But Aspiration is an investment firm, so it doesn’t have any branches or offer savings accounts or certificates of deposit.
The bottom line
- The Aspiration Summit Account is one of the best checking options on the market
- Aspiration doesn’t charge overdraft fees on debit card purchases, ATM withdrawals or online transfers that push balances below zero. Instead, transactions are simply declined.
Read on for more details about Aspiration’s checking account, bank experience and overdraft fees.
5.0 / 5.0
The Summit Account comes with great rates, low fees and exceptional ATM access. Deposits are insured by the Federal Deposit Insurance Corp.
4.0 / 5.0
Aspiration customers can contact the firm via phone, email, chat, Twitter or a robust help center. Its website is easy to use and provides a clear overview of fees, interest rates and other important information.
Aspiration offers an iOS mobile app, as well as an Android version. Both let you deposit checks with your smartphone. With Aspiration, you can’t open multiple accounts or a joint checking account, though the firm said in May it expected to offer both in the “near future.”
3.5 / 5.0
Debit card purchases, ATM withdrawals and online transfers won’t trigger overdraft fees; rather, transactions are declined. But Aspiration does charge $25 for overdrafts caused by checks. Customers can rack up a maximum of two overdraft fees per day.
If your account is in the red for five consecutive days, you’ll be charged a daily $5 extended overdraft fee until your balance returns to $0. Because Aspiration lacks savings accounts, you can’t sign up for an overdraft protection transfer service.
Exceptional checking account, but shortcomings elsewhere
Tony Armstrong is a staff writer at NerdWallet, a personal finance website. Email: email@example.com. Twitter: @tonystrongarm.
Updated August 18, 2017.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.
Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.