Are your deposits quietly funding fossil fuels? Not with this new type of account.
See the original posting on Boing Boing
Most of us have a love-hate relationship with banks. Okay, its actually probably more like a tolerate-hate relationship. We understand their role in holding and securing our money so we dont have to stuff it in a mattress somewhere. But we dont trust the bank not to gouge us on fees whenever they can. And we certainly dont trust MegaCorp X to be a responsible steward of our funds to make the world a better place.
For example, the four biggest global backers of fossil fuels are all U.S banks1.. So if you have money with any of those institutions, youre tacitly endorsing those practices, whether you agree with them or not.
If that doesnt sit well with you, you may want to consider an alternative, like Aspiration’s Spend and Save account.
Aspiration isnt a bank. Theyre a hybrid check and save cash management account that offers you an alternative to traditional banking services and protections of one of those institutions, but with a conscience you can feel good about backing.
When you open an Aspiration Spend and Save account and deposit money, you get a debit card linked to your new FDIC-insured2 cash accounts with all the buying power of a financial/cash account — but you decide how much their services should cost you. Their policy is that they trust customers to Pay What is Fair, even if that means zero on their basic monthly banking services.
Of course, if fair to you is $7 a month for their Aspiration Plus service, you get features like up to 1.00% APY interest3 on your savings and no fees at over 55,000+ free in-network Allpoint ATMs, and carbon offsets for when you drive. Read the rest