Aspiration Launches Up To 5.00% APY Interest Rate on Fossil Fuel Free Deposits to Mark National Savings Day and This Month’s UN Climate Conference

Rhea-AI Summary

Aspiration, a leader in sustainability-focused financial services, introduced new offerings under its "Save Money, Save the Planet" initiative. Effective October 12, 2021, Aspiration Plus members can earn up to 5.00% APY on savings, significantly higher than the national average of 0.06%. Standard accounts offer 3.00% APY. Members spending $1,000 monthly on the debit card will benefit from these rates. Alongside this, Aspiration has agreed to merge with InterPrivate III Financial Partners Inc. (IPVF), paving the way for the company to become publicly traded.

Positive

• Introduced high yields of 5.00% APY for Aspiration Plus members and 3.00% APY for standard accounts.
• Potential to earn annual interest of up to $500 for eligible members, significantly exceeding traditional bank rates.
• Expansion of services aligns with increasing consumer demand for sustainable financial solutions.
• Over 5 million members indicate strong market presence and trust in the brand.

Negative

• None.

With Aspiration, members save money while saving the planet

LOS ANGELES--(BUSINESS WIRE)-- Aspiration, the global leader in “Sustainability as a Service” products for consumers and companies, announced today new “Save Money, Save the Planet” offerings that will mean up to 3.00% APY interest on its Spend & Save accounts and 5.00% APY interest rate for Aspiration Plus members. That means those customers could see a yield that is 83 times higher than the national average rate of 0.06% in big bank savings accounts.

Aspiration members have the opportunity to put themselves on the path to a greener future — for the planet and their wallets. In honor of National Savings Day and effective immediately, for any month that Aspiration Plus members spend a minimum of $1,000 in eligible purchases with their Aspiration debit card, they will receive 5.00% APY interest on the first $10,000 in their Aspiration Save account, equating to a $500 yearly value. Standard Spend & Save account holders will receive a 3.00% APY interest rate — 50 times higher than the national average. The interest rates are current as of October 12, 2021 and are subject to change at any time.

The “Save Money, Save the Planet” offering is also being introduced to mark this month’s COP 26 UN Climate Conference. The deposits that Americans keep in their traditional bank checking and savings accounts are one of the primary drivers of the climate crisis. In fact, according to the Rainforest Action Network, the world’s 60 largest banks use their customers’ money to fund more oil and gas exploration in a day than ExxonMobil does in a year.

“It’s pretty simple: Every thousand dollars you keep in a big bank account gets you about 60 cents in annual interest and has the planet-destroying impact of 6,000 miles driven by the average car,” said Andrei Cherny, Aspiration’s CEO and co-founder. “Aspiration is built to help our members do better for their wallet and their world.”

Over five million Americans have signed up as Aspiration members, joining one of the largest communities of Conscious Consumers in the world. Aspiration offers a complete ecosystem of sustainable financial services including savings accounts that let customers stop their deposits from being used to fund oil and gas projects, debit cards that let them track the impact of their spending on People and the Planet, investment and retirement accounts that bring sustainable options to all, and automated impact offerings that help them plant a tree with every purchase they make. The company has planted more than 35 million trees on behalf of its consumer and business customers over the last 12 months.

Aspiration’s technology and tools also provide bundled solutions that help businesses meet the demand for sustainability from their customers and employees by offsetting their carbon footprints and developing co-branded products and services that mitigate climate change. The Company’s corporate partners range from software publisher Intuit to the Los Angeles Clippers to NEU Community, which is launching a community of sustainable homes outside of Austin, Texas in partnership with Aspiration.

Aspiration recently entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly traded special purpose acquisition company, which, upon closing, will result in Aspiration becoming a listed company.

About Aspiration Partners, Inc.
Aspiration is a leading platform to help people and businesses put automated sustainable impact into their hands and integrate it into their daily lives. Aspiration has earned the trust of its more than 5 million members by helping them spend, save, shop, and invest to both "Do Well" and "Do Good." The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank. Aspiration is a certified B Corp. For more information, visit Aspiration.com or Aspiration.com/business. Still and video media assets can be found at https://tinyurl.com/56u3yu3z.

About InterPrivate III Financial Partners Inc.
InterPrivate III Financial Partners Inc., led by Chairman & CEO Ahmed Fattouh, President Nicholaos Krenteras, and Vice Chairman Sunil Kappagoda, is a blank check company whose business purpose is to effect a business combination with one or more businesses in the financial services or fintech sectors. InterPrivate III’s Board of Directors includes globally recognized financial services leaders including: former BankOneChairman, John McCoy; former Lucent and Verifone Chairman, Rich McGinn; Pine Brook founder and former Warburg Pincus Vice Chairman, Howard Newman; and fintech investor Gordy Holterman.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211012005360/en/

Aspiration Investor Relations

investors@aspiration.com

Aspiration Public Relations

Sehrish Sayani

press@aspiration.com

InterPrivate III Financial Partners Inc.

Investor Relations

ir@interprivate.com

InterPrivate Capital

Charlotte Luer

Investor Relations

ir@interprivate.com

Source: Aspiration

FAQ

What is Aspiration's new savings offering for members?

Aspiration has launched "Save Money, Save the Planet" which offers up to 5.00% APY for Aspiration Plus members and 3.00% APY for standard account holders.

When did Aspiration announce the new interest rates?

The new interest rates were announced on October 12, 2021.

What are the conditions to earn 5.00% APY with Aspiration?

Aspiration Plus members must spend a minimum of $1,000 in eligible purchases each month to earn 5.00% APY.

How does Aspiration's APY compare to traditional banking?

Aspiration's APY rates are significantly higher than the national average of 0.06% offered by traditional banks.

What is the significance of Aspiration's merger with InterPrivate III Financial Partners Inc.?

The merger will allow Aspiration to become a publicly traded company, enhancing its growth potential.