Tired of using your traditional bank “savings” account. Have you looked at the interest rate on it lately? Many go as low as .01%, yes you read that right, that’s one-hundredth of a percent.
That means for every $10000 in your “savings” account, you’ll earn a whopping $1 in interest (roughly). With interest like that, who needs a job right?
What if I told you there was an account you could open that you could earn up to 5% cashback on your purchase and had an interest rate 100x your traditional bank accounts, sounds too good to be true right? Well, it’s not, and it’s called Aspiration.
What is the Aspiration Account?
Aspiration offers a “Spend and Save” cash management account, where you can both spend and save your money. This is a little different than a traditional bank account, but you won’t notice the difference. The account comes with a debit card that you can you use for your everyday purchases.
How Do I Save Money?
Saving money is as easy as making everyday purchases you would make anyway. Simply open an account with as little as $10, and start saving. Even better is they let you choose your monthly fee as part of their “Pay What Is Fair” policy, you can even choose $0!
After that is as simple as watching the savings pile up. With up to 5% cashback with certain retailers, you could see significant savings add up quite quickly. On the save side, you’ll see 100x the .01% of the traditional bank’s interest rate, so your money grows faster. It’s a win\win!
You don’t have to worry about your funds either as everything is FDIC insured.
Jeff is a fan of all things finance. When he’s not out there changing the world with his blog, you can find him on a run, a Mets game, playing video games, or just playing around with his kids.