If you’re a socially conscientious person, and we’re betting that you are, you take small steps to help make the world a better place.
When you can, you choose to work with companies that share your passion for making the world a better place. Kudos to you. You’ve racked up some seriously good karma points.
But when it comes to banking, you can’t really hope for that, right? You need to get a decent interest rate on your savings and smart, modern banking conveniences. Banks just don’t do the socially conscientious thing.
Until now. We’ve found a company that will give you a generous 2.00% APY on your savings and cash back on your debit purchases — and it commits to donating 10% of its earnings to charitable causes.
A Firm That’s Smart and Has a Heart
It’s time to expect more from your financial institution.
Aspiration Spend and Save is an online-only account that uses a smart model to help you manage your money without paying a bunch of fees. Oh, and you can earn 2.00% interest on your savings, 25 times the average interest rate of 0.08% reported by Bankrate. You just have to deposit at least $1 per month (but we recommend more if you want to build that savings!)
You can also get a spending account that pays you 0.5% cash back on your debit card purchases. Need cash? No problem. Use any ATM in the world and Aspiration will reimburse the fees so you don’t have to pay just to get your own money.
Aspiration’s mobile app makes it easy to access your account from anywhere — and deposit checks when you need to!
As if that’s not all cool enough, Aspiration commits to donating 10% of its earnings to charitable causes like education, clean water, environmental causes, health and human rights. It uses a “pay what you want” model, so instead of nickel-and-diming you with various fees on your accounts, you have the power to set your own monthly fee. Simply pay what you think is fair, even if it’s $0. Then, Aspiration uses 10% of this income to help make America better and to help those who need a hand.
You can even donate to causes of your choice through your Aspiration account. Plus, Aspiration will monitor your spending and give you a sustainability score. This score rates the businesses where you spend money on things like employee diversity and energy efficiency. Your score lets you know how effectively you’re spending your money at socially and environmentally conscientious businesses.
It’s official. There’s a financial institution with great interest rates and a big heart.
Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.