The Aspiration Summit Account Review
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Benefits
- NO ATM fee worldwide. Sometimes the ATM side will charge you a fee, but Aspiration will reimburse these fees, this guarantees that no fees will be charged in the end. However, there’s a caveat, see the disadvantages part.
- When you withdraw cash abroad, you can get local currency automatically, according to the exchange rate on the day, which is very convenient!
- You can earn interests with this checking account! The APY is 0.25% if your balance is below $2,499.99; and the APY is 1% if your balance is $2,500 or more!
- $0 monthly fee, no minimum deposit requirements.
Disadvantages
- Although there’s no ATM fees, if you withdraw money abroad, there are two kinds of fees: anytime a transaction is initiated in non-US currency, there is a Currency Conversion Assessment of 0.2%; if the transaction is done in another country, there is also a Cross-Border Transaction Fee of 0.9%. Thus, most of your foreign travel charges are going to have a rate of 1.1%. They do not advertise these fees on their landing page, but they are stated in their official FAQ.
Summary
This is a decent checking account with no ATM fees worldwide, but there’s a caveat for abroad withdrawals: there’s a 1.1% fee in total. Thus, you’d better use this card within the US. There are two similar accounts: Charles Schwab Checking and Fidelity Checking, and these two are the ones that are really good for abroad withdrawals without caveat. As a checking account, this account has a APY as high as 1%, which is really above the others.
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