Also see:
- 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.
#1… I’d agree!
I’m glad I got in on the ground floor of this account. You can sign up too if you’d like!
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 – Aspiration Summit sign up
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.
Bottom line
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!
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Hello! I recently used your invitation link, and opened a aspiration debit card (following on how to do so on another master post you made). I’m extremely excited to try out and experiment with its no ATM fee, with monthly reimbursement. Not gonna lie, but I originally thought it was too good to be true, as they were constant ads all around social media. Looking back on it, it must be fate rather than coincidence. I’ve had a capitol one 360, as my friend had recommended for the no monthly fee and free all point ATM usage, with its 0.01 interest. In comparison to aspirations 1.0 interest accumulation, and that of 0.25 below 2,500 is still great. So I salute you for the positivity, and your journeys toward fire. I shall be on contact for my journeys as well 🙂
Wow, thank you for this! Glad you found the link and decided to take the jump!
I gotta say, I’m REALLY enjoying the account so far. I thought it was too good to be true at first too, but I’ve gotten a couple of interest payments and it’s the real deal. It’s only a couple of dollars per month, but it’s great to have a stash as an emergency fund or for a short-term savings goal.
And the ATM fee reimbursement is definitely nice to have. I wish it were “per use” instead of monthly, but I’ll take what I can get!
Love hearing about FIRE journeys. Stay positive. It’s the only way to be!
And thanks again!
Is this available to residents of all 50 states?
Yes, I think so.
Their FAQ says, “Any US citizen with a permanent U.S. address who is 18 years or older may open an Aspiration account. You will need your U.S. Social Security Number and a checking or savings account from a U.S. bank.”
https://support.aspiration.com/hc/en-us/articles/201025694-Who-may-apply-for-an-Aspiration-account-
The link to skip the wait is no longer valid it seems.
I just noticed that, too!
I’m asking for another link. In the meantime, I have unlimited email invites – I’ll shoot one your way just in case!
Scott, my link works again now – feel free to use it to sign up instantly!
How do I sign up for online access in terms of a mobile app?
You’ll want to access your account through Radius Bank. Here’s a post with more info: http://outandout.boardingarea.com/tips-to-get-started-with-aspiration-summit-bank-accounts/