Today, it’s common to see businesses going out of their way to meet the socially conscious nature of their customers. Organic farming, manufacturing goods from recycled materials, and ethically sourcing labor are just a few ways companies are meeting the needs of consumers.
Despite those widespread changes, many financial institutions entrusted by consumers to manage their funds are putting profits first. In 2018 for example, the world’s largest banks lent approximately $654 billion to finance businesses in the fossil fuel industry.
Considering how traditional financial institutions were formed decades ago, to meet the needs of large businesses, this shouldn’t come as a surprise. In order to sincerely put consumer interests first, financial institutions need to be rebuilt from the ground up.
Aspiration is a financial firm, launched in 2015, that makes it possible for consumers to potentially save money while also doing good for the planet. The Aspiration Spend & Save Account is their primary offering that provides consumers with attractive features, including five ATM fee reimbursements each month, cash back rewards on debit card purchases, and up to 0.25% APY on account balances.
What sets Aspiration apart from legacy financial institutions is that they’re built on fairness and they guarantee that 100% of customer deposits will not be used to fund harmful industries such as: fossil fuels, private prisons, or firearm manufacturers.
It doesn’t hurt that Aspiration accounts also have a transparent fee schedule. Overdrafts, check deposits, inactive accounts, and debit cards all fall under that umbrella. They also use a “pay what you think is fair” model, meaning customers choose their monthly account fees, even if it’s zero.
Going beyond cash management, Aspiration helps businesses and consumers quantify their impact on the planet with the Aspiration Impact Measurement (AIM) feature. AIM scores are based on multiple factors such as CO2 emissions, renewable energy usage, employee benefits, and diversity.
Although Aspiration is relatively new compared to traditional financial firms, they currently have over 1.5 million users, and Aspiration Spend & Save accounts are FDIC Insured for up to $2 million.
You can get set up with an Aspiration account today with just a $10 deposit. You can find out more here.