While this article reads like a Sponsored advertisement, please know it is NOT Sponsored or paid for by Aspiration, or any other company/brand. All opinions are 100% my own, as they always are, and the article may read in such a positive light because I am a very happy Aspiration customer, since 02-Jan-2019. This post, however, may contain affiliate links and Aspiration is one of our Affiliate partners, which means I may receive a commission if you purchase or sign up through my links, at no extra cost to you. Please read my full disclosure for more information.
When it comes to making any kind of decision, especially one that involves my finances like purchasing or where I put money for “safe-keeping,” I always try to align my choices with my values. So I look for authentic, transparent, and sustainable brands and companies. When I needed a new bank account following a break-up in 2018, I did the one thing I was good at to find a new one: research. And I found a banking option that had no excessive fees, fit my traveling lifestyle, and my climate-friendly values.
After all, I knew it was important to choose a bank that aligned with my sustainability goals; our dollars have power—both in how they support our own goals and purchasing decisions and how they influence the world around us. That’s why I made the switch to Aspiration1, a climate-friendly banking option that’s as committed to sustainability as I am.
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The Importance of Climate-Conscious Banking
As I dove deeper into my research for a climate-friendly bank, I quickly realized that not all banks are created equal when it comes to their environmental impact. The big, traditional banks often use customer deposits to fund industries like fossil fuels, which contribute to the climate crisis.
Think of the big banking names we all know: Bank of America, CITI, PNC, Wells-Fargo, Barclays…all of them listed in the 60 biggest banks globally that committed $705 Billion USD (yes, that’s billion with a B) to companies conducting business in fossil fuels in 2023.
For those of us who care about the planet, this is a sobering thought—our hard-earned money could be financing the very activities that undermine the actions we are taking everyday to mitigate our own environmental impact. Undermining our sustainable values.
That’s why climate-friendly banking options are so crucial. These institutions make it their mission to ensure that deposits are not only secure but also used to support environmentally responsible initiatives. By choosing a bank that prioritizes sustainability, we can take a significant step in the fight against climate change. Aspiration stood out to me because of its clear commitment to aligning its operations with environmental values, making it the perfect place for my money.
Banking Convenience Meets Sustainability
Of course, sustainability alone isn’t enough when choosing a bank. Convenience, low fees, and accessibility are also key factors that I had to consider. When I was shopping for a new bank, I was working paycheck-to-paycheck at two jobs and with the breakup, I was now solely responsible for the entire mortgage on my house.
One of the things I appreciated about Aspiration is that they offer all the essential banking features I need—without the hidden fees or complications that often come with other banking institutions. Here were a few of the standout features:
- No Mandatory Fees: No required monthly maintenance fee, no minimum balance fees, no overdraft fees, and 55,000 fee-free ATMs.
- Get Paid Up to 2 Days Early2: One of the more convenient features is the ability to receive direct deposits up to two days early. This is especially helpful for budgeting and managing finances more effectively.
- Earn Up to 3% APY on Savings3: Aspiration offers a competitive APY of up to 3% on their savings accounts. This allows me to grow my savings faster, all while knowing my money isn’t being used to fund environmentally harmful industries
Adapting to Change with Aspiration
When I opened my account with Aspiration, all ATMs were fee-free and there were no fees, period. This worked with my traveling lifestyle. The convenience of being able to get my cash for free from anywhere was soooooo nice. And not having to worry about any kind of monthly maintenance fee was perfect for my life since I have to front my travel expenses for work (and then have them reimbursed).
But then Aspiration started making changes. When Aspiration changed to Allpoint ATMs only, I was upset; I thought it was going to make traveling for work much more difficult. But it ended up not being a big deal, as the world is moving towards more cashless transactions, and I have rarely needed to have cash on my work travels since this change. I honestly haven’t really noticed like I thought I would.
Instead of a monthly fee, another change Aspiration instituted after I became a customer was their . In this program, customers can choose what they think is “fair” for the monthly maintenance of their account. At first, this change made me want to switch banking providers until I learned (yes, this introvert called up Aspiration Support) that it really is what you think is fair, even if that’s $0/month.
Mostly, I have my Pay What is Fair set to $0/month; I personally don’t think there should be any fee for me to store my money somewhere while banks use that money for all sorts of investments that will likely make more money than I will see in my lifetime. However, some years, I do switch to , which has a monthly fee (or one annual fee), to get the higher interest rates on my savings account. And then I figure it all balances out.
These features make Aspiration a sustainable choice with all the necessary practicality that works with my millennial life. I don’t have to sacrifice everyday banking conveniences to align my finances with my values.
Fossil Fuel Free & Climate-Friendly
In my research, I could find a couple other banks with no fees and getting paid 2 days early. Maybe not the same interest rate on my savings account—at the time, most savings accounts were running 0.5% APY on money saved. But I wasn’t saving any money at that point in my life, so it wasn’t a huge factor in my decision to bank at Aspiration (although, I can say it’s really nice now that I’ve been able to start saving “adult” money).
It helped that their debit card is made from upcycled ocean-bound plastic, but that wasn’t everything I was looking for either. I wanted to make a difference with my bank account.
Aspiration is a financial firm, and not actually a bank. They’re the front-facing portion of your money, providing the app on your phone, any type of banking support, and all the additional climate-friendly initiatives. But your money goes to an account at Coastal Community Bank, where it is FDIC insured up to $250,000. Coastal Community Bank has formally committed, through a signed agreement with Aspiration, that customer deposits are Fossil Fuel Free4 and aren’t used to lend to or invest in fossil fuel programs or companies.
Of course, I did a little more digging on Coastal Community Bank, since widespread greenwashing had already made me skeptical at this point. Everything I could find corroborated that Coastal Community Bank does not finance fossil fuel companies. Most of it’s lending practices are for personal/consumer loans, family mortgages, and commercial real estate.
Making a Difference with Every Swipe
One of the first major things that drew me to Aspiration was their Plant Your Change5 (PYC) initiative. The concept is beautifully simple: every time I made a purchase, Aspiration would round up the amount to the nearest dollar and use that spare change to plant trees.
I’d heard of One Tree Planted, but this initiative went beyond one tree. As someone who’s passionate about reforestation (we’re literally trying to “reforest” our two-acre yard) and combating climate change, this feature was a complete no-brainer.
With every swipe of my card, I envisioned I would be able to help restore forests and sequester carbon. When Naked Sustainability became a 1% for the Planet member earlier this year, I told you guys that I was excited to FINALLY be giving back; that philanthropy was a childhood dream of mine. Aspiration gave me this chance everyday without me having to think about it.
I’ve only funded 2 trees with this Aspiration program so far, but life is gonna life, right? Between our student loans and our whole home solar loan, we’ve still been able to fully fund our brand new metal roof (last year) and our DIY kitchen renovation this year. Hopefully once the kitchen is complete, I can turn Plant Your Change back on and keep fulfilling my philanthropic dreams.
It really is as simple as a toggle switch to turn it back on, or pause it if you need to hold your money a little closer. Plus, Aspiration sweetens the deal by offering cash rewards for reaching tree-planting milestones. It feels good to know that my everyday purchases can make a tangible difference and I’m not bound to continue planting my change, if I don’t have any extra to spare.
Offsetting my Fossil Fuel Purchases
Driving is a necessity for many of us, but it’s no secret that our vehicles are significant contributors to carbon emissions. It’s better for the environment than flying is and we can’t bike or walk everywhere. And with localized family units becoming a thing of the past, we’re forced to use our cars to maintain relationships with those we love.
What impressed me about Aspiration is their Planet Protection6 feature, which automatically offsets my estimated carbon emissions from the gas I buy. They track my gas station purchases, estimate the gallons I’ve used, and then purchase carbon offsets to counteract my environmental impact. It’s a simple, hassle-free way to make my driving habits more sustainable, and it’s reassuring to know that even when I have to drive, I’m not contributing to the problem without also being part of the solution.
Rewards for Sustainable Shopping
When I became an Aspiration customer, they had a marketplace called the Conscious Coalition that I was super excited about; it’s being rebranded this year to the Green Marketplace7, launched on September 1st. This isn’t just another shopping platform—it’s a carefully curated marketplace that truly aligns with my values.
Navigating the world of sustainable shopping to make eco-conscious choices still takes a little bit of extra work to ensure the brands I’m supporting are committed and transparent about their environmental support, and not just throwing more greenwashing out into the world.
Aspiration’s Green Marketplace takes the guesswork out of this process. Every brand featured has been thoroughly vetted for their environmental commitments, ensuring that my purchases are genuinely making a difference. This means that when I shop businesses in the Green Marketplace, I am confident that I’m supporting businesses that are as dedicated to sustainability as I am.
The brands included are a perfect match for my lifestyle and there are 80+ of them! For instance, every six months or so, we order Dropps dishwasher cleaning tablets, through the Dropps website. It’s on a subscription so that I don’t have to think about it or worry about ever running out. Since my Dropps subscription is paid for using my Aspiration debit card, I automatically receive cash back for my purchase at the beginning of the next month. It’s like I’m being rewarded for my sustainable shopping.
The same goes for those of you with EVs. Supporting clean energy as you “fill your tank” at Tesla Superchargers would earn you cash back rewards as well. We’re not an EV home yet, since both of our cars are paid off without any current problems, but this is a great perk as the Boyfriend keeps subtly sending me EVs for sale locally that are “really good prices.”
But what truly excites me about the is the concept of doubling my environmental impact. It’s not just about the immediate benefit of buying from sustainable brands; it’s also about reinforcing my commitment to a sustainable financial system. By using Aspiration’s services, I’m ensuring that my dollars are working harder for the planet, both where I shop and how I bank.
Ongoing Climate Commitments
From a customer standpoint, it’s been fantastic to see Aspiration continue to be as transparent as they seemed the day I opened my account. They continue to strive to do what is best for their customers, while growing their business, and increasing their commitment and dedication to climate change.
This financial firm really walks the Climate-Friendly walk. Aspiration is a Certified B Corp, meaning they met rigorous standard for employee benefits, charitable giving, supply chain practices, and input materials. B Corp certified companies are held to high social and environmental standards, following through on their commitment to having a positive impact on the world.
Since becoming an Aspiration customer, I’ve watched as Aspiration continues to show dedication and commitment to do good and create positive change in our world. As a 1% for the Planet member, Aspiration gives back to fully vetted environmental causes based on their revenue every year. And in April-2024, Aspiration became the first financial institution to be Climate Neutral Certified. Climate Neutral Certified means they have committed to reducing their greenhouse gases over time and offsetting any greenhouse gases-produced, and they are currently considered carbon neutral.
Making a Difference with My Money
Ultimately, I chose Aspiration because it allows me to make my money work for a better world – twice: once as it “sits” in my bank account, and again as I use it for mindful consumption. Unlike traditional banks, which often use customer deposits to fund fossil fuel projects, Aspiration ensures that my money isn’t contributing to the fossil fuel industry. Instead, it’s part of a larger movement to finance a more sustainable and equitable future.
Switching to Aspiration back in 2019 was an easy decision for me, and one that continues to be reaffirmed with their continued transparency and climate commitments. It’s a bank that aligns with my values, supports my sustainability goals, and rewards me for making choices that are good for both my wallet and the planet. And, in the past 5+ years, Aspiration continues to demonstrate a high-level of customer support and climate-friendly commitment that I was looking for in my banking options. I love that they have achieved several of the certifications that conscious consumers should look for while shopping, that they acknowledge shopping sustainably can be difficult, and have tried to support us with their . If you’re looking for a way to make your money work for the world you want to see, I highly recommend giving Aspiration a try.
1 The Aspiration Spend & Save accounts are checking and savings accounts offered through Coastal Community Bank, Member FDIC. Approved deposit accounts are FDIC insured up to $250,000 per depositor. For balances greater than $250,000, Coastal will Sweep the excess funds to one or more FDIC-insured depository institutions in their Sweep network (each a “Bank”) up to $250,000 per Bank. With five Banks available through the Coastal Community Bank Insured Bank Deposit Program, Deposits are FDIC-insured up to $1.25 million per depositor. This amount is subject to change at any time. Visit fdic.gov.
2 Aspiration’s early direct deposit of funds service is not guaranteed, is subject to payor’s support and the timing of payor’s payment instruction, and is based on a comparison of our policy of making funds available upon our receipt of payment instruction with the typical banking practice of posting funds at settlement. Aspiration generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
3 The Aspiration Save Account’s Annual Percentage Yield (“APY”) is variable and accurate as of 08/10/2024. Rates are subject to change. To earn 1.00% APY (3.00% APY if customer is enrolled in Aspiration Plus) interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must have settled debit card transactions of $500.00 or more, monthly, on their Aspiration debit card. Debit card transactions for money transfer vendors (for example, but not limited to, CashApp, Venmo, Facebook Pay) do not qualify towards the $500.00 spend requirement. Balances over $10,000.00 will earn 0.00% APY (0.25% APY if customer is enrolled in Aspiration Plus). If the requirements are not met each month, the APY will be 0.00% APY (0.25% APY if customer is enrolled in Aspiration Plus) on Save Account regardless of balance. Terms & FAQ.
4 Aspiration’s Program Banks have formally committed that customer deposits will not be used for lending to oil and gas exploration, production or transportation, or coal mining.
5 When you choose to add to your Aspiration Debit Card to the Plant Your Change Service, we round up the amount of Aspiration Debit Card transactions made using your Aspiration Debit Card feature in your Aspiration Spend Account to the next whole dollar amount (from $0.01 to $0.99), and transfer the amount in excess of the purchase price to an Aspiration Plant Your Change Service Account. Even dollar transactions ($xx.00) are not considered qualifying transactions and are not eligible to be rounded up for this Service. The Plant Your Change Service Fee from Debit Card transactions will be deducted from your account once each business day and include all qualified transactions incurred since the last fee withdrawal. Funded trees can take up to 18 months to plant, allowing for time to set up nurseries, select/expand planting sites, take advantage of optimal planting seasons and accommodate for local/regional/country social, political and health considerations. Planting trees and restoring forests are among the best ways to draw down carbon from the atmosphere, because they can help mitigate the impacts of climate change and contribute to healthy ecosystems that support wildlife and people. Trees planted by our reforestation partners are not intended to be used as carbon offsets and are not verified as such by a third party. Planted trees are part of a reforestation program where approximately 20-30% more trees are planted to account for natural survival rates and unforeseen circumstances (i.e., wildfires, natural disasters, disease) so enough trees survive to reforest an area. However, there is no guarantee all trees planted will be permanent.
6Planet Protection offsets the estimated CO2 emissions from driving your vehicle based on purchases at gas stations. Verified carbon offsets are purchased quarterly, in aggregate, to account for estimated emissions from all Planet Protection subscribers. This feature is bundled into the Aspiration Plus program and is not offered as a standalone feature that can be purchased separately.
7 Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click cashback on purchases.