A Review of Aspiration Summit Checking Account
Aspiration Summit checking account offers a unique blend of features. From an excellent interest rate to virtually no fees, Aspiration is ideal for consumers looking to be treated fairly by a bank. Read our Aspiration Summit checking account review for all the details.
In the world of cash back and interest rates, I try to make as many purchases as I can with a good cash back credit card. Utilities, groceries, clothing, merchandise . . . the list of what I use my credit card for is endless.
And yet, as much as I try, I still end up spending more using my checking account and debit card than I do with my credit card. This means I’m missing out on cash back opportunities.
Yes, a good checking account is vitally important to a healthy financial lifestyle. But paying unnecessary fees is the easiest way to drain your checking account, especially without the benefit of a great interest rate. Plus, there are way too many banks out there willing to provide such a disservice to you and your account.
Well, the Aspiration Summit Checking Account is the antithesis of those high fee accounts. It offers its customers a fantastic interest rate without the detraction of a single fee.
Here’s how it works.
Aspiration Summit Checking Account
The Aspiration Summit Checking Account is backed by Radius Bank and is FDIC-insured.
After being approved, you’ll receive a Radius Bank debit card. You can use the card just about anywhere. Unlike other checking accounts, it requires no minimum amount of debit transactions in order to receive the fee-free account. There is also no minimum balance requirement.
Even more intriguing, 10% of all revenue that Aspiration generates goes to charity. So, how can they offer all of this?
Well, oddly enough, it’s not available to everyone. In order to become an Aspiration Summit Checking Account holder, you must receive an invitation.
While that may sound daunting, all it takes is a short form with personal information. Soon after, you’ll receive an invitation asking you to join (I received my invitation 4 days after requesting an invite). Any U.S. citizen or permanent resident over the age of 18 with a Social Security Number and a checking or savings account can request an invitation.
There are three primary benefits to owning this checking account. They are:
- The current interest rate for accounts with more than $2,500 is 1.00 APY. (It’s 0.25% APY for less than $2,500.)
- There are no fees and no minimum balance requirements to maintain. The minimum starting balance to open an account is $10.
- Aspiration will never charge you a fee to use an ATM. Not in the United States or around the globe. Not ever. (The ATM operator may charge you their own fee, though, so be aware.)
To my knowledge, no other account in the country offers all three benefits above. It’s rare enough to find a checking account that offers a high interest rate. When combined with absolutely no fees or ATM fees worldwide, I had no choice but to sign up for an account for myself.
Now my mortgage, electric bill, and every other non-credit card purchase flow through my Aspiration Summit Checking Account.
Aspiration Summit Checking Mobile App
For mobile users, there’s an available free app in the iTunes store. The app allows you to manage your Aspiration Summit Checking Account. Aspiration does a good job of keeping the app updated, too. In fact, the new 1.4.5 version was just updated on June 23rd, 2017.
Current features of the mobile app include:
- Deposit a check with your phone’s camera. No more searching for your bank or an ATM!
- The only money Aspiration makes are the “tips” you choose to pay them — and you’re free to choose zero
- Easy transfers between Aspiration and your other accounts
- Pay your bills, or send a check to a friend
- To-the-minute balance & transaction tracking
- Touch ID lets you sign in with your fingerprint (on supported devices)
- 3D Touch QuickActions (on supported devices)
- Aspiration works with Apple Pay, Mint, Venmo, & Paypal
- Two-factor authentication for stronger security
The only time your checking account has the potential to lose money to fees is when it is overdrafted. The bank charges $25 overdraft fee anytime it attempts to draw funds from your account and you do not have them.
Related: 5 Most Annoying Banking Fees
If your account remains negative for five consecutive days, a $5 daily overdraft fee charge kicks in. This will be charged until the account balance is brought back up to the black. Because you cannot also own a savings account, there is no overdraft transfer protection service. So, please do whatever is necessary to keep proper track of your debits.
Rarely do I come across a financial product that I have a hard time finding fault with. Whether a high annual fee, a limited set of circumstances, or some other catch, financial companies that want you as a customer do so to make money. However, the Aspiration Summit Checking Account holds none of these negatives.
For anyone in need of a checking account or looking to upgrade their current checking account, start here: