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With the Spend & Save account, Aspiration ensures that deposits are 100% free of fossil fuels.
The company also promises competitive features over traditional banking products.
This includes a 2% annual return on deposits, which are insured by the FDIC for a maximum of $ 250,000. The account also includes unlimited cash back for every dollar spent.
Other features put the focus on the green focus of the account. This includes rewards for buying from companies that work to protect the environment and treat their employees fairly.
Aspiration clients can also find out how much they pay special attention to the companies they choose via their own sustainability score.
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Aspiration also aims to differentiate the account by offering benefits that traditional banks usually do not offer. This includes free access to ATMs around the world and the ability to choose your own monthly fee – from $ 0 to $ 20 – when creating an account. The company promises to donate 10% of what it earns to charities.
The company is still able to make money despite these promises, Cherny said. This is because satisfied customers of their service choose to pay for them.
This is also because Aspiration earns more than the 2% on deposits that it promises to account holders, he said.
In the end, the goal of Aspiration is to show people that there is another way, according to Cherny.
"There is a fair and ethical way to do your banking and people should expect more," Cherny said.
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