This Account Now Pays up to 5% APY on Your Savings

Aspiration offers an eco-friendly alternative to traditional banking, and its latest offer could earn account holders big rewards.

Oct. 12 is National Savings Day, and online bank Aspiration is celebrating with an unbelievable 5% APY offer on its Aspiration Save account. The financial firm has offered a more socially-conscious alternative to traditional banks since its inception, and this latest account upgrade provides one of the highest savings account rates we've seen.

How account holders can get 5% on their savings

Starting today, Aspiration Plus members will earn a 5% APY on the first $10,000 in their Aspiration Save accounts for every month in which they spend at least $1,000 with their Aspiration debit card. Not only is the 5% rate about 83 times the national average for savings accounts (0.06%), but it's more than competitive with the best savings accounts.

Note that the 5% APY is only available to Aspiration Plus members who meet the offer requirements. Aspiration Plus is the paid version of Aspiration's cash management account. Membership costs $5.99 per month, billed annually, and comes with other useful features including:

• Access to 55,000 no-fee ATMs
• 10% cash back on purchases at 25 environmentally and socially-conscious merchants, which Aspiration refers to as the Conscience Coalition™
• One out-of-network ATM fee reimbursement each month
• Direct deposit up to two days early

Customers who are not Aspiration Plus members can still receive a 3% APY on the first $10,000 in their Spend & Save accounts -- that's 50 times the national average.

About Aspiration

Aspiration is not a traditional bank. It's a brokerage firm that offers banking and other financial services. One of Aspiration's primary goals is to help customers make a positive environmental and social impact through their financial choices. In fact, several account perks are tied to environmental causes. Aspiration guarantees that bank deposits won't fund fossil fuel exploration or production. There's also an option to have a tree planted every time you round up a purchase made with your debit card. In the past year, the company has planted over 35 million trees on behalf of its customers.

If you've been looking for a new savings and checking combo account, Aspiration Plus may be a good fit, especially if Aspiration's mission resonates with you. Even without the environmental benefits, the account offers one of the best savings interest rates we've seen -- and it's worth a look.