATM Withdrawals


FDIC Insured Per Depositor

Up To $2.4 Million

Monthly Account Fee


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Sign Up Time

Less than 5 minutes

Account Fees

Pay what is fair, starting at $0

Cash Back Rewards

Yes, including bonus rewards at socially conscious businesses

ATM withdrawals

Free at over 55,000+ Allpoint ATMs

Interest Rate

Highly competitive

Mobile App

Deposit checks, pay bills, track your impact on the planet

Aspiration Spend & Save Account is a non-interest bearing online cash management account that features electronic transaction functionality. It is a securities account that permits you to earn interest on your available cash. The account has an annual percentage yield of up to 1 percent, typically higher than the average. The online-only account has no minimum balance requirements or monthly fees. With Aspiration Spend & Save, you get an outstanding cashback account that enables you to track and manage your spending through an Aspiration app.

Aspiration Spend & Save Account

The benefits of opening an Aspiration Spend & Save Account include:

  • Fee-free ATM withdrawals: All Aspirations customers can use the over 55000 Allpoint ATMs with no fees. Additionally, you get one out of network ATM fee reimbursement monthly.
  • Free paper checks: The first set of checks that Aspiration customers order is free. However, you will pay a shipping fee for an extra order of checks after the first.
  • No overdraft fee: An Aspiration checking transaction that negatively affects the account is declined at no cost.
  • Intuitive mobile app: Aspiration offers highly rated Android and iOS mobile apps that allow for convenient deposits with your smartphone.
  • FDCI insured: Your funds are insured by FDIC.

Who Is It for?

The Aspiration online cash management account is best for persons looking for a free account that earns interest and features international ATM reimbursement. The account is also an excellent choice if you are a US citizen looking for an ethical bank that supports sustainable causes. The Aspiration online cash management account will also be a good fit if you:

  • Do not need to deposit cash.
  • Need access to a broader network of fee-free ATMs
  • You prefer online-only banking experiences.
  • Are looking for incentives to spend money with ethical businesses
  • Love the flexibility that comes with choosing own monthly fee
  • Are looking for institutions that promote sustainability and social issues
  • Prefer to earn interest in a CMA

What Are The Benefits of Aspiration Spend & Save Account?

  • You set your own fee (the fee can be $0)
  • Free in-network ATM withdrawals
  • Cash back after purchase at socially conscious businesses
  • You enjoy socio-environmentally conscious banking services. These include options to plant trees, buy carbon offsets, support charitable causes, and a guarantee that your money will not be used to fund fossil fuel projects.
  • Your deposits are FDIC insured
  • For extra financial and socially-conscious benefits. check out upgrading to Aspiration Plus

What is Aspiration?

Aspiration began its operations in 2015 as an online-only financial firm (Aspiration is NOT a bank) that focuses on helping customers invest their money ethically, safely, and wisely. The US brokerage company focuses on environmental and social-conscious operations, supporting and rewarding businesses that meet these conditions and not using client funds to finance fossil projects. As of mid-2019, Aspiration had over 1.5 million clients, and some of the notable investors are celebrities such as Orlando Bloom and Leonardo DiCaprio. Aspiration is not a bank and therefore has no banking license. However, it is an SEC-registered broker-dealer, and deposits are FDIC-insured by its partner banks. Aspiration doesn’t offer standard savings or checking accounts, but ideally, you can use their Spend & Save cash management account (CMA) for all your day to day transactions and financial needs.

FAQs about Aspiration:

Is Aspiration a legit bank?

Yes, Aspiration is very legit, and your money is safe with them. Although Aspiration is not a bank and doesn’t hold any banking licenses, customer deposits are safe as the money is held by several banks that are typically insured by Federal Deposit Insurance Corporation (FDIC).

Is Aspiration FDIC Insured?

Aspiration checking accounts are insured up to $250,000 per person by Federal Deposit Insurance Corporation (FDIC). FDIC is a US government agency that protects depositors against losing their funds should a savings association or an FDIC-insured bank goes under.

Does the Aspiration Account Have a Direct Deposit?

Yes. Aspiration account has a direct deposit feature that allows you to make direct top-ups. Ideally, you can use their website or app to download a direct deposit form, which you will complete with a voided check.

How to Deposit Money Into the Aspiration Account?

At Aspiration, you can use the following methods to top up your account:

  • Cash: To deposit cash, purchase a money order with your cash and deposit the money order into your account via the mobile check deposit. Money orders can be obtained at grocery stores and convenience stores near you. Once you have deposited through the mobile check deposits, the Aspiration team will review the deposit and give feedback.
  • Wire transfer: Wire transfers offer a quick way to deposit money. The money should hit your account within a day. However, a $2.06 fee is levied on incoming domestic wire transfers.
  • Mobile check deposit: You can use the aspiration app to deposit checks on your smartphone. The money should arrive within 1 to 2 days.
  • Electronic bank transfer: Electronic (ACH) bank transfers is another alternative method to deposit money to your Aspiration account from your home bank. Typically, it takes between 3 to 4 days for the funds to arrive at your account. Although ACH transfers are free, there is a daily limit of $1000
  • Direct deposits from an employer– use third-party apps such as Venmo and PayPal to make deposits.

How Do You Withdraw Money From Your Aspiration Spend & Save Account?

There are many withdrawing options from an Aspiration account. These are:

  • Electronic (ACH) transfers
  • Third part transfer apps like PayPal and venom
  • Wire transfers
  • ATMs (spend account only)

Can You Overdraft the Aspiration Account?

There is no overdraft with the Aspiration account because Aspiration lacks an Aspiration savings account. However, they don’t charge any fee for accidental overdrafts.

How to Open an Aspiration Spend & Save Account

Opening an account with Aspiration is free, although the process is quite complicated and lengthy and may take several days to complete. You can open an account via the Aspiration website or Aspiration app, and you can have a new Aspiration bank card within 7 to 10 working days.

The ”Pay what is fair” principle is used to maintain your account. Typically, you decide the amount you want to pay per month within a range of $0 to 20. You will also have to pay a minimum deposit of $10 to open a checking account. The following is the Aspiration account opening process:

  1. Provide details. Fill in all your essential details such as your name, email address, Social Security Number, and bank account on the spaces provided on the website or after you have downloaded the app.
  2. Verification. Aspiration will verify your bank account by sending a few cents to the account, which may take up to two days to arrive.
  3. Transfer minimum deposit. Verify that you received the amount send by Aspiration. Then transfer the $10 minimum deposit to the Aspiration account.
  4. Verify identity. Verification of identity typically involves scanning a suitable ID document such as a passport or driver’s license. Alternatively, take a photo of yourself and send it to Aspiration. Aspiration will review the documents within 1 to 2 days.
  5. Provide additional documents. You may need to provide additional documents, like bank statements. Further review may take another 1 or 2 days.
  6. Account is activated. After the verification process is successful and your minimum deposit has been received, you can start using your digital card until your digital card arrives (it may take 7 to 10 days)

In a nutshell, as enumerated in this post, the Aspiration Spend & Save Online Cash Management account is an efficient financial solution that allows you to manage your money with more ease and freedom.

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