Aspiration - Mobile Banking 2.27.5

Investment in Sustainable Banking: A Critical Review

The Aspiration Spend & Save Account offers an intriguing combination of functionality and environmental consciousness, touting an annual percentage yield (APY) of up to 3.00%. This account permits users to actively engage in sustainable practices while managing their finances.

• Upon signing up, users can maintain a spending and saving strategy that aligns with ethical considerations.
• The program features a unique initiative where each transaction contributes to the planting of a tree, promoting a tangible positive impact on the environment.
• An appealing aspect for environmentally aware individuals is the assurance that deposits will not finance fossil fuel exploration or production.
• Account holders benefit from unlimited withdrawals at over 55,000 Allpoint ATMs, enhancing convenience.
• Additionally, customers can access funds up to two days early, contingent upon external factors related to payment processing.

Disclosure and Limitations

The Aspiration Spend & Save accounts are provided through Coastal Community Bank and are insured by the FDIC. Customers should be aware that accounts are protected up to $250,000 per depositor. For larger balances, funds will be swept into additional FDIC-insured institutions.

Although Aspiration offers a debit card service through partnership with Coastal Community Bank, it is important to note that Aspiration itself does not function as a bank. Moreover, any extra services come at cost, as stipulated by their policy.

Additional notes:

• Participation in the Plant Your Change service enables automatic rounding up of purchases to support environmental initiatives.
• Aspiration's cash back program is subject to change and may be reversed in cases of fraud or misuse.
• The promised early access to direct deposits depends on various external factors and is not guaranteed.

Overall, the Aspiration Spend & Save Account presents a commendable option for consumers seeking sustainable financial products; however, potential users should carefully consider the associated terms and nuances before enrolling.