With more and more gig opportunities popping up and competing for the loyalty of the Gig Worker, perks and benefits are increasingly being leveraged. One way these companies are working to improve the loyalty and overall experience of their Independent Contractors is by helping Gig Workers make more money. Rideshare companies and delivery companies offer access to minimum flat rates per order or delivery, plus tips, sign on bonuses, and even referral bonuses!
So, if you’re an Independent Contractor capitalizing on this increase in earning opportunities, it is likely that you already have a bank account set up to receive your regular direct deposits. While your current bank must have it’s own benefits that keep you happy, we would like to propose this question; could it be better?
Beyond the scandals and fees, many everyday consumers are finding more reasons to break up with their bank. More people have turned to alternative cash management options such as prepaid debit cards and high yield savings accounts to help with their virtual banking needs. Although this has been convenient throughout the years, high monthly fees and excessive ATM fees people searching for even more relief through online bank accounts.
Online bank accounts like Ally bank offer the best of both worlds, in many cases. Because of the reduced operational expenses that traditional brick and mortar banks face, online banks don’t really have a need to charge high fees. The challenge with online banks, however, is that when all is said and done, they are in fact, still banks. Many of the same frustrations consumers experience with traditional banks still reign true with online banks.
If you are asking yourself, “Should I open an account with a bank or a credit union?”, consider another method as an alternative or even an excellent supplement to your traditional bank account. Financial services like Aspiration can help you manage your money while making a difference. Aspiration financial accounts provides spending, saving, and investing services that help you both make money and make an impact. Due to the specific nature of an Aspiration account, users looking for an account that doesn’t use chexsystems or a bank that does not do a credit check may be in luck when choosing an Aspiration Save & Spend account.
The Aspiration Spend & Save Account is a cash management account offering 2.00% APY interest rate, no ATM fees worldwide, and unlimited cash back.
For Gig Workers and general Independent Contractors, the Aspiration Spend & Save accounts, along with their other products, may be just what you need to help you manage your income from your one or many gigs. Here is what you need to know to help you decide.
The Aspiration Spend Account
The Aspiration Spend account is not considered an online checking account, but instead, a cash management account with a debit card attached, that can be used to pay for everyday purchases both online and offline, bill pay, and atm withdrawals.
- Customers can count on cash back rewards on all of the card purchases you make.
- Earn bonus rewards for spending at socially-conscious businesses.
- Unlimited, immediate transfers between your Spend account and your Save account.
- Although the Aspiration account is really close to being fee free, customers can actually choose your own monthly fee using a trust based “Pay what is fair” system. This does mean that you can choose not to pay a monthly fee, but the current model seems to use mutual trust to help keep everyone happy.
- Similar to mobile banking, users can manage their Aspiration accounts using a secure and convenient mobile app.
- Easily access your cash from anywhere worldwide with No ATM Fees.
- Snap a photo to deposit your check using the Aspiration mobile app.
- Apple Pay and Android Pay are built in.
- You have $1,000 in expense reimbursement.
Socially Conscious Money Management
Aspiration makes it easy for you to give to the charitable cause of your choice. The causes members can support have been vetted to make giving simple. Every dollar you give is a tax-deductible donation that goes to the causes you care about most.
- Aspiration account holders have an AIM personal People/Planet impact score to help measure social impact when shopping.
- Unlike many traditional banks, Aspiration Spend & Save account deposits don’t fund fossil fuel projects.
- Shop to match your values by using Aspiration’s AIM People/Planet scores for businesses.
- Aspiration commits to give 10% of earnings to charity
- Refer to help increase the impact. Every time you refer a friend or loved one who opens an account, Aspiration will donate $25 to the charitable cause of your choice — and welcome them by donating $25 to their favorite charitable cause as well.
The Aspiration Save Account
Aspiration offers a High Yield Personal Online Savings Account with a great rate.
If you’re trying to find the best online savings account, The Aspiration Save Account may be a great alternative due to the convenience, high yield APR, and your ability to transfer between accounts more than the typical 6 transfer limit placed on traditional savings accounts.
Members earn up to 2.00% annual percentage yield interest on the entire balance in your Save account
The Aspiration cash management products are a great alternative to traditional bank accounts because they do not run any hard credit checks. Federal law does require that they verify your identity when you apply, this is sometimes called a “soft credit check” but it will not show up on your credit report.
Aspiration makes investing easy with professionally managed funds. Who can apply?
Anyone with a permanent U.S. address and a U.S. Social Security Number, who is 18 years or older may open an Aspiration investment account. You will need a checking or savings account from a U.S. bank or Credit Union in order to fund your account with a $10.00 minimum opening deposit.
Aspiration currently offers 2 investment strategies, either of which can be opened as an individual investment account or an individual retirement account (IRA), and a high yield cash management account.
Thinking about Retirement?
Aspiration IRAs are available with a $10.00 minimum opening deposit and offer Tax deferred growth.
How does Aspiration protect your money? Deposits in your Aspiration account are FDIC Insured* up to $250,000 per depositor by being swept to FDIC Member Institutions.
The Bottom Line For Gig Workers
Working as an Independent Contractor means that you are responsible for your earnings, expenses and taxes. To ensure you keep as much of your money as possible, Gig Workers and all entrepreneurs must take action wherever possible to help you make the most of your money. Saving on fees, earning interest and by choosing alternative ways to manage your money can have a major impact on your bottom line.
Financially conscious Independent Contractors are in many cases, earning from multiple streams of income, and have a need for better banking more now than ever! The entrepreneurial gig worker is growing more empowered and deserve access to the best tools and resources to help you maximize your earnings. Rideshare companies and delivery apps are stepping their game up, and it’s time your financial services institution did the same. Start earning unlimited cash back and higher interest with your Aspiration Spend & Save accounts today.