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Aspiration Summit Checking Account - is anyone using this?

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  • Aspiration Summit Checking Account - is anyone using this?

    Hey everyone.  I'm finally getting ready to drop my Bank Of America checking and savings account to switch to online banking.

    I originally thought I would use Ally Bank and use the savings account for my emergency fund (1% APY) and the checking account for paychecks, bill pay, checking, etc.  The checking account basically has a 0.1% interest which would go up to 0.6% interest if the balance exceeded 15,000 dollars.

    It seems like a great gig, especially after the horrible fees and low APY I was earning with Bank of America.

    However, I just discovered the Aspiration Summit Checking account.  It seems incredible, almost too good to be true.  It offers 1% APY on your balance as long as it is over $2,500 and it allows unlimited transactions (the big drawback of the Ally Bank Savings account is I only get 6 transactions a month) and comes with checks and a debit card which can use any atm machine on the planet without a fee.  Some of the ATM machines can even allow you to deposit cash which in my mind was the one drawback of online banking compared to "brick and mortar" banking.  It is FDIC backed because it will be working with Radius Bank, in fact it sounds like I could use the Radius Bank site and app for online and mobile banking.

    A few drawbacks are that it is new - I'm sure there a few kinks that need to be worked out.  They currently don't have bill pay options and they don't allow you to have a joint account (which stinks because I definitely want to share my checking account with my wife).  However, Bill Pay ins't that important because I can set up all of my credit cards and bills to automatically make payments each month anyway.

    I am seriously considering making this my only account, using it as a checking account and emergency fund.  I would easily keep the balance greater than 2500 (since it would have my emergency money).

    I'm curious if anyone on this site has any experience with Aspiration, or any concerns about this.  Here is their website if you want to take a look:

    Their mutual funds look horrible so I would obviously stay away from them and stick to low expense index funds in my retirement and brokerage accounts.

    Thanks everyone!