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’s overdraft policies aren’t nearly as consumer friendly.
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Read on for more details about Aspiration’s checking account, customer 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.
3.5 / 5.0
Aspiration users can contact the firm via phone, email, chat, Twitter or a robust help center. Its website is easy to use, but it doesn’t have the saving or budgeting tools that online banks typically offer.
Aspiration recently released its iOS mobile app, as well as the Android version. Both are highly rated, and let you deposit checks with your smartphone. With Aspiration, you can’t open multiple accounts or a joint checking account, though the firm expects to offer both in the “near future.”
2.5 / 5.0
Aspiration charges $25 per overdraft, and there’s no limit to the number of these fees you can incur in one day. If your account is in the red for five consecutive days, you’ll be charged a daily $5 extended overdraft fee. Given that Aspiration lacks savings accounts, you can’t sign up for an overdraft protection transfer service.
Exceptional checking account, but shortcomings elsewhere
Verified Jan. 19, 2017.
NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, 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 tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid