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- New Aspiration Checking Account Has 1% APY and Free Global ATM Use
- Tips to Get Started With Aspiration Summit Bank Accounts
- Sign Up for Aspiration Summit Instantly
Time Magazine just named Aspiration Summit the best bank account in America for 2015.
I’m glad I got in on the ground floor of this account. You can sign up too if you’d like!
In This Post
About Aspiration Summit
It’s actually tied for 1st place with BofI Rewards Checking, but I think Aspiration Summit is better because BofI requires $1,000 per month in direct deposit activity and 15 debit transactions per month to get the 1.25% interest rate.
The direct deposit isn’t so bad but 15 debit transactions sounds like a PITA. And I’m already occupied trying to make 30 transactions every month with the AMEX EveryDay Preferred.
Plus, Aspiration Summit has no requirements or minimums to get the 1% interest rate other than… you only get the rate on balances over $2,500.
And, you get free, unlimited ATM use anywhere in the world.
There’s a 1.1% foreign transaction fee, but you are refunded all of the ATM owner’s fees.
I think of it as a hybrid savings/checking because it essentially forces you to save a cushion in your checking account… but it’s a feature I’ve really grown to like over the past few months.
But there’s a lot to know
When you sign up for the account, it can be kind of disorienting. There’s (seemingly) no mobile app and it’s all kind of vague how it works.
That’s because Aspiration Summit is totally, 100% a Radius Bank account. I don’t know why they try to bury this, but it is.
So you’ll need to download the Radius Bank mobile app, and sign up for online access on the Radius Bank website. Then, features like bill pay, mobile deposit, and searchable transaction history are unlocked – thank god.
It took me a second to figure these things out, and I wrote about them and a couple of other things you’ll want to know when you open the account.
Who should consider this?
Quite simply, peeps who travel a lot. And if you want a checking account with a cushion.
Also, if you want to dump your brick-and-mortar bank and still have the best features of a checking account.
It’s between this and the Fidelity Cash Management account, IMO.
Skip the line
If you’re interested, feel free to sign up with my link to instantly open an Aspiration Summit account.
There’s usually a 7- to 14-day waiting list, but the folks at Aspiration have generously given Out and Out readers a special way to sign up.
I get absolutely nothing if you sign up and this post isn’t influenced by anything other than I think it’s a handy checking account. And this is a way to get it sooner if you’re interested, so I thought I’d share.
The only other account that comes close to this is the Charles Schwab High Yield Investor Checking Account. But it comes with a hard pull on your credit, and you have to open a (free) brokerage account. It also has absolutely NO foreign transaction fees (for ATM withdrawals or purchases), so in that regard it’s better than Aspiration Summit.
I like the “forced” savings aspect of Aspiration Summit and paying $1 on every $100 internationally isn’t a deal-breaker for me. Especially because I usually use a no foreign transaction fee credit card anyway, so it’s kind of a moot point. And with Aspiration Summit, I earn 1% APY whereas Schwab “only” earns .06%.
Aspiration Summit, Fidelity Cash Management, and Charles Schwab checking are all very similar accounts. Constant (or even occasional) travelers should have one of these.
Their differences are minute, and it comes down to which one you think fits best with your lifestyle, travel plans, and how you want to use the account.
I have 2 out of the 3 (the 1st 2 on the list), and am happy with them.
In case anyone’s interested, the folks at Aspiration have given me a link to share that offers instant sign up for the Aspiration Summit account. The wait is usually about ~2 weeks, so this is quite a good offer!
Please read my tips on how to set up and use the account.
And if you have any questions, send them my way! I’ll do my best to answer them for you!
Editorial Note: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.