Discover The Bank Behind Aspiration - Your Banking Solution Unveiled

Aspiration is a financial technology company that offers a variety of banking services, including checking accounts, savings accounts, and loans. However, Aspiration does not have its own banking license. Instead, it partners with other banks to provide these services.

The primary bank that Aspiration uses is Coastal Community Bank, a community bank based in Everett, Washington. Coastal Community Bank provides the FDIC insurance for Aspiration's deposits, up to the maximum amount allowed by law.

Aspiration's partnership with Coastal Community Bank allows it to offer its customers a wide range of banking services without having to go through the lengthy and expensive process of obtaining its own banking license. This partnership also allows Aspiration to focus on its core strengths, such as developing innovative financial products and services.

what bank does aspiration use

Aspiration is a financial technology company that offers a variety of banking services without having its own banking license. Instead, it partners with other banks to provide these services. The primary bank that Aspiration uses is Coastal Community Bank, a community bank based in Everett, Washington.

• Partnership: Aspiration partners with Coastal Community Bank to provide banking services.
• FDIC insurance: Deposits up to the maximum amount allowed by law are FDIC-insured through Coastal Community Bank.
• Core strengths: Aspiration can focus on developing innovative financial products and services by partnering with a bank.
• Convenience: Aspiration customers have access to a wide range of banking services without having to go through a separate bank.
• Community bank: Coastal Community Bank is a community bank, which may align with Aspiration's values.
• Financial stability: Coastal Community Bank is a well-established bank with a strong financial track record.
• Technology focus: Aspiration can focus on its technological strengths by partnering with a traditional bank.
• Customer service: Aspiration customers can access customer service and support through both Aspiration and Coastal Community Bank.

These key aspects highlight the nature of Aspiration's partnership with Coastal Community Bank and the benefits that this partnership provides to Aspiration and its customers. By partnering with a reputable and FDIC-insured bank, Aspiration can offer its customers a safe and convenient way to manage their finances while focusing on its core strengths in innovation and technology.

1. Partnership

This partnership is central to understanding "what bank does aspiration use". Aspiration, as a financial technology company, does not possess a banking license. Instead, it collaborates with established banking institutions to offer a comprehensive suite of financial services to its customers.

• Banking Infrastructure
  

  Partnering with Coastal Community Bank enables Aspiration to leverage the bank's existing infrastructure, including its network of branches, ATMs, and online banking platform. This allows Aspiration to provide its customers with convenient access to traditional banking services without the need to invest in building its own infrastructure.

• Regulatory Compliance
  

  Banking regulations are complex and constantly evolving. By partnering with Coastal Community Bank, Aspiration can ensure compliance with these regulations and avoid the significant costs and risks associated with obtaining and maintaining its own banking license.

• Risk Management
  

  Coastal Community Bank assumes the responsibility for managing the financial risks associated with deposits and lending. This risk-sharing arrangement allows Aspiration to focus on its core competencies in product development and customer acquisition.

• Customer Trust
  

  Coastal Community Bank is a well-established financial institution with a long history of serving customers. By partnering with Coastal Community Bank, Aspiration benefits from the bank's reputation and customer trust, which can be crucial in attracting and retaining customers in the competitive financial services industry.

In summary, Aspiration's partnership with Coastal Community Bank is a strategic alliance that enables Aspiration to offer a full range of banking services to its customers while leveraging the expertise, infrastructure, and regulatory compliance of an established banking institution.

2. FDIC insurance

The Federal Deposit Insurance Corporation (FDIC) is a federal agency that insures deposits up to the maximum amount allowed by law at FDIC-member banks. This insurance provides depositors with a safety net in the event that their bank fails. Aspiration's partnership with Coastal Community Bank, an FDIC-member bank, means that Aspiration customers' deposits are protected by FDIC insurance.

FDIC insurance is an important component of "what bank does aspiration use" because it provides customers with peace of mind knowing that their deposits are safe and secure. This is especially important for customers who keep large sums of money in their accounts or for those who rely on their bank accounts for day-to-day expenses.

In the event that Coastal Community Bank were to fail, the FDIC would cover the insured deposits of Aspiration customers up to the maximum amount allowed by law. This would help to protect customers from losing their money and would provide them with time to find a new bank.

FDIC insurance is a valuable protection for bank customers, and it is one of the reasons why Aspiration customers can be confident that their deposits are safe and secure.

3. Core strengths

Aspiration's partnership with a bank, Coastal Community Bank, plays a crucial role in enabling Aspiration to focus on its core strengths, which include developing innovative financial products and services. By partnering with a bank, Aspiration can leverage the bank's existing infrastructure, regulatory expertise, and risk management capabilities, allowing Aspiration to focus on what it does best: creating and delivering innovative financial solutions to its customers.

For instance, Aspiration has developed a unique Spend & Save program that rewards customers for making purchases with its debit card. The program automatically rounds up each purchase to the nearest dollar and deposits the difference into a savings account. This innovative feature encourages saving and helps customers build their financial resilience.

Another example of Aspiration's focus on innovation is its Aspiration Plus account, which offers a suite of financial management tools and benefits, including personalized spending insights, automated savings, and access to financial advisors. By partnering with a bank, Aspiration can offer these innovative products and services to its customers without having to invest heavily in building its own banking infrastructure.

The partnership with a bank also allows Aspiration to remain nimble and responsive to changing market trends and customer needs. Aspiration can quickly develop and launch new products and services without having to navigate the complexities of banking regulations and compliance. This agility enables Aspiration to stay ahead of the competition and continue to deliver innovative financial solutions to its customers.

In summary, Aspiration's partnership with a bank is a key component of its ability to focus on its core strengths and develop innovative financial products and services. This partnership allows Aspiration to leverage the bank's infrastructure, expertise, and regulatory compliance, while Aspiration can focus on what it does best: creating and delivering innovative financial solutions to its customers.

4. Convenience

The convenience provided by Aspiration's partnership with a bank is a key aspect of "what bank does aspiration use". Aspiration customers can access a full suite of banking services through Aspiration's platform, without the need to open an account with a separate bank.

• One-stop shop
  

  Aspiration offers a comprehensive range of banking services, including checking accounts, savings accounts, loans, and investment accounts. This means that Aspiration customers can manage all of their financial needs in one place, without having to go through multiple banks or financial institutions.

• Seamless integration
  

  Aspiration's platform is seamlessly integrated with Coastal Community Bank's banking infrastructure. This means that Aspiration customers can access their accounts, make transactions, and manage their finances through Aspiration's mobile app or website, just as they would with any other bank.

• Time-saving
  

  By having access to a wide range of banking services through a single platform, Aspiration customers save time and effort. They don't have to spend time researching different banks, opening multiple accounts, or transferring funds between accounts.

• Convenience
  

  The convenience of Aspiration's one-stop shop approach is particularly beneficial for customers who are busy or who value simplicity. They can manage all of their financial needs in one place, without the hassle of dealing with multiple banks or financial institutions.

In summary, the convenience that Aspiration offers its customers is a major advantage of its partnership with a bank. Aspiration customers can access a wide range of banking services through a single platform, saving time, effort, and hassle. This convenience is a key part of Aspiration's value proposition and is one of the reasons why it is a popular choice for customers who are looking for a simple and convenient way to manage their finances.

5. Community bank

Aspiration's partnership with Coastal Community Bank, a community bank, aligns with Aspiration's values and mission in several ways:

• Shared values
  

  Both Aspiration and Coastal Community Bank share a commitment to sustainability, social responsibility, and financial inclusion. Aspiration is a certified B Corp, which means that it meets high standards of social and environmental performance. Coastal Community Bank is also committed to sustainability and community development, and it has been recognized for its work in these areas.

• Local focus
  

  Coastal Community Bank is a local bank that is focused on serving the communities in which it operates. This aligns with Aspiration's mission to create a more sustainable and equitable financial system. By partnering with Coastal Community Bank, Aspiration can support local communities and businesses.

• Customer service
  

  Community banks are known for providing excellent customer service. Coastal Community Bank has been recognized for its customer service, and it has a strong track record of meeting the needs of its customers. This aligns with Aspiration's commitment to providing a great customer experience.

• Innovation
  

  While community banks are often seen as traditional, Coastal Community Bank is also committed to innovation. The bank has developed a number of innovative products and services, such as its mobile banking app and its online lending platform. This aligns with Aspiration's focus on innovation and technology.

Overall, Aspiration's partnership with Coastal Community Bank is a good fit for both companies. The two companies share similar values and goals, and they are both committed to providing excellent customer service. This partnership allows Aspiration to offer its customers a wide range of banking services while also supporting local communities and businesses.

6. Financial stability

The financial stability of Coastal Community Bank is a key aspect of "what bank does aspiration use" because it provides Aspiration customers with confidence that their deposits are safe and secure. Coastal Community Bank has been in business for over 90 years and has a strong track record of financial stability. The bank is well-capitalized and has a strong regulatory compliance record.

• Reputation and Trust
  

  Coastal Community Bank has a strong reputation in the financial industry and among its customers. The bank is known for its financial strength and stability, which gives Aspiration customers confidence that their deposits are safe.

• FDIC Insurance
  

  Deposits at Coastal Community Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. This provides Aspiration customers with an additional layer of protection for their deposits.

• Regulatory Compliance
  

  Coastal Community Bank is subject to strict regulatory oversight by the FDIC and other government agencies. This oversight helps to ensure that the bank operates in a safe and sound manner.

• Risk Management
  

  Coastal Community Bank has a strong risk management program in place to identify, assess, and mitigate risks. This helps to protect the bank and its customers from financial losses.

Overall, the financial stability of Coastal Community Bank is a key factor in Aspiration's decision to partner with the bank. This stability provides Aspiration customers with confidence that their deposits are safe and secure.

7. Technology focus

Aspiration's partnership with a traditional bank, Coastal Community Bank, allows Aspiration to focus on its technological strengths and develop innovative financial products and services for its customers. By leveraging the bank's existing infrastructure and regulatory compliance, Aspiration can avoid the significant costs and risks associated with obtaining and maintaining its own banking license. This allows Aspiration to remain agile and responsive to changing market trends and customer needs, and to quickly develop and launch new products and services.

• Product Development
  

  Aspiration can focus on developing innovative financial products and services that meet the needs of its customers, such as its Spend & Save program and its Aspiration Plus account. These products and services are designed to help customers save money, manage their finances, and achieve their financial goals.

• Customer Experience
  

  Aspiration can focus on providing a superior customer experience through its mobile app and website. The company can invest in developing new features and functionality that make it easy for customers to manage their finances and access customer support.

• Risk Management
  

  By partnering with a traditional bank, Aspiration can leverage the bank's risk management expertise and infrastructure to manage the risks associated with its financial products and services. This allows Aspiration to focus on its core strengths and avoid the need to invest in building its own risk management capabilities.

• Regulatory Compliance
  

  Partnering with a traditional bank allows Aspiration to meet its regulatory compliance obligations without having to invest in building its own compliance infrastructure. This allows Aspiration to focus on its core strengths and avoid the significant costs and risks associated with regulatory compliance.

Overall, Aspiration's partnership with a traditional bank allows it to focus on its technological strengths and develop innovative financial products and services for its customers. By leveraging the bank's existing infrastructure and regulatory compliance, Aspiration can remain agile and responsive to changing market trends and customer needs, and avoid the significant costs and risks associated with obtaining and maintaining its own banking license.

8. Customer service

The customer service provided by Aspiration and Coastal Community Bank is a key aspect of "what bank does aspiration use" because it ensures that Aspiration customers have access to high-quality support for their banking needs. This is important because customer service is a critical factor in customer satisfaction and loyalty.

Aspiration customers can access customer service and support through a variety of channels, including phone, email, and chat. Aspiration also offers a comprehensive online help center with answers to frequently asked questions. Coastal Community Bank also provides customer service and support to Aspiration customers, so customers can choose the channel that is most convenient for them.

The customer service provided by Aspiration and Coastal Community Bank is highly rated by customers. Aspiration has received numerous awards for its customer service, including the J.D. Power Award for Highest Customer Satisfaction among Midsize Retail Banks in 2021. Coastal Community Bank has also received positive reviews for its customer service, with customers praising the bank's friendly and helpful staff.

Overall, the customer service provided by Aspiration and Coastal Community Bank is a key part of "what bank does aspiration use". The high-quality customer service provided by both companies ensures that Aspiration customers have access to the support they need to manage their finances and achieve their financial goals.

FAQs about "what bank does aspiration use"

This section answers common questions about Aspiration's banking partner and the benefits of this partnership for Aspiration customers.

Question 1: Which bank does Aspiration use?

Aspiration primarily uses Coastal Community Bank to provide banking services to its customers. Coastal Community Bank is a community bank based in Everett, Washington.

Question 2: Why does Aspiration partner with a bank?

Aspiration partners with a bank to provide its customers with a wider range of banking services without having to obtain its own banking license. This allows Aspiration to focus on its core strengths, such as developing innovative financial products and services.

Question 3: Is my money safe with Aspiration?

Yes, your money is safe with Aspiration. Deposits at Coastal Community Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.

Question 4: Can I access my money through Coastal Community Bank?

Yes, you can access your money through Coastal Community Bank's branches, ATMs, and online banking platform. You can also use your Aspiration debit card to make purchases and withdraw cash.

Question 5: What are the benefits of Aspiration's partnership with Coastal Community Bank?

Aspiration's partnership with Coastal Community Bank provides several benefits to Aspiration customers, including access to a wider range of banking services, FDIC insurance for deposits, and convenient access to their money through Coastal Community Bank's branches, ATMs, and online banking platform.

Question 6: How do I contact Coastal Community Bank?

You can contact Coastal Community Bank by phone at 1-800-422-2657 or by email at customerservice@coastalcommunitybank.com.

This concludes our FAQs about "what bank does aspiration use". If you have any further questions, please don't hesitate to contact Aspiration or Coastal Community Bank.

Transition to the next article section:

In the next section, we will discuss the benefits of using Aspiration for your banking needs.

Tips for using Aspiration

Aspiration is a financial technology company that offers a variety of banking services, including checking accounts, savings accounts, and loans. Aspiration partners with Coastal Community Bank to provide these services. Here are a few tips for using Aspiration to manage your finances:

Tip 1: Use Aspiration's Spend & Save program to save money.

The Spend & Save program automatically rounds up each purchase to the nearest dollar and deposits the difference into a savings account. This is a great way to save money without even thinking about it.

Tip 2: Take advantage of Aspiration's fee-free ATMs.

Aspiration customers have access to a network of over 55,000 fee-free ATMs. This means you can withdraw cash from your Aspiration account without having to pay a fee.

Tip 3: Use Aspiration's mobile app to manage your finances.

Aspiration's mobile app makes it easy to manage your finances on the go. You can check your account balance, make deposits and withdrawals, and transfer money between accounts.

Tip 4: Set up automatic savings transfers.

You can set up automatic savings transfers from your checking account to your savings account. This is a great way to make sure you're saving money on a regular basis.

Tip 5: Use Aspiration's financial planning tools.

Aspiration offers a variety of financial planning tools to help you reach your financial goals. These tools can help you track your spending, budget your money, and plan for the future.

Summary:

Aspiration is a great option for people who are looking for a convenient and affordable way to manage their finances. Aspiration offers a variety of banking services, including checking accounts, savings accounts, and loans. Aspiration also offers a number of features that can help you save money and reach your financial goals.

Transition to the article's conclusion:

If you're looking for a new bank, Aspiration is a great option to consider. Aspiration offers a wide range of banking services, competitive interest rates, and a number of features that can help you save money and reach your financial goals.

Conclusion

In this article, we explored the question "what bank does aspiration use" and examined the partnership between Aspiration and Coastal Community Bank. We discussed the benefits of this partnership for Aspiration customers, including access to a wider range of banking services, FDIC insurance for deposits, and convenient access to their money through Coastal Community Bank's branches, ATMs, and online banking platform.

If you are considering using Aspiration for your banking needs, we encourage you to visit the Aspiration website or contact their customer service team. Aspiration offers a variety of banking services and features that can help you save money and reach your financial goals.