Aspiration Announces New Online Accounts, Features

Editor’s note: Aspiration has made even more changes recently, including adjusting the amount you’ll need to deposit monthly in order to earn interest on your account balance. For more information, check out my full review.

Lately I’ve been going through a lot of the reviews I’ve written for both Money@30 and Dyer News and making sure everything is up to date. Between pricing changes, new features being adding, and my opinions sometimes evolving as a result, it made sense to me to go through this process while the year is still relatively young. However, I’m not sure I’ve ever had a case where a review I was planning changed significantly before I even had a chance to write it. Well, that’s what happened with Aspiration as, recently, the online bank announced some major changes worth noting.

I actually signed up for an Aspiration account about a month ago and briefly mentioned it when writing about how my wife and I were mapping out our money flow chart. Beyond the 1% APY that institution offers, what really attracted me to the company was their free ATM anywhere in the world policy where, true to what it sounds like, the bank will reimburse any ATM fee you incur domestically or abroad. Thus, I had intended on testing this feature when I head to Hong Kong next month and sharing my experience after that.

Thankfully that aspect of Aspiration isn’t changing. Furthermore I was delighted to see that they’re upping their APY to 2.00%. That said, while taking a closer look, there are a couple of details to note regarding that offer. While the 1% APY was guaranteed under the old system, users will need to do one of two things in order to earn their 2% APY: 1) make a deposit of at least $1 into your Aspiration Spend or Aspiration Save account in a given month or 2) have a balance of at least $10,000 or higher for a minimum of one day per month. Admittedly that first goal is fairly easy to attain, although failing to meet either of these requirements will result in you missing a month of interest.

There are a few other changes coming to Aspiration as well. For example the bank will now offer cash back on purchases made with their debit card. At the same time, several things are remaining the same, such as the banks “pay what’s fair” monthly fee policy. Additionally, speaking of debit cards, current account holders like myself will still be able to use their existing cards and retain the same account number.

On the whole, it sounds like the changes coming to Aspiration are a win. Having not spent too much time under the old system, it may be hard to say for sure but, considering the main selling point for me is staying intact and there’s now an opportunity to earn even more in interest, I can’t see myself finding complaints. That said, we’ll have to wait for my full review of Aspiration to see if these changes make this online banking option more attractive.


Also published on Medium.

Author

Kyle Burbank

Kyle is a freelance writer and author whose first book, "The E-Ticket Life" is now available on Amazon. In addition to his weekly "Money at 30" column on Dyer News, he is also the editorial director and a writer for the Disney fan site LaughingPlace.com and the founder of Money@30.com.

Other Articles by Kyle Burbank

How I Save 5.25%+ on All of My Amazon Orders

How many times have you been sitting at home and thought, "Oh, I need to buy X" or "I wonder if X product exists" or some variation of those scenarios? If you're like me, you've not only had such impulsive thoughts but also followed them up by going to Amazon....

Travel Tuesday: Wally's — Is the Mega Gas Station Better than Buc-ee's?

A few months back, I shared my experience visiting a Buc-ee's for the first time when on a road trip to Florida. Well, this past weekend, my wife and I headed up to Chicago for C2E2. Along the way, we noticed a large gas station called Wally's, which seemed to...

Southwest Has Eliminated Expiration Dates for Flight Credits

I'll admit that, historically, I've not been a huge fan of flying Southwest. This distaste stems pretty much exclusively from their boarding system and the fact that you don't have an assigned seat ahead of time. As someone who's grown accustomed to reserving a seat at the movies for years,...

Be looking forward for your next review and experiences about Aspiration on your next trip. Thanks for sharing.

Will be waiting for your full review of Aspiration and what I like about your reviews is its coming straight from your personal experiences.

I recently opened an Aspiration Save account and was depositing over the required $1 per month to get the 2.00% interest rate, however now the website says the deposit must be over $1,000 per month?! Can this be right?

Comments are closed.