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In the military most of us do our banking with one of two financial institutions, either NFCU or USAA.  Now both are fine institutions, but both of their banking products leave much to be desired.  Neither offer high interest checking or savings accounts, though the do offer a plethora of low rate auto loans and mortgages (more on this in a future post).  The lack of a high interest bearing accounts from either institution is a serious shortcoming and started me on a search for a better product.

Until I discovered the Aspiration Summit checking account, I thought that I was going to need two accounts: a regular checking account and a high interest savings account.  I thought I would probably keep my NFCU or USAA checking account, although low interest bearing I planned to rarely keep a high balance and use the account mainly to pay bills.  The other account I planned on opening was a high interest savings account from an online bank like Ally, Barclays, or Discover, which offer rates in the realm of 1.00% APY.  This combination would have been a good one, most of my money would be earning at least a little interest and I would also received at least $15 of ATM fee reimbursements every month ($15 for USAA; $20 NFCU).

Little did I know my dream girl was waiting out for me.  The Aspiration Summit checking account was that dream girl, because the product offers the following benefits:

  • 0.25% APY* on balances up to $2,499.99
  • 1.00% APY* on the entirety of balances of $2,500 or more
  • $0 in monthly service fees
  • Not ATM fees ANYWHERE in the world!
  • Unlimited ATM fee reimbursements
  • Only a $10 minimum deposit to open
  • FDIC Insured (So you know its legit)

There are no monthly service fees, but Aspiration does encourage you to pay something.  One help pay for the accounts (but do not feel to bad for them they are a private company and big boys so if they offer no monthly fees you should take no monthly fees) and two ten cents of every dollar you pay goes to charity.  The following quote from Aspiration explains the company’s philosophy.

  • “Wall Street too often functions on “Greed is Good” – it’s every man for himself. They charge as much as they can and get paid the same amount whether they are showing up and working hard or calling it in from the lounge chair in Tahiti you’re paying for. At Aspiration, we believe that “Good is Good” – that we all do better when we do better together. We’re betting that you want to be part of a community where we can trust each other to do what is right.”

In conclusion the Aspiration Summit checking account is hands down the best checking account in America at the moment.  Pretty much no one else offers equal benefits in terms of the high interest combined with no ATM fees all around the world (you are only allowed five withdrawals from savings accounts).  In addition, they have a mobile app available on Androird and iOS which allows for mobile check deposit.   The Aspiration Summit checking account offers everything you could want from a checking account at the moment.  I currently have an Aspiration Summit account and plan to keep the account as long as Aspiration maintains its awesome benefits.



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