Aspiration Launches Revolutionary New Spend & Save Account That Lets Everyone Save Money and Save the Planet at the Same Time

Fee-Free, Fossil Fuel-Free Account Offers Unlimited Cash Back on
Every Debit Card Transaction, Provides Extra Rewards for Socially
Conscious Spending, and Earns 2.00% APY Interest (up to 200 Times More
Than Big Banks)

LOS ANGELES–(BUSINESS WIRE)–Aspiration,
the financial firm with a conscience, today launched a first of its kind
new account that puts more money into people’s pockets and an
unparalleled power to do good into their hands.

Available to everyone within the U.S., the new Aspiration Spend & Save
Account would put an extra $545 into the pocket of the average American
every year based on Aspiration calculations, and ensures customer
deposits are 100% fossil fuel-free. It offers:

  • Unlimited cash back rewards on every dollar spent
  • Extra rewards for shopping at businesses with strong employee and
    environmental practices
  • Zero fees including free access to every ATM in the world
  • Deposits that are 100% fossil fuel free
  • Up to 2.00% Annual Percentage Yield interest on deposits, which is up
    to 200 times more than that offered by America’s largest banks
  • Service charges such as wires provided at cost
  • Deposits in the Aspiration Spend & Save Account are FDIC Insured up to
    $250,000 per depositor by being swept to FDIC Member institutions.

As with all Aspiration products, the only fee customers pay is the Pay
What Is Fair
fee they choose (even if it is zero) and Aspiration
commits to donating
10% of its earnings to charities.

The Aspiration Spend & Save Account is unique in addressing both the
economic and ethical failures of traditional banks. Today, most
Americans pay hundreds of dollars in fees every year on their “Big Bank”
checking and savings accounts and earn nearly zero in interest payments.
Cash Back rewards have become nearly exclusive to wealthier credit card
customers and have all but disappeared for debit cards. Meanwhile, the
biggest banks use over $100 billion1 a year of their clients’
deposits to fund pipelines, oil drills and other projects that speed up
climate change. With every swipe of their debit cards, Americans are
putting themselves deeper in the hole financially and helping to speed
the destruction of the planet.

We are excited to bring this groundbreaking product to the tens of
millions of Americans who share our belief that profit and purpose
should go hand-in-hand,” said Andrei Cherny, co-founder and CEO of
Aspiration. “We have always strived to provide our customers with the
best financial products while helping them make the world a better
place. This new account further brings together the best of both worlds,
by providing our customers with unique financial benefits like unlimited
cash back rewards, while providing extra rewards for spending at
businesses with a conscience. Driven in part by our proprietary
Aspiration Impact Measurement (AIM) social conscience scoring
algorithms, Aspiration’s conscious spending rewards are the first of
their kind.”

Aspiration has won acclaim for its innovation. In 2015, Aspiration
launched the Aspiration Summit Account, which was quickly named “Best
Checking Account” in America by Money magazine in part because of its Pay
What Is Fair fee
structure which lets customers set their own
monthly fee, even zero. In 2017, Aspiration launched AIM (Aspiration
Impact Measurement) — a patent-pending first-of-its-kind invention that
allows customers to easily track their impact and make daily spending
decisions based on how the places where they shop treat People and the
Planet. In January 2019, the Aspiration Summit Account was named a
NerdWallet “2019 Best Checking Account,” beating out a wide range of
banks and every fintech in America.

Today, the Aspiration Summit Account is being replaced by the new
Aspiration Spend & Save Account. In order to have the freedom and
flexibility to deliver this improvement for its customers, Aspiration
spent the past year becoming the first U.S. neobank to end its reliance
on a third-party bank account structure. Over the course of 2018,
Aspiration received licenses and approvals from FINRA and 50 states and
territories. The company also hired nearly 100 new team members,
including a new banking operations team in Portland, Oregon, and built
new technology that allows consumers to conduct banking services through
a cash management account directly at Aspiration. And deposits in the
Aspiration Spend & Save Account are FDIC Insured up to $250,000 per
depositor by being swept to FDIC Member institutions.

For more information, visit: www.aspiration.com.

About Aspiration: Aspiration is a fast-growing financial firm
with a conscience dedicated to bringing fair, sustainable banking and
investment products that help its customers both “Do Well” and “Do
Good.” By allowing its customers to pay what they think is fair;
committing to donate 10 cents of every dollar of earnings to charity;
helping its customers spend, save, and invest sustainably; and bringing
high-quality financial products to all, Aspiration is revolutionizing
the financial industry and changing it for the better. Aspiration is a
certified B Corp. Headquartered in Marina del Rey, CA, Aspiration has
nearly a million signups and has received more than $100 million in
backing from investors including Allen & Company, the Omidyar Network,
Alpha Edison, Social Impact Finance, Joseph Sanberg, Jeff Skoll, Orlando
Bloom and Doc Rivers. For more information, visit Aspiration.com.

1 Banking on Climate Change: Fossil Fuel Finance Report Card
2018, by Rainforest Action Network, BankTrack, Sierra Club, Oil Change
International, Indigenous Environmental Network and Honor the Earth.

Contacts

Moxie Communications Group
Jake Tredo, 562-283-4085

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