Aspiration’s Summit Checking Account is an online-only bank account with
no fees,
no minimum balance,
no minimum monthly deposit,
Why I Like This Checking Account?
The Summit Account is less than a year old and has been named a “Best Checking Account in America” by Money magazine.
Where does that revenue come from if the services are free? All of Aspiration’s services work on a “pay what is fair” model. You choose your price and pay as a “tip.”
When you create an account, you’ll be prompted to choose your tip — a recurring payment up to $6 per month — and you can choose as little as $0.
How to Open a Summit Checking Account
If this sounds good to you, too, you can get started with Aspiration here.
Start by entering your email to secure your spot. Within seven to 14 days, you’ll get an invitation via email to set up your account.
Once you receive your invitation, the whole sign-up process takes about 20 minutes.
You’ll need your Social Security Number (you must be a U.S. citizen to open this account), a state-issued I.D. or passport, and your online login information for an existing bank account.
To open the account, you’ll need to make a one-time deposit of at least $10.
At the end of the sign-up process, you’ll e-sign and receive a PDF of the account agreement. I loved that I didn’t have to print or scan anything — I haven’t owned a printer in years.
You’ll answer some questions to verify your identity online, and if that works, you’ll be set. Based on my answers, the system was unable to verify my identity, so I had to complete an additional step.
I received an email the following day asking for primary and secondary I.D. I took a picture of my driver’s license and obtained a PDF of a check stub. I resubmitted the application, and my account was approved and open within three days.
