How Aspiration Helps You Bank Ethically & Sustainably

This article is generously sponsored by Aspiration*. As always, EcoCult only works with well-vetted brands doing good work. Support our editorial by supporting them!

It’s often said that there is no ethical consumption under capitalism. But if you’re saving your money by consciously under consuming, you’ve got to put those dollars somewhere. (And not under your mattress — yikes!)

The problem is that most banks do not tell their personal banking clients where their deposits have been directed, and fossil fuel companies are all too often the beneficiaries of customer funds.

Between 2016 and 2023, the world’s 60 largest private banks invested USD $6.9 trillion in fossil fuel infrastructure such as pipelines and drilling. The U.S. banks JPMorgan Chase, Citi, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley alone contributed $1.8 trillion.

This is despite some of the world’s largest and oldest banking establishments having signed up to the UN-convened, industry-led Net Zero Banking Alliance, representing 38% of global banking assets. This alliance requires its members to publish annual emissions and to commit to targets for transitioning investment portfolios away from high-carbon business models towards low- or no-carbon strategies.

Still, 24 banks have funded new gas and oil field production since joining the alliance. HSBC, one of the largest banks in the world, suspended its head of responsible investing at its asset management unit over comments he made questioning the urgency of the climate change crisis. And a study from MIT showed that banks with these commitments aren’t lending a significantly less amount to dirty businesses.

It is time for change. Consumers now demand to know more about supply chains and sourcing in the fashion and food industries, so we can make better decisions on how we spend our money.

The same should be true for where we store our money.

An Ethical and Sustainable Banking Option

For almost a decade, there’s been a better option for climate-friendly checking, savings, and investment accounts: Aspiration. This U.S. banking alternative empowers regular folks to support their financial well-being while making a positive climate impact.

The first and most simple step you can take to divest from a petroleum economy is to deposit your money with a financial institution like Aspiration that doesn’t support fossil fuel exploration or production.

But there are other ways you can fight climate change with Aspiration’s checking and savings accounts. You can round up to the nearest dollar to fund tree planting, earn up to 6% cash back when you shop at climate-friendly brands through Aspiration’s Green Marketplace, and automatically offset the carbon impact of your driving whenever you purchase gas with your Aspiration debit card.

But this isn’t a purely charitable choice. The financial benefits of banking with Aspiration include no mandatory fees, such as a required monthly maintenance fee, minimum balance fee, or overdraft fee. Plus, there are 55,000 fee-free ATMs across the U.S.

You also can get a high-yield savings account with Aspiration — standard accounts earn 1.00% APY and premium accounts earn 3.00% APY. And when you sign up for Direct Deposit, you can get access to your paychecks up to two days early.

So it turns out that you don’t need to spend a lot of money to support a more thoughtful economy. You can save your money instead, and ensure that it’s doing good out in the world…with Aspiration.

Standard Disclosures:

*Aspiration Debit Cards are issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Through the Coastal Community Bank Insured Bank Deposit Program, cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With five Banks available, Deposits are FDIC-insured up to $1.25 million per depositor. Visit fdic.gov. You are responsible for monitoring your deposits at each Bank to determine the available FDIC insurance coverage.

The Aspiration Spend & Save accounts are checking and savings accounts offered through Coastal Community Bank, Member FDIC. Approved deposit accounts are FDIC insured up to $250,000 per depositor. For balances greater than $250,000, Coastal will Sweep the excess funds to one or more FDIC-insured depository institutions in their Sweep network (each a “Bank”) up to $250,000 per Bank. With five Banks available through the Coastal Community Bank Insured Bank Deposit Program, Deposits are FDIC-insured up to $1.25 million per depositor. This amount is subject to change at any time.Visit fdic.gov. Aspiration’s Program Banks have formally committed that customer deposits will not be used for lending to oil and gas exploration, production or transportation, or coal mining.

*See superscript hyperlink for additional disclosures