Dave Bank vs. Aspiration: Which Should You Use?

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There are so many banks to choose from these days, it can be hard to know which one is right for you. 

Do you want a big bank with all the bells and whistles, or a smaller bank that focuses on customer service? Do you want to invest your money, or just keep it safe in a checking account? 

Today, we’re going to compare Dave Bank and Aspiration. We’ll look at the pros and cons of each to help you choose the perfect fit for your banking needs.

The importance of choosing a great bank 

There are many things to consider when choosing a bank. Some people choose banks based on location, while others choose banks based on the type of services they offer. However, one of the most important factors to consider when choosing a bank is whether or not the bank is FDIC insured.

FDIC insurance – what is it, and why does it matter?

The Federal Deposit Insurance Corporation is a government agency that provides insurance to depositors if their bank fails. This means that your money is protected up to a certain amount, regardless of what happens to the bank.

It’s important to choose a bank that is FDIC insured because it gives you peace of mind knowing that your money is safe. If you’re not sure whether or not a bank is FDIC insured, you can visit the FDIC website to check.

When choosing a bank, be sure to ask about their insurance coverage and make sure that the bank is FDIC insured. Doing so will help protect your money in the event of a bank failure.

Aspiration vs. Dave Bank: Comparing and contrasting

There are a few key things to consider when comparing and contrasting Aspiration vs. Dave Bank. 

The first is interest rates. Aspiration offers an annual percentage yield (APY) of up to 5.00%, while Dave Bank does not offer an APY.

Additionally, Aspiration does not have any account minimums, while Dave Bank has also no minimum deposit requirement.

Another important consideration is customer service. Dave Bank offers 24/365 phone support, while Aspiration offers phone support at a specific schedule as well as email support (although they do promise a response within one business day!) Additionally, Dave Bank offers live chat support, which is not available from Aspiration.

However, when it comes to a focus on sustainability, Aspiration is the obvious winner. With a dedication to sustainable practices, a carbon-neutral credit card that plants trees on your behalf to offset your footprint, and a range of environmental financial services, it’s clear Aspiration means business. 

Finally, it’s important to consider the fees associated with each bank. Aspiration charges no monthly fees for their save and spend account, ATM fees, or overdraft fees. Also, they charge no ATM fees worldwide. Dave Bank on the other hand doesn’t charge overdraft fees but does have a $1.00 monthly fee

When comparing and contrasting Aspiration vs. Dave Bank, it’s clear that Aspiration has more edge in features for most people. Their interest rates are higher, they have no account minimums, they don’t charge any monthly fees or ATM fees, and most importantly, they’re committed to environmental sustainability. However, if live chat support is a must for you, then Dave Bank is able to provide this for you. 

What should you consider in a bank?

It is difficult to put your hard-earned money in the hands of someone you do not know. Here are some crucial factors to consider while selecting a bank.


Is it a traditional bank with a physical branch? Or is it a fully digital bank?

When choosing a bank, you should consider its location. Make sure the bank is close to where you live or work so that it’s convenient for you to visit when needed.

Yet, the banks compared in this guide are both using digital platforms, which makes them great for those who want the freedom to live and move wherever they please without having to switch banks.  

Dave is a mobile-centric checking account that some may consider as an alternative to a traditional bank account. 

Aspiration is a “green” neobank that focuses on helping its clients make more sustainable alternatives to traditional banking. Customers can use its Spend & Save cash management account (CMA) for their day-to-day financial needs and transactions.

Hours of operation 

The bank should ideally be operational during the hours that are convenient for you so that your banking fits easily around your schedule. 

This might mean being open during business hours or having extended evening or weekend opening. 

However, both Aspiration and Dave Bank are available fully online, and access to their online portals is available 24/7 – to fit even the most unusual of schedules!

Customer service

The bank’s customer service should be friendly and helpful. The employees should be able to answer any questions the customer has. They should also be able to help the customer with any problems they are having–whether this be in person or online.

The bank’s customer service is one of the most important aspects of the bank, as it will have a big impact on your overall experience with using the service. 

Banking products and services

The bank should offer a variety of products and services that fit your needs.

These might include savings and checking accounts, loans, credit cards, and investment products. Do they offer relatively higher interest? Are eco-friendly services and products available?

The bank should also offer convenient services such as online and mobile banking, automatic bill pay, and a robust customer service team.


Make sure the bank doesn’t charge too many fees for its products and services. 

Aim to look for a bank that has transparent and reasonable fees, and steer clear of banks that have hidden fees or exorbitant charges, or aren’t transparent about their pricing. 

Commitment to social responsibility

When considering a bank, it’s important to look at the institution’s commitment to social responsibility. 

Some banks are more dedicated to making a difference in their communities than others, and others may be more focused on their environmental policies. They may only put investments in green bonds, support mindful business, and other similar initiatives.  Look for a bank that shares your values and is working to make the world a better place.

Many banks have initiatives in place to help promote financial education, provide microloans to small businesses, or support renewable energy projects. Find out what types of programs the bank has in place and see which are amenable to your values.

Good reputation

Finally, the bank should have a good reputation for security and safety. This means that your money is FDIC insured and the bank has a good history of protecting its customers’ information.

How to do an Apples to Apples Vendor Comparison

Aspiration Zero: A closer look 

The Aspiration Zero, founded by a green neobank Aspiration, is a carbon-neutral credit card with big goals. 

Aspiration promises to plant a tree on your behalf with every swipe of the credit card, to help you achieve carbon-neutral status with your spending. 


  • An emphasis on sustainability in all areas of finance
  • Reduces your carbon footprint
  • A truly carbon-neutral credit card
  • Supplied by an organization that does not invest in fossil fuel projects 
  • The easy-to-use app allows you to track carbon emissions and offsets
  • A low annual fee of $60
  • No overdraft fees
  • Low minimum balance requirements 


  • There is no introductory APR.
  • 2% of all international transactions are subject to a fee.
  • Requires a strong credit score.
  • Doesn’t provide the ability to write checks 

Overall, Aspiration Bank is a fantastic institution that provides numerous benefits to its consumers while remaining committed to environmentally-conscious financial practices. 

Its unique products and services make it a great choice for those looking for a new bank.

Dave Bank: Pros and Cons

Dave Bank is a company that has been in existence for over 20 years and offers a range of financial products and services.

The main pros of Dave Bank are its customer service, its online banking system, and its mobile app. The cons of Dave Bank are its fees, its limited branch locations, and its lack of ATMs. Overall, Dave Bank is a good choice for those who want great customer service and online banking options. 

Its fees can be a bit high, but if you use direct deposit then you can get around them. 


  • Interest-free loan model 
  • CreditPop feature for boosting your credit score 
  • Affordable $1 per month fee 
  • Good customer service 


  • Inflexible cash advance feature
  • Strict qualifications even for a short-term loan
  • It takes three days to receive a free cash advance 
  • Their cash management account pays no APY and also carries a (low) monthly fee. 
  • Limited branch locations and ATM options

The verdict?

The best bank for you is ultimately the one that caters to your banking needs and aligns with your personal circumstances and values. 

Here at Aspiration, we know that getting a good deal on your credit card shouldn’t be the price you pay for opting to support our planet. 

With our carbon-neutral credit card Aspiration Zero, you can reduce your environmental impact and help in the battle against climate change – without it costing the earth.

Apply for Aspiration Zero today!

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