Table Of Content
Bank of America provides banking services and free ATMs almost everywhere in the United States. Their savings rates and account fees are comparable to those of other banks. Bank of American is a nationwide network that provides all-in-one banking services such as deposits, loans, and credit cards. There are also higher daily limits on their ATM and debit purchases, which is a great incentive to improve your financial situation.
Banking with this company has some drawbacks. Savings account interest rates are lower than average, and there are fewer premium checking account options. These are important banking considerations to keep in mind when determining your short and long-term financial goals. Another disadvantage of banking with Bank of America is that their fees are higher than those of their competitors.
Aspiration presented their company in a very different way than their bank competitors. They are technically an SEC-registered financial broker-dealer that has partnered with a bank to provide banking products and services.
One feature that distinguishes them from their competitors is that they allow their customers to choose how much they want to pay for their services. The customer can set the fee that they believe is fair or appropriate for the level of service they receive. This means that customers can pay nothing if they believe the bank is deserving of it. The customer has the option to change the fee at any time. Furthermore, 10% of the fees collected from customers are donated to charity. In addition, Aspiration is a green company.
Banking Options
Aspiration has a minimal product line. There are two Spend and Save options, which allow you to upgrade to a $7.99 monthly payment to earn higher rates on your balance and more cash back for sustainable purchases. This in combination with the one credit card option can take care of your basic banking needs, but if you are looking for more banking products, it may be better to look to Bank of America.
Bank of America has a comprehensive banking product line. In addition to its multiple credit card options, there are checking and savings accounts. You can also access auto loans, home loans, and investment options. This makes the transition from a conventional bank a lot smoother, as you will find many of the products you expect.
Aspiration Bank | Bank of America | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Aspiration’s Spend & Save account is a hybrid account, combining savings and checking, but for this comparison, we’ll look at the pure savings features. In this regard, Aspiration offers far better rates compared to Bank of America. Even Preferred Rewards members can only receive 0.04%, while Aspiration offers 3% for up to $10,000.
However, you won’t earn any interest on any amount above the 10k. Additionally, the Pay What’s Fair approach to maintenance fees means that you don’t need to worry about fee waivers, as you would with Bank of America.
Aspiration Bank | Bank of America | |
|---|---|---|
APY | 1.00% – 3.00% | 0.01% – 0.04% |
Fees | $0 | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
|
Minimum Deposit | $10 | $100 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Again, Aspiration has the edge with regards to checking account features. While Bank of America has a minimum account opening deposit of $100, Aspiration requires just $10. Additionally, you can earn 3% on your balance, while Bank of America does not pay interest on checking account balances.
However, Bank of America does have the advantage of being an established, large bank. So, there is a larger support system and features that you may only get with a large bank, such as setting your own overdraft terms.
Aspiration Bank | Bank of America | |
|---|---|---|
APY | 1.00% – 3.00% | 0.01% – 0.02% |
Fees | $0 | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
|
Minimum Deposit | $0 | $25 – $100 |
Main Benefits |
|
|
CDs
There is no comparison here, as Aspiration does not currently offer CDs. So, if you are looking for CD products, then Bank of America would be the better option.
Bank of America | |
|---|---|
Minimum Deposit | $1,000 |
APY Range | 0.03 – 3.80% |
Credit Cards
Bank of America is well known for its credit cards and has a massive choice of options. This includes a Customized Rewards card where you can select cash back tiers to suit your preferences and an Unlimited Rewards card with 1.5% cash back on all your purchases regardless of the spending category. Bank of America also has a Travel Rewards card offering miles, cash rewards card with 1-3% cash back and BankAmericard with a 0% introductory rate for the first 18 months.
Bank of America also has a similar variety of cards for students, including BankAmericard, Travel Rewards, Unlimited Cash Rewards and Customized Rewards options. There are also Secured Cards that allow those with less than ideal credit to earn rewards.
Bank of America also has a wide selection of partnership cards, teaming up with Susan G Komen, Amtrak, AllWays, Alaska Airlines and Free Spirit, so you can earn rewards by spending with your preferred brands.
On the other hand, Aspiration has just one credit card option; the Aspiration Zero. This card has been designed to help you towards being carbon neutral. The rewards are configured to encourage greener habits. You’ll receive 0.5% rewards on qualifying purchases when you start to use your card. Aspiration will also plant up to two trees for every purchase. After planting 60 trees and therefore reaching carbon neutral status for the month, your rewards for the applicable period are doubled to 1%. You can use the Aspiration app to monitor your carbon footprint purchases and your reward potential. However, the card does carry a $60 annual fee.
Customer Service
As a larger bank, Bank of America does have a large customer service department. You can access live support 8 am to 9 pm ET Monday to Friday, at weekends 8 am to 8 pm on Saturday and 8 am to 5 pm on Sunday. You can also speak to the customer service team via the Bank of America social media channels or on the website.
Aspiration has a toll free number that is open 6 am to 6 pm PT Monday to Friday and 8 am to 4 pm PT on weekends. Aspiration does have social media channels, but it does not promote using them to contact the support team.
Online/Digital Experience
Both Bank of America and Aspiration have an app to help you to manage your accounts on the go. Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while the Aspiration app is rated 4.7/5 on the Apple Store and 4.1 out of 5 on Google Play.
The bank’s websites are both easy to use, but Bank of America’s site does have more learning resources. Aspiration does have a “learn” section with details of sustainable investments, retirement planning and banking, but Bank of America has a comprehensive help section that allows you to explore all aspects of the bank’s products and finance in general, with Erica a virtual assistant to provide further help and guidance.
Aspiration’s entire site is designed around having a greener impact, so if this is not particularly of interest to you, you may find the site lacking details.
For example, while the product pages detail how your spending habits can work towards being carbon neutral, it is difficult to find details about the credit card rates and other terms. Bank of America’s site is far more clear cut.
You can simply select the products you’re interested in and even compare different products, if you’re unsure which one is right for you.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, depending on what you’re looking for.
If you’re interested in keeping all or most of your financial products with one bank, you’re likely to appreciate the sheer volume of Bank of America products. You can choose from different credit card options and find the right product for you. You can also manage your checking account, savings account, loans and mortgages all under one roof.
However, if you are happy with limited products that are more ethically designed, then the Aspiration ethos will appeal to you. While there is not a vast choice of product options, with one hybrid savings checking account, one credit card and limited investment options, you can’t really tailor the products to suit your requirements. But, you will get rewards for greener activities.
|  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.04% | 1.00% – 3.00%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $0 | Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.6/5 on Android | 4.7/5 on iOS 4.1/5 on Android | Various Banks
|
on Bank of America website |
on Aspiration website |
on our website |
FAQs
Can I get a bonus or promotions on Bank of America?
Yes, Bank of America checking promotion is usually relevant for both new business and personal customers. For example, the Advantage Banking Account offers new accounts a $100 bonus as of March 2023.
Does Aspiration offer a promotion?
While there are limitations on the amount you should spend on Aspiration debit card, Aspiration usually offers a bonus for new accounts.
Aspiration let you decide what will be your fees. How does it work?
The customer can set the fee that they believe is fair or appropriate for the level of service they receive. This means that customers can pay nothing if they believe the bank is deserving of it. The customer has the option to change the fee at any time. Furthermore, 10% of the fees collected from customers are donated to charity.
It's a trust-based arrangement for the bank. They will make every effort to provide the best products and services to the public, and the customers will determine how much to pay. Customers will be charged at cost for additional services such as wire transfers.
Aspiration let you decide what will be your fees. How does it work?
The customer can set the fee that they believe is fair or appropriate for the level of service they receive. This means that customers can pay nothing if they believe the bank is deserving of it. The customer has the option to change the fee at any time. Furthermore, 10% of the fees collected from customers are donated to charity.
It's a trust-based arrangement for the bank. They will make every effort to provide the best products and services to the public, and the customers will determine how much to pay. Customers will be charged at cost for additional services such as wire transfers.
What is Aspiration Impact Measurement ?
The Aspiration Impact Measurement feature is a new addition to the Aspiration Spend account. It displays your own Sustainability Score – the impact you have on People and the Planet based on where you shop and spend your money every day. It also displays businesses that, based on their criteria, are doing good for the people of the world.
Aspiration integrated AIM People and Planet scores directly into your Aspiration app, allowing customers to easily see the scores of the places where they spend money.
Simply present your Aspiration debit card at AIM-rated businesses to view their People and Planet scores, as well as the scores of similar businesses.
What is the reputation of Bank of America?
- A+ on BBB – BBB assigns ratings ranging from A+ (highest) to F (lowest) (lowest). BB ratings are based on information in BBB files about factors such as the business's complaint history with the BBB, the type of business, the length of time in business, transparent business practices, and more.
- 4.7/5 based on BBB customer reviews (+180 reviews) – BBB customer reviews allow customers to leave positive, negative, or neutral feedback about their marketplace experiences.
- 4.7/5 on Trustpilot (+180 reviews) – TrustScore is an overall measure of reviewer satisfaction that ranges from 1 to 5.
- Bank of America received 663 points in J.D. Power's 2020 national banking satisfaction study, which is slightly higher than the national average of 657 points.
What are the drawbacks of Bank of America checking account?
One disadvantage of the checking account system is that the interest rates are relatively low in comparison to other banking institutions. Furthermore, the requirements for waiving monthly fees are more stringent than usual.
There is also a $2.50 fee if you use a non-Bank of America ATM, which raises the fees if you are traveling or in a financial emergency.
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