Aspiration Review: Online Cash Management Account

The cash management account -- also known as cash accounts have characteristics that are typically included in checking and savings accounts. They're usually provided by nonbank financial service providers, such as Aspiration.

Ideal if: You're searching for a account that pays interest, is able to improve social impact, and provides an international ATM reimbursement.

Checking and savings features

Its Spend & Save account is technically a single account that has distinct savings and checking balances. There is no minimum balance requirement or monthly charges. The minimum opening balance is $10.

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The interest rates are high. Aspiration customers who have basic Spend & Save account can earn up to 3.00 percent on their savings. Alternatively, they could earn as high as 5.00 percent APY by purchasing an Aspiration Plus subscription optionthat costs $7.99 per month, or $5.99 per month if you purchase an entire calendar year ahead. The APYs can only be earned for the first $10,000 that is in the Aspiration Save account of a customer. Customers also have to spend at least each month $1,000 using their Aspiration debit card in order to receive the highest APR.

Customers with the basic account, and spend less than $1,000 per month will not be able to earn interest.

Welcome bonus. Aspiration provides a welcome offer to customers who have spent at least $1,000 within the initial 60 days after opening a new account. Customers who sign up for the standard account get $150. Customers who sign up for the Aspiration Plus plan receive $200.

Free ATM withdrawals through Allpoint. Allpoint network. Aspiration customers have access to greater than 55,000 Allpoint ATMs without fees. Aspiration Plus customers can get an out of network ATM fee paid each month.

"Planet Protection" feature. It's free for those who are enrolling in Aspiration Plus, Aspiration will purchase carbon offsets that be equal to the carbon output calculated for each purchase of gas you make.

Checks are available in paper for free. The first set of checks you purchase from Aspiration is completely free. Shipping charges apply to each check order following the initial.

No overdraft fees. Any transaction that can cause the account to be negative is rejected without charge.

downsides:

No overdraft protection. There is no way to apply for an overdraft insurance which would allow you to transfer funds from savings accounts to checking accounts to cover overdrafts. Certain banks also provide a low-cost credit line to cover overdrafts, but it's not available at Aspiration.

No cash deposits. Aspiration is currently unable to accept cash deposits to the Spend & Save account, however, the company claims it is working on adding this feature.

Customer experience

Helpful FAQs. The website contains a complete collection of FAQs that will answer your questions regarding Account features, aspiration and other details.

The best mobile apps. Aspiration has highly reviewed iOS as well as Android mobile applications. Both allow you to make checks using your mobile phone.

Unique spending feature. If you're interested in supporting sustainable business practices, Aspiration helps make that happen. It provides businesses with an "social impact score" based on the way they treat their customers, employees, community and the environment. you also get scores based on the places you shop. Cash back on debit card purchases made at businesses with one of the best scores. 0.5 percent.

Other advantages. You'll be reimbursement for losses resulting from identity theft under the insurance coverage Aspiration provides. Also, you can get free cell protection for phones if you pay for your phone bill using the debit card issued by Aspiration.

The hours of operation for weekend customer support: Support hours are from 6 a.m. until 6 p.m. PST Monday through Friday. 8 a.m. until 4 p.m. (PT) on Sunday and Saturday.

Downsides:

Live chat is not available. The most common ways to contact support are to send a written request or calling Aspiration and calling its social media page.

There are no branches. The Spend and Save Account is an account that is only accessible online.

The limitations on the use of debit cards when traveling abroad. The debit card transaction isn't possible in all countries therefore, make sure you be sure to review the list of Aspiration's restrictions.

Problems in the past have involved customer service. Customers' complaints, including NerdWallet users, regarding delay in responses, delays in transfers, and other issues with accounts were on the rise in the beginning of 2019, as Aspiration transferred accounts that were partnered with Radius Bank onto the company's own systems. At the time of writing the speed of response appears to have improved and app reviews are high.

If you're looking to compare Aspiration review, you can read our evaluations of the Ally, Capital One 360 and Discover three banks on the internet with good savings and checking accounts with services to assist you in managing your financial affairs. However, if you're in search of an online account that comes with attractive benefits and perks, it's possible that the Aspiration spend & Save account could be an excellent option.

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