This Aspiration Summit Checking Account review will provide you information on what makes this product different from what other online financial firms offer.
According to the FDIC Survey of Household Use of Banking and Financial Services conducted in 2019, it was found that “nearly 95 percent of U.S. households (approximately 124 million households) were banked (i.e., had a bank or credit union account).” This was the highest number and percentage of households with bank accounts ever since the first survey was done in 2009.
Now, out of the many different kinds of bank accounts out there, checking accounts whether it be through a bank or a credit union offer the fastest and the easiest access to one’s money.
It is safe to say that checking accounts play an important role in a lot of aspects of life — whether it be receiving a paycheck or transferring money to another person’s bank account.
But wait, what is a checking account?
Before we even specifically talk about the Aspiration Summit Checking Account, we thought it’s just right to explain what a checking account really is.
According to an article published by CNBC, “A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions. This may include depositing a check you receive, taking out cash with your debit card, or setting up direct deposit for your paychecks.”
Of all the bank account options out there, checking accounts are considered the most liquid of them all, which means if you want easy access to your money, this is the way to go.
There are a lot of banks – whether it be traditional or online – that offer a checking account. However, with the competition around, financial institutions provide other features that will appeal to consumers apart from the main functionality of a checking account.
It’s safe to say that these additional perks and features are where these accounts differ from one another.
So, now that you already know the functionality of a checking account, and you already know that banks compete with one another by providing additional perks and features, it’s time to talk about the Aspiration Summit Checking Account.
As stated earlier, as you go through this Aspiration Summit Checking Account, we promise to provide you everything you need to know about this particular account and a few about the provider of the product.
In particular, we are going to talk about the following in this Aspiration Summit Checking Account review:
- What is Aspiration?
- Who is Aspiration best for?
- What are the products offered by Aspiration?
- What is the Aspiration Summit Checking Account?
- Who is Aspiration Summit Checking Account best for?
- How to open an Aspiration Summit Checking Account?
- What to like about the Aspiration Summit Checking Account?
- What not to like about the Aspiration Summit Checking Account?
- Is Aspiration safe?
That said, it’s time to start our review —
WHAT IS ASPIRATION?
First of all, let’s get to know the financial institution behind the Aspiration Summit Checking Account.
Aspiration is the leading fintech “neobank” in the country today. It was founded in 2013 and is focused on socially conscious and sustainable money.
To date, Aspiration has over 1.8 million fans, enabling them to make a huge impact in the financial industry.
Aspiration offers a variety of account options and is focused on rewarding its clients with cashback for purchases made from “ethical” companies.
Aspiration is held at one of its partner banks that offer FDIC insurance. Thus, all accounts are insured for up to $250,000 in case the financial firm fails.
Before moving on, if you want to know more about Aspiration, here’s an insightful review by Magnified Money:
WHO IS ASPIRATION BEST FOR?
Now, in the previous section, we shared with you some key information about Aspiration. This time, we are going to talk about who will benefit the most from it.
Generally speaking, Aspiration may be fitted for customers who want the convenience of banking online. Since it is not a brick-and-mortar kind of a financial institution, instead it’s a fintech “neobank,” everything is done entirely online.
Furthermore, Aspiration would appeal to those who do not want monthly maintenance fees on checking accounts, want to earn cashback on debit card purchases, avoid ATM fees, and lastly, it suits best to customers who want to do banking with a financial firm that focuses not just on the money but on sustainability as well.
WHAT ARE THE PRODUCTS OFFERED BY ASPIRATION?
Aspiration is a financial firm with very limited product offerings. Currently, it does offer checking and savings accounts, as well as managed investment portfolios and IRAs.
In the next few sections, we are going to tell you more about the Aspiration Summit Checking Account.
Meanwhile, just to give you an idea, here’s a short briefer on the Aspiration savings account —
Aspiration Save Account
This savings account is ideal for consumers who already have a checking account elsewhere but needs another account to save money.
This account allows depositors to earn up to 1.00% annual percentage yield (APY) on the first $10,000 in the account. To earn the 1.00% APY, you have to have at least $1,000 monthly spending with your debit card, and that you must have an Aspiration Plus Account, which means account holders have to pay a monthly or annual fee.
If you want to know more about this product, all you need to do is head on to the Aspiration website.
WHAT IS THE ASPIRATION SUMMIT CHECKING ACCOUNT?
As mentioned in the previous section, here we are going to dig deeper into the very reason why we are doing this review — the Aspiration Summit Checking Account.
In this part of our Aspiration Summit Checking Account review, we are going to dissect what this account is all about.
Obviously, the Aspiration Summit Checking Account is a checking account offered by Aspiration.
This product is backed by Radius Bank, a partner bank of Aspiration, which makes it an FDIC-insured account.
This checking account comes with a Radius debit card that can be used just about anywhere.
Contrary to other online checking accounts, the Aspiration Summit Checking Account does not require a minimum amount of debit transactions to enjoy the fee-free feature.
More so, Aspiration Summit Checking Account does not have minimum balance requirements, which is definitely a plus.
While all these sound good in the ear already, there’s more.
As mentioned earlier, Aspiration is not just concerned about the impact it gives to the financial industry, but also to the society. That is why it is quite intriguing that 10% of all revenue that Aspiration gets goes to charity.
You are probably wondering how all these good things are even possible, right?
Well, here’s the catch — Aspiration Summit Checking Account is sadly not available for everyone.
To be an Aspiration Summit Checking Account holder, you must receive an invitation.
But don’t worry, anyone can try their luck. All that’s needs to be done is to submit a form with personal information. Make sure, however, that you are a citizen or a permanent resident of the United States, at least 18 years of age, and have a Social Security number. Additionally, you must have an existing checking or savings account.
A few days after, the financial firm will send you an invitation to join.
Once you are an Aspiration Summit Checking Account holder, you will get to enjoy the following benefits:
- 1.00% APY for accounts with more than $2,500 balances, or 0.25% for those with less than $2,500 balances
- No monthly fees and no minimum balance requirements
- Free use of an ATM whether it be locally or internationally
As of this writing, we could not think of a similar financial institution that offers the same type of privileges. It’s very rare to find a high-yield checking account out there, more so, an account that offers free ATM use worldwide.
WHO IS THE ASPIRATION SUMMIT CHECKING ACCOUNT BEST FOR?
There is so much to love about the Aspiration Summit Checking Account, that’s for sure. But the question is, who would benefit from it the most? Who’s most ideal for it?
Well, based on the information we gathered and shared with you in the previous section, the Aspiration Summit Checking Account would be appealing for customers who:
- Want to earn a high annual percentage yield (APY) on a checking account
- Can maintain at least $2,500 balances to earn the highest rate possible
- Want to enjoy features like no monthly fees and no minimum balance requirements
- Usually, travel in and outside of the country, and want to enjoy fee-free ATM transactions worldwide
If you fall in any of the above-mentioned, or that you are all of it, then Aspiration Summit Checking Account is perfect for you. You should submit a form now and expect an invitation in a few days.
HOW TO OPEN AN ASPIRATION SUMMIT CHECKING ACCOUNT?
Generally speaking, the primary methods of banking with Aspiration are either online or via the mobile app. But again, since the firm provides ATM access, account holders are able to make withdrawals and check balances at Allpoint ATMs free of charge.
To open an account with Aspiration, all you need to do is go online and visit their website.
Meanwhile, to open an Aspiration Summit Checking Account, as mentioned previously, you need to get an invitation from the bank.
While it sounds daunting, the process is not as tedious as you might think. You just have to send a form with your personal information in it, and wait for a few business days for the invitation.
Once you receive the invitation, you can proceed with the account application process, and once approved, start banking with Aspiration.
As mentioned, earlier, make sure you meet the following requirements to qualify for the Aspiration Summit Checking Account:
- At least 18 years old
- Must be a citizen or a permanent resident of the United States
- Must have Social Security number
- Must have existing savings and checking account
Similar to other products offered by Aspiration, this account comes with an ATM so you can access your account anytime, anywhere. As mentioned, one of the perks that Aspiration account holders enjoy is fee-free ATM access not only across the country but the world as well.
Aspiration does not have a physical branch, thus, all its account holders, including those of Aspiration Summit Checking Account may access their account through its mobile app, which is available for free in the iTunes store.
The mobile app comes with a number of useful features, which includes:
- Mobile check deposit
- Easy fund transfers between Aspiration and your other bank accounts
- Bills payment
- Send a check to another person
- To-the-minute balance & transaction tracking
- 3D Touch QuickActions (on supported devices)
- Touch ID that allows you to sign-in to your account with your fingerprint
- Two-factor authentication for stronger security
- Compatibility with Apple Pay, Mint, PayPal, and Venmo
Additionally, the mobile app also allows you to make “tips” to Aspiration. No pressure, though, you can always choose zero if want to.
WHAT TO LIKE ABOUT THE ASPIRATION SUMMIT CHECKING ACCOUNT?
This Aspiration Summit Checking Account review will not be complete if we are not going to share with you a list of summary of the things that we particularly like about this checking account.
This would greatly help undecided customers in weighing their options, and seeing if the Aspiration Summit Checking Account is worth it.
So, with that, here are a few things we like about the Aspiration Summit Checking Account:
- High Annual Percentage Yield – Aspiration Summit Checking Account holders earn 1.00% APY with more than $2,500, while those with less than $2,500 still earn but at a lower APY of 0.25%.
- No Monthly Fees – While this is not unique to the Aspiration Summit Checking Account, having no monthly fees is definitely a plus.
- No Minimum Balance Requirements – Another feature that the Aspiration Summit Checking Account offers is that it does not have minimum balance requirements, which is contrary to most online banks that offer checking accounts out there.
- ATM Access – Unlike some online checking accounts, the Aspiration Summit Checking Account comes with a Radius Bank card that allows account holders to access their money anytime, anywhere.
- Free ATM Use Worldwide – If there is one that is unique to the Aspiration Summit Checking Account, it would be this. Aspiration Summit Checking Account holders may enjoy fee-free ATM access anywhere in the world.
WHAT NOT TO LIKE ABOUT THE ASPIRATION SUMMIT CHECKING ACCOUNT?
In the previous section, we provided you with a list of things we like about the Aspiration Summit Checking Account.
To complete everything, in this section, we are giving you the things that we do not like about the checking account, which includes the following:
- Online-Only Account – Generally, Aspiration is an online financial firm, which means it does not have a physical branch location. Thus, obviously, Aspiration Summit Checking Account holders can only access and manage their accounts online. Although, as mentioned, account holders may withdraw through ATM.
- By Invitation Only – Unlike other checking accounts offered by similar online financial institutions, customers can only open an Aspiration Summit Checking Account if they receive an invitation. While the process is not as tedious as you think, it still is quite a hassle for potential customers.
- Bank Account Requirement – One of the qualifications to be able to get invited and qualify for an Aspiration Summit Checking Account is to have an existing savings and checking account, which makes it not ideal for those who do not have existing bank accounts.
- Balance Requirement to Earn High APY – To earn the highest APY possible, account holders must at least have $2,500 on balances, which, to be honest, is big as compared to what other online checking accounts require.
IS ASPIRATION SAFE?
Aspiration is an entirely online financial firm, which means the Aspiration Summit Checking Account is only accessible online apart from its ATM features.
With that said, perhaps one of your concerns would be the safety and security of your account.
To ensure that all accounts – including checking accounts – are protected, Aspiration has incorporated standard online banking safety and security measures. Additionally, the app also comes with a two–factor authentication for stronger security. Needless to say, it has a touch ID feature that allows account holders to sign-in using their fingertip.
Aspiration also partnered with FDIC-insured banks to ensure that all accounts are protected in case the firm fails. For the Aspiration Summit Checking Account alone, it is backed by Radius Bank.
FINAL THOUGHTS ON THE ASPIRATION SUMMIT CHECKING ACCOUNT REVIEW
Aspiration Summit Checking Account is one of the few account offerings of Aspiration, the leading fintech “neobank” in the country today. It offers a number of amazing features including high-interest rate (which is not very common among checking accounts), no monthly fees, no minimum balance requirements, and the best of all, fee-free ATM access not only across the country but the world as well.
While it does have a lot of things to like about, unfortunately, unlike other online checking accounts, you only get to qualify for an Aspiration Summit Checking Account if you get an invitation from the bank by sending a form with your personal information in it.
So, with all that’s been said, do you think the Aspiration Summit Checking Account is right for you?