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are you looking for an online-only bank that offers a strong return on your savings as well as other perks well in this video we're gonna be taking a look at aspiration and what makes their services stand out everyone this is Kyle from money at 30 and on this channel we look at personal finance from millennial perspective including financial to reviews like this one in today's day and age there's really a reason why you may need to visit a brick-and-mortar bank location because of this not only has online banking gained popularity but so have online-only banks well there are some downsides to not having local branches to visit the benefits of such bank accounts are numerous often including lower fees and higher paid interest recently I came across an online-only bank called aspiration that grabbed my attention with some great perks and unique emphasis on the greater good after spending a few months using the bank and following some recent changes to their accounts I figured it was time to review my experience with that let's take a look at what you need to know about aspiration including the good and bad of this online-only Bank the first thing to know about aspiration is the bank's commitment to charity humanitarian efforts and the environment one of the tag lines on aspiration site says do well do good while another reads save money save the planet these basically sum up what the institution is all about not only offering banking services to all but also using a portion of their profits to propel worthwhile endeavors beyond their charitable initiatives the bank also utilizes what they call aspiration impact measurement scores or aim scores according to the institution these scores are meant to convey how a business treats people as well as the planet although these numbers used to just be educational for account holders now using your aspiration debit card at retailers with high aim scores will net you 1% cash back on purchases while you'll only receive half a percent back at low scoring or unscored locations this is just one of the many ways the bank is trying to make a difference and live up to their mission next instead of charging a set monthly fee aspiration has a pricing policy called pay what is fair it's not very often that a bank asks you how much you want to pay them but that's exactly what aspiration does when you first sign up for an account you'll be presented with this adjusted monthly fee that you can choose to raise or lower for any reason in fact you can even set your pay what is fair fee - $0 if you want or need - something else to note here is that aspiration donates 10% of their monthly fees to charity you can also adjust your pay what espera fee at any time by visiting your account settings ultimately this is a pretty creative idea even if it does end up making me feel that guilty for not paying more turning to aspirations banking features one of my favorite perks is the ability to use any a team in the world for free while many online only banks offer customers access to a number of free ATMs aspiration takes things a step further by not only electing not to charge any ATM fees on their end but also reimbursing any fees you may incur from ATM owners what's more this policy holds true for any teller machine in the world I recently tried out this feature for myself while I was in Hong Kong sure enough a day or two after using an ATM there I received a four dollar credit to my account it turns out that this is aspiration standard reimbursement for any foreign ATM although they do note that you can submit your transaction receipt if the fee is higher and you'll be credited in the difference this type of freedom to get cash when I need it regardless of what bank I'm near or country I'm in is one of the big reasons I join aspiration in the first place what's also great about aspiration is that they now offer up to 2% APY on your savings previously aspiration offered 1% APY on their aspiration summit account however earlier this year they rolled out a different account structure creating aspiration spend and aspiration save the biggest benefit that came with this change was that account holders could now earn up to 2% APY on their savings at the same time you now need to qualify for this by either depositing at least $1.00 into your aspiration account each month or having a balance of at least $10,000 unfortunately if you don't do this you won't earn any interest for that month additionally you will only receive interest on funds in your aspiration save account so be sure to keep that in mind as well overall I think the aspiration is a great online banking option although I have noticed a couple of quirks for all of the things I like about aspiration one aspect that gets on my nerves is their seemingly slow transfer speed to give you an example I transferred money from an external account to my aspiration spend account on Monday and the funds took until Saturday to show top of that while the banks account dashboard shows the list of transactions it doesn't include a running tally of your balance in other words you can see your current balance but good luck figuring out how you got from point A to point B ultimately these are fairly minor nitpicks and I say that the perks aspiration offers outweigh these slight negatives so if you're looking for a solid APY free ATM access and more aspiration might just be the online only Bank for you hopefully this gives you a better idea of what aspiration is all about but for much more on the online bank I'll have a link to my full written review on dire news and the description box down below also if you liked this video please hit the thumbs up button leave a comment and be sure to subscribe because we have new videos every week so thanks again for watching and I will see you next time here on money at 30