Aspiration Bank -- What do you think about it?

[sunsnow]

Hi Everyone --

My mother recently asked me about Aspiration Bank and whether I thought their 1% checking account was a good idea for her to use. I had never heard of the bank. When I looked into it, it seemed legitimate. Also, I didn't see the usual small maximum account value that these kinds of deals tend to be associated with. As I looked over their site, I was surprised by their unusual business model and mission.

The investment part of the company has a "pay what is fair" policy, which it seems applies to their mutual funds:

"At Aspiration, you decide how much to pay us. We’re confident enough in our products and confident enough in the honor of our customers to trust you to make this decision. We call this “Pay What Is Fair” because this fee model is fair to you and because we’re counting on you to be fair to us. We will not earn a cent from you other than the fee you select."

The banking part offers no-fee checking. I wonder if it would be a good idea to bank or invest with them. How will they survive?

https://www.aspiration.com/summit/

 

[Dash man]

Interesting. Hadn't heard of them before, but choosing what fee you pay them for investments sounds risky for them. Might be worth checking out further, but so far I just looked at their website.


Sent from my iPhone using Early Retirement Forum

 

[kaneohe]

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and yet there is this Forbes article:
http://www.forbes.com/sites/samanth...-get-it-but-make-sure-to-read-the-fine-print/

maybe because it's really a Radius Bank acct?
http://outandout.boardingarea.com/tips-to-get-started-with-aspiration-summit-bank-accounts/

 

[JoeWras]

I know people "aspire" to do great things.

But when I hear "aspiration", I think of choking, getting stuff in your lungs. You know, "aspiration pneumonia" and all.

I'm not even in the medical field.

I don't know about how authentic this place is, but I can say it is a terrible name.

 

[freedomatlast]

You can get 1% for liquid assets at Ally and they have proven to be safe and established over the years.

 

[Sunset]

There are a number of safe, well known banks that will pay 1% for deposits with no fees.

https://www.synchronybank.com/banking/index.htm
https://www.gecapitalbank.com/en.html

 

[Major Tom]

I know people "aspire" to do great things.

But when I hear "aspiration", I think of choking, getting stuff in your lungs. You know, "aspiration pneumonia" and all.

I'm not even in the medical field.

I don't know about how authentic this place is, but I can say it is a terrible name.

My best friend had a bone marrow biopsy and aspiration recently. The name alone would put her off

 

[Meadbh]

I have high aspirations, but I would prefer a sure thing.