This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CardRatings.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. What is written in the article is the editor's opinion.
- Get Instant Access to Aspiration Summit, the Best Checking Account in America
- Tips to Get Started With Aspiration Summit Bank Accounts
- Fidelity Cash Management Account: Why It’s Great
Update 10/1/15: I just got my own invitation link. Yay! You can sign up for an Aspiration Summit account here.
Update 8/26/15: I have the account set up now as well as email invites. If you’re interested, leave a comment below or shoot me an email and I’ll hook you up – it’s supposed to let you “skip the line!”
I’m always on the hunt for a great new banking product, so when I saw Aspiration’s new Summit checking account with a 1% APY (NOT APR!), I had to check it out.
I’ll show you the benefits and highlight one big caveat.
We’re a new kind of investment firm – built on trust, focused on the middle class instead of millionaires, and founded on the idea that we can do well and do good at the same time.
I’m leary of signing up for yet another new checking account after I found out Radius Bank’s 1% cashback would be useless for me.
Well guess who’s behind this new checking account? Yup, Radius Bank again.
The idea is that once you hit $2,500 in the account, you’ll earn 1% interest on the balance, which compounds monthly.
You’ll also get a free debit card and free access to ANY ATM in the WORLD. Fees are reimbursed monthly.
If you don’t meet the $2,500 daily balance requirement, you’ll only earn .25% interest… a staggering fall from 1 full percentage point.
But, if you’re looking for an account with no fees and free ATM access, this one may be looking into.
The fee that jumps out to me is the $33 overdraft fee… ouch! But if you’re planning to keep $2,500 in the account to earn the 1% interest, it should never be an issue.
Their Twitter account has been around since July 2013, so they’ve obviously been working on this offering for a while. I’m glad the funding for their products has finally come through. It’s always good to see people succeed in their passions.
Thinking of a checking account as a savings account
Because you have to maintain such a high balance, it worth viewing this as a savings account with a debit card instead of a normal checking account.
You’ll want to keep your balance at the $2,500 mark for sure.
If you like the flexibility offered by a checking account and trust yourself to keep enough in there to earn the 1% APY, the Aspiration Summit account could be a great option.
But if you want your savings separate, tucked away, and hard to access, this might not be the right account for you (because of the “temptation to spend” factor).
You won’t earn enough to retire early or anything, but if you want to start a savings fund and want access to it in the event of an emergency, want the option to pay bills, need an account with no fees/no ATM fees, or simply like the product, you might consider checking out Aspiration.
The new Summit account from Aspiration might be interesting to some peeps.
There’s a waiting list to sign up right now. I’ve been on it for a week and will open my account in the next day or two.
If I can pass along early access, I’ll be sure to share a link. Update: here’s the link.
Some will enjoy the flexibility of a savings account, and others will want to keep checking and savings completely separate.
If you can maintain $2,500 in the account to trigger the 1% interest rate, this could be a great, flexible option. And the free global ATM access is a huge plus – especially for those who travel often.
Will you be signing up for this new checking account?
BEST Current Credit Card Deals
- Chase Ink Business Preferred - Earn 80,000 Chase Ultimate Rewards points and 3X bonus points for travel, internet, cable, and phone service
- Chase Sapphire Preferred - Earn 50,000 Chase points with the BEST card for beginners
- Chase Ink Business Cash - Earn 50,000 Chase Ultimate Rewards points and 5X bonus points for office supplies, internet, cable, and phone service with NO annual fee
Support me by opening one of my favorite credit cards for award travel!