Best Cash Management Accounts Of September 2022 – Forbes Advisor

Aspiration is a socially conscious investment platform that focuses on environmental sustainability. Aspiration Spend & Save provides a debit card, access to 55,000+ free in-network ATMs and the reassurance that your deposits will not fund fossil fuel production.

Aspiration offers two accounts: the basic Aspiration Spend & Save and Aspiration Plus. If you opt for the basic account, Aspiration only asks you to “Pay What Is Fair” for your monthly maintenance fee. This means you can set your fee as low as $0 if you choose, although the platform encourages account holders to truly consider what they think is fair.

With the basic Spend & Save account, you can earn 3.00% APY on balances up to $10,000 (which goes down to 0% APY for balances above $10,000), so long as you spend at least $1,000 per month. If you spend less than $1,000 per month, you earn 0% APY with the basic account.

Aspiration Plus offers an impressive 5.00% APY on balances up to $10,000, but it comes with a few caveats. There is a $7.99 monthly fee that cannot be waived, although paying the fee annually rather than monthly reduces your cost to $5.99 per month. Signing up for the Plus account only guarantees you a 0.25% APY on balances up to $10,000, unless you also spend at least $1,000 per month, which qualifies you for the 5.00% APY. On balances above $10,000, you earn 0.10% APY.

Additional perks include cash back on purchases from “Conscience Coalition” members—retail companies that align with Aspiration’s commitment to social consciousness and sustainability. You can expect 3% to 5% cash back, with a basic account, or 10% cash back, with the Plus account. Plus account holders will also receive carbon offsets for all gas purchases and one out-of-network ATM fee reimbursement per month.

Notably, the Aspiration cash management accounts provide the highest FDIC insurance coverage on this list: up to $2.5 million.

Read our Aspiration Cash Management Account Review.

Aspiration’s mobile app allows you to track your spending according to the sustainability of the retailers you visit. The app is rated 4.7 stars out of 5 on the App Store. On Google Play, the app is rated 4.2 stars out of 5.

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