Aspiration is an online financial platform that offers a variety of services to its customers, including checking and savings accounts, investment options, and debit cards. In this Aspiration review, we'll take a closer look at the pros and cons of using this platform to manage your money.
One of the biggest pros of using Aspiration is that it is a socially responsible company. The platform has a strong focus on ethical and sustainable investing options, and it also donates a portion of its profits to charitable causes. This can be a huge plus for consumers who are looking to make a positive impact with their money.
Another pro of Aspiration is the wide range of services it offers. In addition to the standard checking and savings accounts, the platform also offers a variety of investment options, including stocks, bonds, and mutual funds. This makes it a great one-stop-shop for all of your financial needs.
Aspiration also offers a unique feature called Spend and Save. This feature automatically rounds up your purchases to the nearest dollar and puts the extra money into a savings account. This can be a great way to save money without having to think about it.
One con of using Aspiration is that it is an online-only platform, which means that you won't be able to access your money through physical branches. This can be a problem for some customers who prefer to do their banking in person. However, Aspiration does offer a wide range of digital tools, such as a mobile app, to help you manage your money on the go.
Another potential con of Aspiration is the fees. While the platform doesn't charge monthly fees, there are still some fees associated with certain services. For example, there is a $2 fee for using an ATM outside of the Allpoint network and a $5 fee for expedited shipping of a replacement debit card. These fees can add up over time, so it's important to be aware of them before signing up for an account.
Another con is that Aspiration is not a traditional bank. As a result, it may not be FDIC-insured, which means that your deposits may not be insured in the event of the platform's failure. However, Aspiration does have a security process to make sure that user's deposits are safe and secure.
Overall, Aspiration is a great option for consumers who are looking for a socially responsible, one-stop-shop for their financial needs. The platform offers a wide range of services, including checking and savings accounts, investment options, and debit cards. Additionally, the unique Spend and Save feature can be a great way to save money without even thinking about it. However, the platform's online-only nature and potential fees can be a drawback for some customers.
It's important to weigh the pros and cons before deciding if Aspiration is the right platform for you. It can be a great option for those who value socially responsible investing and want to make a positive impact with their money, but it may not be the best fit for everyone.
Another pro of Aspiration is its high-yield savings account. The platform offers a 1.00% APY on its savings account, which is significantly higher than the national average. This can be a great way to earn more interest on your savings and grow your money faster.
Another advantage of Aspiration is its debit card. The Aspiration debit card is made of recycled plastic and comes with a chip to enhance security. Additionally, the platform offers a cashback rewards program, where you can earn up to 10% cashback on purchases from participating merchants. This can be a great way to save money on everyday purchases.
Aspiration also offers a great referral program. If you refer a friend to the platform, you can earn $50 when they open an account and make a qualifying deposit. This can be a great way to earn some extra cash while helping your friends and family take control of their finances.
In terms of customer service, Aspiration offers a great support team that is available 24/7. You can reach them via phone, email, or live chat, and they are always ready to help with any issues or questions you may have.
On the other hand, one con of Aspiration is that it does not offer traditional banking services such as loans, mortgages, and credit cards. This can be a limitation for customers who are looking for a full-service bank. Additionally, Aspiration's investment options are limited compared to traditional banks and brokerage firms.
Another drawback of Aspiration is that the platform is only available to U.S. residents. This means that customers outside of the U.S. will not be able to open an account or use the platform's services.
In conclusion, Aspiration is a great platform for consumers who are looking for a socially responsible, one-stop-shop for their financial needs. The platform offers a wide range of services, including checking and savings accounts, investment options, and debit cards. Additionally, the unique Spend and Save feature, high-yield savings account, cashback rewards program, and referral program can be a great way to save money and earn extra cash. However, the platform's online-only nature, potential fees, lack of traditional banking services, and availability only in the US are some cons to consider before signing up for an account. It's important to weigh the pros and cons and decide if Aspiration is the right fit for you and your financial goals.
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