GreenFi (formerly Aspiration) Account Review: Checking and Savings
- +1
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
GreenFi, formerly Aspiration, is a nonbank financial institution that offers a combination account, the Checking and Savings account, which has both spending and savings features. You can opt for a basic account that has a “pay what is fair” monthly fee, which could be $0, making the account free. Alternatively, customers can opt for a GreenFi Plus account, which has a fee and offers additional benefits, including a higher interest rate on savings. That account fee is lower if you pay annually.
GreenFi emphasizes eco-friendly features of this account, with offerings such as cash back for spending with socially conscious businesses, the option to fund planting a tree with every debit card transaction, carbon offsets for driving your car and the promise that your deposits won’t fund fossil fuel exploration or production.
No monthly fees on some checking and savings accounts.
Large, free, nationwide ATM network.
Extended phone customer service hours.
Highly rated mobile apps.
No overdraft protection program.
No branch access.
Requirements must be met to earn strong savings rate.
Product reviews
Savings
A good APY, but only for a fee: GreenFi customers with a basic Checking and Savings account can earn up to 1.00% APY on their savings by meeting some requirements. Or they can earn up to 3.25% APY with the GreenFi Plus subscription — which costs $7.99 per month or $5.99 per month if you pay for a full year in advance.
There are limits on your interest: Both APYs are available only on the first $25,000 in the savings portion of the account. And to earn either APY, you must also spend $500 per month with your GreenFi debit card. Customers who have the basic account and don’t meet the spending minimum won't earn interest; those with GreenFi Plus who don’t meet the spending minimum will earn 0.25% APY.
There are easier ways to earn a higher APY on your savings though not with the same kind of climate-friendly policies GreenFi promises.
GreenFi Savings Account
Checking
Cash back at certain retailers: At GreenFi, you’ll need to spend with your debit card if you want to earn interest on your savings balance, but you could also earn cash back on those purchases if you spend with retailers in GreenFi’s “Green Marketplace.” Basic account customers earn 3% cash back, and GreenFi Plus customers earn 6% cash back. There’s a list of brands that are part of the marketplace on GreenFi’s website.
ATM access, with the ability to deposit cash: GreenFi is part of the Allpoint network, which means you can use more than 50,000 nationwide ATMs for withdrawing cash. Not all of these ATMs take cash deposits though. To find the ones that do, you can search on GreenFi’s website.
Early direct deposit: You can receive your direct deposits up to two days early here.
No overdraft fees, but no overdraft program: GreenFi generally won’t let accounts overdraft. Though if a transaction does sneak through somehow, it won’t charge you a fee.
GreenFi Checking Account
Customer experience & overdraft fees
Customer experience
What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually federally insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. (Learn about what can happen if a neobank closes.) GreenFi offers up to $1 million in insurance per depositor. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.
Upsides:
Helpful FAQs. The website has a thorough list of frequently asked questions about GreenFi, account features and other information.
Strong mobile apps. GreenFi offers highly rated iOS and Android mobile apps. Both let you deposit checks with your smartphone.
Other benefits. You can get reimbursed for losses due to identity theft as part of the limited insurance coverage that GreenFi offers. There’s also free cell phone protection if you pay your phone bill with a GreenFi debit card.
Downsides:
No live chat. The main ways to reach support are by submitting a written request or calling GreenFi.
No branches. The Checking and Savings is an online-only account.
Limits on debit card use abroad. Debit card transactions don’t work in every country, so check GreenFi’s list of blocked countries.
Overdraft fees
GreenFi doesn’t allow overdrafts and therefore doesn’t charge overdraft fees. This feature can help you avoid painful charges (overdraft fees at other banks can be upwards of $30) but you’ll be out of luck if your transaction is declined. If you find yourself wanting the backup option of overdrafting just in case, there are great checking accounts with fee-free overdraft options that might be better for you. See our list of the best banks for overdrafts to compare.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, Happen Bank, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.