Climate Risk & ESG Risk

 Leave your bank and use your money to go green with Aspiration

Supriti Tripathy

16th Mar'21
 Leave your bank and use your money to go green with Aspiration | OpenGrowth

A good financial plan is a road map that shows us exactly how the choice we make today will affect our future. 

From the time we start earning, we plan our investment and savings so that we can always have something extra and be prepared for the rainy days. However, the channels in which we pool in our money to get extra aren’t necessarily decided by us. We leave that power in the hands of the banks and other financial institutions. But, are they effective? Well, very few of us know that our hard-earned money is often reinvested in fossil fuels, pipelines, oil drilling, or coal mines. So in the process of securing our future, we disrupt the present of the next-gen.

With a mission so unique, Aspiration, a new financial partner, sets out to build a better world by offering socially conscious and sustainable cash management services. They aim to plant trees all around the world, offset carbon emissions and make the planet green again. Aspiration is 100% committed and you are assured of mindful saving and eco-friendly spending. It serves customers from all spheres.



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Make a Difference

Large banks that hold your money invest in different companies that you might never prefer to have invested in yourself. But with Aspiration, you can create a massive impact on the environment while making money for yourself. However, you must get assured that the deposits you make will never be used to fund pipelines or towards contributions to any political agenda. Not just that, Aspiration donates 10% of every dollar customers choose to invest in charities(“Dimes Worth of Difference” policy). That being said, the customers are always given the first preference here and the power to do good is also vested in their hands.

With the program named, “Plant Your Change with Aspiration”, the company will round up transactions and utilize all the extra change from purchases towards reforestation. To ensure transparency, the in-app metrics show you the kind of impact your spending is having in making the world greener. You also get to own the Aspiration Plus card that is made from recycled ocean plastic.



Unlike a normal bank, Aspiration is a fintech financial service provider. It offers accounts to both save and spend as well as invest to help you achieve your financial goals besides being mindful of your investment channels. Currently, if you open an account with Aspiration, you can earn up to $100, given you spend $1000 within 60 days. It is a great incentive to get started. The portal offers a range of advisory services that is sure to guide you to get started.

Deposits made are FDIC insured and the Aspiration card can be used at over 55,000 ATMs for a fee-free transaction. Two different account modes let you either pay whatever you can or opt into the Plus Account for features like gas purchasing carbon offset, up to 1% APY(Annual Percentage Yield) on savings, and one out-of-network ATM monthly reimbursement. You can also earn up to 10% cash back for shopping at Conscience Coalition merchants like Toms and Warby Parker.



Recommended: 10 Biggest Recycling Companies in the World



Put your money where your Values are- Taking a lesson from the Leader.

Aspiration, being the only-online green banking institution, has paved the way for several players in the market. So what are you waiting for? Start your Aspiration account and plant a tree with every purchase. Aspiration makes investing easy with professionally managed funds that are 100% fossil fuel free. IRAs of Aspiration let you save for the future, save on your taxes and save the planet. Aspiration makes it easy for you to donate to a charitable cause of your choice. The causes being poverty, water, education, environment, health, human rights, and opportunity fund.

With the services offered and sustainable investing techniques by Aspiration, banks are looking up to this leader and are following its footsteps by becoming certified B Corps that focuses on 3 P’s i. e. People, Planet, and Profit. Banks like Amalgamated Bank, Beneficial State Bank, and Mascoma Bank among others are raising the bar by managing wealth via sustainable practices. These banks specifically are powering a greener and more equitable economy so that your investment is beneficial for you, and impactful for the future gen.



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A believer of good things and pursuer of diverse avocation, she is a fiction lover and a simple writer. Supriti has a number of professions to her list and she feels challenges are the only answers to failures.