Traveling is something that I love. However, I usually end up taking all of the money out that I need for a trip before I even leave. This is always scary because that means I'm usually carrying at least a few hundred dollars on me in a brand new area to me.
This actually happened when I went to Peru. I brought a large amount of cash with me because I wasn't sure what I would do otherwise. I wish I would have had the Summit Account back then because I definitely would have gotten good use out of it!
I recently heard about a new high-yield checking account called the Summit Account from Aspiration.
In case you are wondering more about who Aspiration is, here is a quick summary from their website:
We’re a new kind of investment firm – built on trust, focused on the middle class instead of millionaires, and founded on the idea that we can do well and do good at the same time.
We donate a dime out of every dollar our company earns to successful charities focused on bringing economic opportunity to struggling Americans.
The Summit Account is great for travelers for many reasons.
With this high-yield checking account, you can withdraw money from your account from anywhere in the world and pay no ATM fees, no monthly fees, AND receive an interest rate up to 1.00% APY. If you have a balance of $2,500 or more, you can enjoy the 1.00% APY. If you have $2,499.99 or less, then you will receive an APY of 0.25%, which is still good.
As you can see, you will need a minimum $10 in order to open the account. After that, though, the account is free. There is no monthly fee and as long as you keep enough money in your account (I recommend at least $2,500 in order to get the full APY), then you get to take advantage of everything that the Summit account offers.
The overdraft fee is $33, but if you keep enough money in your account then that shouldn't be a problem. I always recommend checking in on your bank account at least once a week to make sure that you never overdraft, to make sure there are no errors, fraudulent transactions, and to keep track of your spending.
There are two other great things about Aspiration as well. Aspiration gives 10% of their revenues towards charities that help low-income Americans start businesses so that they can build better lives. The other great thing about Aspiration is that they treat their customers fair with Pay What Is Fair.
Common questions about Aspiration and their Summit Account:
Who can apply for the Summit Account? Any US citizen or Lawful Permanent Resident (over 18) with a Social Security Number, a permanent US address, and at least $10 that they want to watch grow! Like a chia pet, but with money.
Is this account FDIC insured? The Aspiration Summit Account carries FDIC insurance up to at least $250,000 per depositor.
What ATMs can I use? Find an ATM. Any ATM. It’s free.
- Is there a foreign currency fee at ATMs outside of the US? If you are traveling abroad and incur fees from a foreign ATM, those fees will be reimbursed. Any type of currency fee, however, will not be reimbursed.
Click here to check out the Summit Account. I highly recommend the Summit Account and Aspiration as a whole. I believe they can truly help travelers like you and me! Even if you aren't a traveler, a lot of the benefits above can also be great positives for a regular account user as well.