Aspiration Now Charges a Monthly $5 Inactivity Fee — Here’s How To Avoid It
Written by
Dawn Allcot
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
In November 2024, online financial service provider Aspiration began charging a $5 monthly inactivity fee for customers who haven’t used their Aspiration account in more than 180 days. Aspiration is a fintech offering FDIC-insured Spend & Save accounts and rewards debit cards through Coastal Community Bank.
In an email to customers, Aspiration wrote, “The inactivity fee helps us cover the cost of maintaining accounts that are not actively in use.” The company will continue to charge inactive users a fee of $5 per month until their account balance is zero. At that point, Aspiration will close the account.
It’s easy to avoid these fees, though, whether you decide to start using your Aspiration account again or would prefer to close it.
Cancel Your Account
If you have a balance accruing interest but don’t want to continue using Aspiration, you’ll want to cancel your account as soon as possible — before you watch your savings dwindle away, $5 at a time. Currently, Aspiration offers competitive interest rates and FDIC insurance up to $1.25 million, making this online account a good place to stash your emergency savings.
But if you’d prefer not to use your account anymore, first transfer your money into another bank account or withdraw it, fee-free, at any Allpoint ATM nationwide. Then, call Aspiration customer service at 800-683-8529 or email support@aspiration.com to close your account and avoid inactivity fees.
Make a Purchase Using Your Debit Card
Use your Aspiration debit card at an ATM, point-of-sale or online to make a purchase or withdraw cash, and Aspiration will consider your account “active” once again, so you can avoid the $5 fee.
Deposit Money Into Your Aspiration Account
If you want to continue earning high interest rates, you can keep your Aspiration account open by making a deposit.
You can do this by setting up direct deposit with an employer. You can also accept a domestic wire transfer or deposit a check through the Aspiration mobile app. New as of November 2024, you can also deposit cash at participating Allpoint ATMs.
Transfer Funds
You can transfer funds via ACH deposit from another bank or make a transfer from PayPal, Venmo or Cash app.
To avoid your account becoming inactive again, consider setting up recurring automatic transfers from another bank. By automatically transferring funds, you can establish good savings habits for 2025 while avoiding Aspiration’s $5 inactivity fee.
Editor’s note: All fees and rates are subject to change at the bank’s discretion.
More From GOBankingRates
