Aspiration Summit Checking Account - Potential Opportunity?

Vic Diaz

Level 2 Member
Hey guys,

Aspiration showed up on my Instagram feed so I looked a little bit into it for a potential opportunity.

Thier products:
https://www.aspiration.com/our-products/

Summit Checking Account:
https://www.aspiration.com/summit

It looks like they have fee free ATM's but must be funded by a checking or savings account.

https://support.aspiration.com/hc/en-us/articles/212016808-May-I-use-a-prepaid-card-or-a-credit-card-to-open-my-account-

Has the community used a product like this for a potential opportunity?
 

Ashish Bhatia

Level 2 Member
Yes. I love the product. They are pretty responsive as well to customer queries. The only limitation I dislike is that there is a daily transaction limit of 5000$ which on rare occasions can bite you. I have not found a way to MS this though.
 

Matt

Administrator
Staff member
Not an MS thing, moved it out of Level 2.

Their investment products have disingenuous fees, tread carefully, ideally from a distance.
 

Ashish Bhatia

Level 2 Member
Yes. They have an implicit fee (I think it is 0.25%) and then you can pay them more on top of it. The implicit fee is visible only in detailed docs.
 

Matt

Administrator
Staff member
I forget, but I think it is more like 1.35% for the fund, plus more for the account or something..
 
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