Aspiration Bank Review: Fees, Features, and More

Would you sleep better at night if you knew your investments were earning money and making the world better? Have you ever considered the environmental impact your bank has on a global scale?

What about the places you shop? Do they engage in ethical business practices, promote racial and gender diversity, and work towards leaving a smaller carbon footprint?

These are the types of questions being asked at Aspiration Bank, a 100% digital banking and investment company for the socially conscious investor. Aspiration Bank is rebranding to GreenFi in mid-2025, reflecting its continued focus on sustainable banking and climate-conscious investing.

We will look at who Aspiration Bank is, the services they offer, and whether they’re worth it.

Aspiration Bank: A Review

What is socially-conscious banking?

Socially conscious banking is what you’d get if Greenpeace and JP Morgan Chase had a love child… and named her Aspiration.

It’s deciding to do business with institutions that have a positive impact on the community and environment.

When you deposit money into a bank or brokerage, it doesn’t just sit there—it gets loaned out or invested through various investment vehicles to generate returns. Your cash constantly works in the background, funding everything from mortgages to business growth.

Socially-conscious banks take a different approach—they avoid lending to industries that harm the environment or exploit workers. Instead, they focus on supporting clean energy, ethical companies, and community development. It’s a way to make sure your money helps build a better world while still growing your savings.

Or in co-founder and CEO of Aspiration Bank, Andrei Cherny’s words:

Every day Americans spend $36 billion as consumers. That is an enormously powerful lever to change the way companies act toward the environment and people.

But this is a personal finance site; let’s be honest—money matters. Any bank can claim to support a good cause, but if there’s no solid benefit for me, I’m not sticking around just for the mission.

So, is Aspiration actually worth it?

Aspiration Bank: Getting Started

Aspiration opened its digital doors in February 2015. They’re based in Marina Del Rey, CA, and offer a socially-conscious alternative to traditional banking. Aspiration’s products and services place greater emphasis on environmental, social, and governance issues and conduct business with other like-minded companies.

Opening An Account

Getting started with Aspiration is quick and easy. When opening an account, you’ll need to enter some basic info—like your name, address, and Social Security number. Signing up online or through their app usually takes about five minutes.

Their app works smoothly on both iPhone and Android devices, so you’re covered no matter what phone you use.

Aspiration accounts are available to U.S. citizens with a valid U.S. mailing address (not a P.O. Box) and Social Security number. You must be at least 18 years old.

To fund your account, you’ll need an external account from a U.S. bank or credit union. Aspiration provides cash management accounts through partnerships with FDIC-insured banks.

At Aspiration, you have two main options when choosing the type of account to open:

• Spend and Save: A hybrid checking and savings account with features that promote sustainable spending and saving habits.
• Individual Taxable Investment Account: Designed for eco-conscious investing outside of retirement savings.

Aspiration focuses on socially conscious banking and investing but does not currently offer retirement accounts such as Traditional IRAs.

Banking Services: Spend and Save

Aspiration Spend and Save is both a savings account and checking account wrapped in one. You can’t have one without the other. It’s their high-yield, cash management offering.

Translation: customers seeking only a checking account or seeking only a savings account should look elsewhere.

How Does Spend and Save Work?

Aspiration Spend is like a regular checking account. You get a debit card (like the ones discussed here) and earn cashback on purchases. There’s no limit to the rewards you can earn.

With a standard Aspiration account, you can earn up to 3% cashback on certain purchases. If you upgrade to Aspiration Plus, you can earn up to 6% cashback on climate-friendly purchases.

Aspiration focuses on eco-friendly practices and offers rewards through its Green Marketplace. Your rewards are typically credited to your account at the end of each month.

Aspiration App Payment Feature

Under the Payment Tool in the app, you can pay your bills or send money by scheduling the delivery of a paper check. This feature is free and includes unlimited usage.

Aspiration does not currently support electronic person-to-person transfers within the app. For urgent transfers, you’ll need to request a wire transfer, which you’ll need to initiate by contacting customer support directly.

Wire transfers are processed based on submission time, so initiating them early in the day of the business is best to ensure timely delivery. The fee for all wire transfers—domestic and international, incoming and outgoing—is $10.00 per transfer.

These fees are charged at cost with no added markups. Always confirm with Aspiration before transferring to ensure you have the most accurate fee and timing details.

***Downside*** Limited digital payment options: Relying on paper checks or wire transfers can be inconvenient. Using PayPal or a mobile banking app may be a better alternative for faster transfers.

Aspiration Spend has no overdraft fees

Aspiration won’t charge overdraft fees and doesn’t allow you to overspend. If there isn’t enough money in your account, transactions like writing checks, withdrawing cash at ATMs, or using your debit card to make purchases will be declined. However, if a check you write bounces, the person or business you gave it to may charge a fee for the inconvenience.

All Service Charges At Cost

These are fees associated with transactional services, such as returned checks due to insufficient funds. Aspiration only charges you what it costs them to carry out these services, meaning they do not profit from them.

Transactional Service Fee Examples:

• Returned items (checks, etc.) – $4.50
• Domestic wire transfers (incoming and outgoing) – $10.00
• International wire transfers (incoming and outgoing) – $10.00

No ATM Fees Worldwide

Aspiration offers fee-free withdrawals at over 55,000 Allpoint® ATMs. If you use an out-of-network ATM, the provider may charge a fee. Aspiration Plus members receive one out-of-network ATM fee reimbursement per month. International ATM withdrawals are subject to a 1% foreign transaction fee, which is not reimbursed.

In-App Deposits Only

Aspiration supports check deposits primarily through its mobile app, but there are a few important details to keep in mind:

• Mobile Check Deposits: You can deposit checks using the Aspiration app via image capture.
• No ATM Check Deposits: Aspiration does not accept physical check deposits through ATMs.
• Cash Deposits: Available only at select Allpoint+® ATMs that support cash acceptance.
• Large Check Handling: Checks over $5,000 must be mailed to Aspiration’s partner bank: Coastal Community Bank, Everett, Washington, after initiating the mobile deposit.

Be sure to follow the app instructions carefully when depositing large checks to avoid delays or rejections.

Aspiration Spend and Save

The Aspiration Spend & Save accounts combine features of both checking and savings accounts to offer a full-service, environmentally conscious banking experience. With a strong focus on sustainability and transparency, Aspiration delivers modern financial tools while aligning with eco-friendly values.

• Eco-Conscious Banking: Deposits will not fund oil or gas exploration, production, transportation, or coal mining operations.
• Cash Back Rewards: Earn up to 3% cash back on debit card purchases, and up to 6% back at merchants in Aspiration’s Green Marketplace with Aspiration Plus (see below).
• FDIC Insurance: Deposits are insured up to $1.25 million per depositor through a sweep program across multiple FDIC-insured banks.
• Fee-Free ATM Access: Enjoy unlimited fee-free withdrawals at over 55,000 Allpoint® ATMs across the U.S.
• Flexible Fees: Choose your monthly maintenance fee—even if that amount is zero—under the “Pay What Is Fair” model.

What Is Aspiration Plus?

Aspiration Plus is a premium subscription service that offers enhanced financial rewards and sustainability-focused benefits for a monthly fee of $7.99 or an annual fee of $71.88. It’s designed for users who want to earn more while supporting eco-friendly initiatives.

• Higher Savings Interest: Earn up to 3.00% Annual Percentage Yield (APY) on your savings balance when eligibility requirements are met.
• Increased Cash Back: Get up to 6% cash back on purchases made with eco-conscious merchants in Aspiration’s Green Marketplace.
• Planet Protection Program: Aspiration offsets the carbon emissions from your gas purchases by funding environmental projects, such as reforestation.
• Eco-Friendly Debit Card: Members receive a debit card made in part from upcycled ocean-bound plastic, reflecting Aspiration’s sustainability mission.
• ATM Fee Reimbursement: Enjoy one out-of-network ATM fee reimbursement per month in addition to free access to Allpoint® ATMs nationwide.

Aspiration Plus is ideal for users who want to boost their financial perks while making a positive environmental impact.

Additional Notes

• Not a Bank: Aspiration is a financial technology company. Banking services are provided by Coastal Community Bank, Member FDIC.
• FDIC Coverage Structure: Deposits over $250,000 are swept into partner banks to increase FDIC coverage, up to a total of $1.25 million.
• Investment Services: Investment products are offered through Mission Investment Advisors, LLC, an SEC-registered investment adviser. These services are separate and do not constitute bank offerings.
• No Investment Advice: Aspiration does not offer financial, tax, or legal advice. Users should consult professionals for personal guidance.

Aspiration Bank Extras

Aspiration offers $600 in cell phone protection when you pay your monthly ill with your Aspiration debit card. This coverage includes protection against damage or theft, with a $50 deductible.

Aspiration Investing

Aspiration, soon to be known as GreenFi, offers three investment options for investors:

• Redwood Fund: This fund will be renamed to GreenFi Redwood Fund in April 2025.
• Flagship Fund: This fund complements traditional equity and bond portfolios by using alternative strategies,
• Traditional IRA: Can be funded through either the Redwood Fund (soon to be GreenFi Redwood Fund) or Flagship Fund, with a minimum deposit of $10.

The Redwood Fund

The Aspiration Redwood Fund is a fossil fuel-free, private mutual fund available exclusively to Aspiration clients. It invests in companies that prioritize sustainable environmental, social, and governance (ESG) practices. The fund aims to provide a strong financial return while supporting eco-friendly initiatives.

Aspiration Flagship Fund

The Aspiration Flagship Fund is designed to complement traditional long-only equity and bond portfolios by offering alternative investment strategies, making it suitable for investors seeking diversification and risk management in their investment portfolios.

Fees

Aspiration Bank uses a “Pay What Is Fair” model for its management fees. This means you can choose how much you want to pay for their services, even if that amount is zero. It’s a unique approach that aligns with their mission of offering ethical and eco-friendly financial solutions.

Retirement: Traditional IRA

Aspiration does offer a traditional IRA account as an option. You have a choice of funding it through either the Redwood or Flagship Fund.

The minimum deposit required to fund the IRA is $10. You can also transfer funds from a previous IRA account.

Rollovers usually take between 6-8 weeks. Another option is to liquidate your current account, move it to your bank, and then transfer the money into your new Aspiration IRA account.

Aspiration Giving Tree

The Plant Your Change (PYC) program lets you use your spare change to fund a tree planting with every purchase you make, simply by rounding it up to the nearest dollar. Earn cash rewards for different tree planting milestones.

• Link any card to start planting: Connect your Aspiration or external debit/credit cards to the Plant Your Change program.
• Quick setup: Sign up securely in under 5 minutes using Plaid, a trusted financial service platform.
• Automatic round-ups: Every purchase is rounded up to the nearest dollar to fund tree planting with your spare change.

Customer Support

Aspiration is a digital bank with no physical branch offices. You can contact their customer support by phone at 800-683-8529, Monday through Friday from 6:00 AM to 6:00 PM PT for Aspiration Spend & Save, and Monday through Friday from 6:00 AM to 3:00 PM PT for the Aspiration Redwood Fund. Email support is available at [email protected].

Recap

So, is Aspiration your cup of tea? Let’s take a look at some of the pros and cons.

Pros

• Eco-Friendly Mission: Deposits never fund oil, gas, or coal, aligning with environmentally conscious values.
• Cash-Back Rewards: Earn up to 6% on climate-friendly purchases through the Green Marketplace with Aspiration Plus.
• No ATM Fees Worldwide: Access 55,000+ Allpoint® ATMs with no fees; Plus members get one monthly out-of-network reimbursement.
• Flexible Fees: Pay What Is Fair—choose your own monthly maintenance fee, even if it’s zero.
• Low Barrier to Entry: Open Spend & Save or IRA accounts with just $10, and invest through ESG-aligned mutual funds.
• $600 Cell Phone Insurance: Get device protection when you pay your monthly bill with your Aspiration debit card.
• No Hidden Fees: No withdrawal or account closing fees, giving you flexibility and cost transparency.

Cons

• Limited Fund Selection: Investment options are restricted to the Redwood and Flagship Funds, which may not suit all investor profiles.
• No Retirement Variety: No Roth IRA or 401(k) options—only a Traditional IRA is available.
• No Cash or ATM Check Deposits: Cash deposits are limited to select Allpoint+® ATMs; check deposits must be made via mobile app or by mail.
• Outdated Money Transfer Options: No electronic person-to-person transfers; relies on paper checks or wire transfers initiated by customer support.
• Subscription Fee for Premium Perks: To unlock higher APY and cashback rewards, you must subscribe to Aspiration Plus for $7.99/month or $71.88/year.

Final Thoughts

Aspiration makes a strong case for the socially conscious consumer who wants their money to do more than just sit in a bank. With fossil fuel-free investing, fee-free ATM access, low minimum deposits, and perks like cell phone protection and a flexible “Pay What Is Fair” model, it offers real value for those looking to align their finances with their values.

While I’m personally not sold on their alternative investing options—give me a solid index fund any day—Aspiration opens the door to strategies traditionally reserved for high-net-worth investors. If that’s your style, you’ll find something to explore.

Ultimately, we all want to put our money somewhere that makes sense—whether it’s a night out or a financial institution. Aspiration brings something different to the table: transparency, purpose, and a commitment to doing good while doing well. And that’s worth a second look.

Disclaimer: This review of Aspiration is based on publicly available information and aims to provide an objective overview of its products and services. As of March 2025, Aspiration co-founder Joseph Sanberg has been charged in a federal case unrelated to the bank’s day-to-day operations. These developments may impact public perception, and readers are encouraged to stay informed and conduct their own due diligence.