With the Spend & Save account, Aspiration guarantees that deposits are 100 percent fossil-fuel free.
The company also promises features that are competitive with traditional banking products.
That includes a 2 percent annual percentage yield on deposits, which are FDIC insured for up to $250,000. The account also comes with unlimited cash-back rewards on every dollar spent.
Other features emphasize the account’s green focus. That includes rewards for shopping at businesses that are focused on helping the environment and treating their employees fairly.
Aspiration’s customers can also track how well they’re paying attention to the businesses they choose through their own personal sustainability score.
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Aspiration also aims to differentiate the account by offering benefits that traditional banks typically do not. That includes free access to ATMs worldwide and the ability to choose your own monthly fee — anywhere from $0 to $20 — when signing up for an account. The company promises to donate 10 percent of what it earns to charity.
The company is still able to make money despite those promises, Cherny said. That’s due to the fact that customers who are satisfied with their service do choose to pay them.
It’s also because Aspiration is earning more than the 2 percent on deposits that it promises to account holders, he said.
Ultimately, Aspiration’s goal is to show individuals that there is another way, according to Cherny.
“There is a fair and ethical way to do your banking, and people should expect more,” Cherny said.