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Want to earn a little passive income on the money you keep in the bank? While many financial institutions only allow you to accrue interest on savings accounts or money market accounts, Aspiration is changing the game. This company is offering favorable terms and serious bonuses for individuals who sign up for one of their new Summit checking accounts.
The Aspiration Summit program simplifies the process of earning interest on your checking account.
What is the Aspiration Summit Checking Account?
The idea of earning passive interest on your money sounds almost too good to be true. Many people hesitate to sign up for this online checking account out of skepticism. They believe that there must be more than meets the eye when it comes to this new advertising gimmick. However, you’re likely to find that Aspiration holds some serious value for the right type of consumer.
Simply put, this is a checking account available from a financial services company that prioritizes the customer service experience. Unlike big banks, Aspiration makes their money when customers pay them what they believe is “fair.” This business model is designed to allow generous customers to give based on what they earn and based on what they believe Aspiration should earn in light of that.
The Summit account is labeled as the best checking account in America, according to Money Magazine.
Your checking account holds all of the standard features you would expect:
- FDIC-insured accounts
- Debit card access
- Joint checking accounts
- Ability to pay your bills
It’s the small details that add up to create a larger picture of the huge financial impact and exceptional value that can be provided by a Summit checking account.
Why Choose Aspiration Summit?
If the only thing going for Aspiration is a solid checking account, why not just sign up for one at your local bank on the corner? There’s a reason why so many people are flocking to this newer financial institution. Using their business model, accountholders can earn up to 1.00 percent APY on balances of $2,500 or more.
Balances under this amount still earn a relatively impressive 0.25 percent APY.
According to their own calculations, this means they can offer up to 100 times more than the interest provided on other checking accounts from leading banks.
Obviously, it will behoove you to consider making this Summit account into your primary checking account. You’ll earn more interest over time when you maintain a larger balance under their management. Fortunately, you can hold off on making the switch just yet because you aren’t required to have a certain monthly deposit or minimum account balance.
There’s an added bonus for consumers who are concerned with giving back to their community. Much like other popular businesses, Aspiration gives a dime out of each dollar they earn back to a charity organization. You can earn interest on the money in your checking account and support charity at the same time – does it get any better than that?
How Much Does It Cost?
Many prospective customers are hesitant to join those who have already secured their checking accounts here. However, the old adage that you have to spend money to make money doesn’t really apply in this situation. You can open an account quickly and easily, without a huge dent in your wallet.
The terms and conditions of the Aspiration Summit accounts are relatively straightforward. You can open an account with as little as $10, but you don’t have to maintain any balance at all to keep the account open. You won’t face hidden fees, and you won’t have to fret about what things will cost you. Everything is lined up right on their homepage:
- Incoming wires: $10
- Outgoing wires: $20
- Money orders: $3
- Overdraft: $25
While this overdraft fee may be high in comparison to other leading banks, you should consider that they do have some built-in protection. Electronic transactions won’t push your account into overdraft. That means that an online purchase, swiping your card at the store, or withdrawing money at the ATM won’t send your account into the red.
Instead, you will simply experience the embarrassing alert that your debit card has recently been declined.
One of the best features of this checking account is their free ATM fees. No matter where you go in the United States or overseas, you can gain access to your money free of charge at any local ATM. This makes withdrawing funds from your bank account far easier than ever before. It means no more trips across town simply to save a few dollars when it comes to getting your hands on your own money.
What are the Drawbacks?
As in most things, not everything about the Aspiration Summit checking account is completely positive. There are a few inherent disadvantages to their system and business model.
The most notable absence among their services is their lack of savings accounts. The system isn’t designed to support multiple account options just yet. While it may not make sense to transfer funds into a separate savings account when your checking account is busy accruing interest, some people need the separation in order to stick to their budget. The old “out of sight, out of mind” principle definitely still applies.
If you still enjoy the face-to-face interactions that characterized all banking experiences in the past, you’ll definitely feel like you’re missing out. Aspiration has no brick and mortar locations where you can chat with a representative. Their customer service phone lines are open, but it isn’t quite the same as reaching across the desk for a firm handshake.
What’s the Bottom Line?
When it comes right down to it, is the Aspiration Summit checking account beneficial for you? It seems like very few people will find that this bank account doesn’t provide some sort of value to them. Consider whether you could benefit from having a little extra cash in your checking account, just for sticking around.
Anyone can take advantage of these offers (as long as they’re over the age of eighteen and a United States citizen). With all of these potential savings, it doesn’t take a rocket scientist to open one of these checking accounts.