- Aspiration is a banking platform focused on environmental sustainability.
- You can track your own "personal impact score" and view companies' impact scores based on how they affect the environment.
- You'll earn cash back for shopping at environmentally conscious businesses.
- Learn more about Business Insider's picks for the top rewards checking accounts »
Is Aspiration a good fit for for you?
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Aspiration Account review
The
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The main downside is that you won't earn any interest on your savings — for that, you'll need to upgrade to an
Aspiration Plus Account review
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How to help the environment with Aspiration
The main thing that sets Aspiration apart from other banking platforms is its focus on the environment. Here's what you can expect when you bank with Aspiration:
1. Guilt-free deposits
You may think your decision about where to bank only affects you. But you might not know how banks use the money you deposit.
"A lot of people think that when they're depositing money at a bank, it's sitting in the back in a vault," Andrei Cherny, CEO of Aspiration, told Business Insider. "But really, banks are taking your deposits and lending them back out, and a lot of it is going to oil and gas exploration and pipelines — the things that are driving a lot of the climate crisis. People oftentimes don't realize that their own dollars are being used in ways that are hurting the planet."
Aspiration doesn't use your deposits to fund projects that harm the environment, such as fossil fuel exploration.
2. Cash back
Aspiration gives you cash back when you swipe your debit card at a Conscience Coalition business, or a company Aspiration believes has a worthwhile mission, such as TOMs, Blue Apron, and Warby Parker.
You'll earn 3% to 5% cash back with an
3. Personal impact scores
The Aspiration app tracks your personal impact score, which is a numeric score based on how your money habits affect the environment. Cherny described the personal impact score as a "FitBit for sustainability" to Business Insider.
Aspiration assigns personal impact scores to companies, too. You can find scores for a couple thousand businesses. Here are some categories and examples of big-name companies with scores:
- Retailers (Amazon, Target, Walmart)
- Clothing retailers (Adidas, Gap, Nike)
- Restaurants (McDonalds, Panera, Starbucks)
- Hotels (Choice Hotels, Hilton, Marriott)
- Airlines (Delta, JetBlue, Southwest)
- Oil and gas companies (Chevron, Exxon, Shell)
If you're trying to decide where to buy lunch, for example, finding out one place has a better impact score than another could help you make your decision.
4. Plant trees
Aspiration gives you the option to round each debit card purchase up to the nearest dollar. With each roundup, Aspiration will plant a tree.
5. Planet Protection
When you use your Aspiration debit card to buy gasoline for your car, Aspiration purchases the amount of carbon offsets needed to neutralize the carbon dioxide produced by a tank of gas. To purchase carbon offsets, Aspiration contributes money to a company that saves energy for the planet, like wind farms.
Once Aspiration buys carbon offsets, you'll receive a push notification on your phone to let you know the transaction has gone through.
The Planet Protection feature is only available with the
Other Aspiration features
Aspiration is an online-only banking platform. There are no physical branch locations, but you can use 55,000 Allpoint ATMs for free.
Aspiration won't charge a fee for using an out-of-network ATM, but the ATM provider may. In this case, Aspiration won't reimburse what the provider charges — unless you have an
The mobile app has received 4.3 out of 5 stars in both the Apple and Google Play stores.
You can contact customer support by phone or email. Phone hours are Monday through Friday, 6:00 a.m. to 6:00 p.m. PT, and Saturday and Sunday, 8:00 a.m. to 4:00 p.m. PT.
Your deposits are FDIC insured through Aspiration's eight partner banks. Each bank insures up to $250,000, so you can insure more money than you would with a traditional bank account.
Is Aspiration trustworthy?
The Better Business Bureau gives Aspiration a C- in trustworthiness. The BBB cites the number of customer complaints as one reason for this rating; Aspiration also hasn't responded to all the customer complaints on the BBB website. Aspiration's being a fairly new company also hurt its score — the BBB doesn't consider two years to be long enough to fully prove trustworthiness.
Aspiration does not have any public scandals, though, and it is a more environmentally conscious alternative to other banking platforms. If the fact that it's a young business doesn't bother you, you may still feel comfortable using Aspiration.
How Aspiration compares to similar accounts
We've compared Aspiration with two other institutions that concentrate on a cause: Amalgamated Bank and City First Bank.
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Social initiatives Environment | Social initiatives Environment, immigration, LGTBQ+ rights, criminal justice, workers' rights, reproductive rights, gun safety | Social initiatives Community development |
Locations Online only | Locations Online, CA, NY, DC | Locations Online, DC |
| Open an account | Open an account |
Aspiration review vs. Amalgamated Bank review
While Aspiration focuses on sustainability, Amalgamated Bank gives to numerous causes. You can read the bank's stances on various social issues on its website. With a Give-Back Checking or Give-Back Savings Account, you can choose from six charities, and Amalgamated will donate the equivalent of half the interest you earn to the cause.
You may like Amalgamated Bank if you want a bank that supports several causes, and if you want a choice about which charities donations support.
Aspiration hones in on the environment and takes things a step further with its Planet Protection program and personal impact points. So if sustainability is your passion, you might prefer Aspiration.
Aspiration review vs. City First Bank review
City First focuses on community development, specifically in the DC area. Your deposits are used to disperse loans, and 80% of City First loans go toward causes such as housing development, community services organizations, and charter schools.
If you care about the environment, you may like Aspiration. But if you're more concerned with community development and/or live in the DC area, you might prefer City First.
Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.