Complete This App To Be Refunded Every Bank Fee You Paid for 12 Months
Unless you were really impressed with your bank last year, and most people were not, here is a way to get back all fees you paid them in the last 12 months.
The two things most customers hate about traditional bank accounts are their very low interest rates and expensive fees. What most don’t know is they can forget about both with an Aspiration Spend and Save account. This online bank offers interest rates up to 25 times higher than traditional banks, helping families get the most out of their savings.
Aspiration is an online financial institution based in California. Its most popular product is a savings and checking account named Spend and Save, which comes with no fees, minimum balance or monthly deposit. Instead, it has an optional monthly maintenance charge that customers can choose to pay. In this article, we explain why you should choose Aspiration and how their Spend and Save account works.
Benefits of an Aspiration account
Aspiration’s Spend and Save account comes with many unique perks customers will find attractive. The most important might be free access to ATMs. In general, online banks do not offer this benefit because they must pay traditional banks in order to access their ATM network.
Aspiration has addressed this issue and offers its customers free access to ATMs worldwide. If a customer gets charged, the bank promises to reimburse the fee. Aside from that, Aspiration also offers a wide array of banking services, such as bonus rewards for conscious spending and identity theft protection.
Aspiration offers more than just banking services. It also has options for customers who want to invest or prepare for retirement. With Aspiration, people can invest their money in a range of actively managed funds. The minimum investment is $10, although some paperwork must be submitted beforehand. Aspiration focuses on renewable energy, which means only fossil fuel free investment funds are available.
Those who are thinking about retirement can also do so with Aspiration. The company offers access to two tax deferred individual retirement accounts, which can be opened with as little as $10. As with their investment funds, the money will be placed in fossil fuel free funds with promising growth potential and lucrative returns.
Some households like to contribute to charities in order to reduce their tax bill. Aspiration is aware of this, offering customers access to a long list of charities to contribute to. Account holders can send money to help with environmental causes, education, healthcare and poverty straight from their Spend and Save accounts. Also, Aspiration chips in an extra $25 to charity when account holders refer a friend.
Saving money is all about making smart decisions. Refinancing a mortgage during periods of low interest rates can help families save as much as $50,000. Read our article to learn how to refinance your mortgage.
Why choose Aspiration
The main reason why customers should choose Aspiration is because it will help them save hundreds of dollars in fees each year. Aspiration is a startup that operates based on fairness. As a result, it gives customers the freedom to choose how much they want to pay for its services. Customers who want to pay can select a monthly fee of up to $10. Those who cannot pay will receive their account for free.
But how much can you actually save by switching to Aspiration?
According to a Bank Finder Report released in 2017, the average consumer pays $330 each year in bank account fees. If they move their money to Aspiration, they will save all that money.
Aspiration is not only about avoiding expensive fees. The company also offers customers ways to get the most out of their savings with cash back rewards for purchases made with their debit cards. In general, traditional banks tie cash bash rewards to credit cards.
Aspiration ties this benefit to their debit cards instead. The company offers 0.5 percent cash back on all purchases except those made at selected merchants, which receive one percent cash back instead. In total, customers can expect to receive up to $54 per year in cash back rewards.
Another compelling reason to open an Aspiration account is annual interest rates. Traditional banks usually offer a very low 0.1 percent annual interest rate on their savings accounts. To attract customers, some financial institutions offer promotional rates that can go as high as 2.5 percent. However, these rates are often available as long as customers maintain a large amount of money in their savings accounts.
Wells Fargo, for example, operates a premium savings account that comes with 2.15 percent interest for the first twelve months. However, this promotional rate is only available for balances above $25,000.
According to Maurie Backman from The Motley Fool, four in ten households do not have $400 in cash at hand. Also, according to the Federal Reserve’s Survey of Consumer Finances, the median savings account balance is $8,100. This means most families do not have enough cash to enjoy these promotional rates.
Aspiration offers a permanent 2 percent annual interest rate on savings accounts. As a result, households can enjoy better returns on their money regardless of how much they can afford to save. For example, a family who saves $10,000 on a traditional savings account would gain around $10 after one year. With an Aspiration Spend and Save account, they would make $200 instead.
Money deposited in an Aspiration account is insured by the Federal Deposit Insurance Corporation, or FDIC, for up to $1 million, which means families are not at risk of losing their money.
Opening an Aspiration account is not the only way families can save money. Here are five tricks that will help families save a small fortune each year. Check them out!
How to Open an Aspiration account
Opening an Aspiration Spend and Save account will take less than twenty minutes and only requires a $10 initial deposit. First, customers must create a user account with the institution before they can submit an application for the Spend and Save account. To do this, customers will need is an email account.
During this step, the bank will ask for other details, such as a social security number. Only U.S. citizens or permanent residents can open an Aspiration Spend and Save account. Because this is an online account, customers will have to provide the details of a traditional bank account to link to. This is required in order to make sure money can be moved to and from the account.
Providing personal information is often not enough to complete the process. To protect customers from identity theft, Aspiration has an additional step that involves several questions which will determine whether the person creating the account is who they say they are. If the system is unable to verify the identity, yet another step must be completed.
This extra step involves providing a picture of both a primary and secondary government identification document, such as a driver’s license and bank statement. Once these documents are submitted, the bank will take up to three days to verify the information and activate the account.