What happened to Aspiration bank? It was renamed GreenFi, and the accounts are still open. Aspiration’s consumer banking business was sold to Mission Financial Partners in 2024 and rebranded as GreenFi on April 22, 2025. Existing Spend & Save accounts moved over automatically, and banking services are still provided by Coastal Community Bank, Member FDIC.
The company that collapsed was the old parent, Aspiration Partners. It filed for bankruptcy on March 30, 2025, and co-founder Joseph Sanberg was sentenced in June 2026 to 14 years in federal prison for defrauding investors and lenders.
So there are two stories under one name, and they are easy to confuse. If you held an Aspiration Spend & Save account, your account did not close and your login now lives at GreenFi. This page covers what happened and when, where your money sits today, what changed for account holders, and which accounts are worth a look if you would rather bank somewhere else.
Three accounts to consider if you would rather switch
What happened to Aspiration bank: the timeline
The short version is that the consumer accounts were separated from the parent company about a year before the parent failed. Here is the sequence, taken from GreenFi’s own announcements, Justice Department press releases and the bankruptcy court record.
- 2013. Aspiration is founded as an online financial firm built around socially conscious banking and investing.
- April 23, 2024. Aspiration announces that its consumer financial services will be spun off into a standalone company operated by Mission Financial Partners and led by Tim Newell. Coastal Community Bank stays on as the banking partner.
- March 2025. Co-founder Joseph Sanberg is arrested on federal fraud charges tied to loans obtained by pledging his Aspiration stock.
- March 30, 2025. The old parent company, by then renamed CTN Holdings, files for Chapter 11 bankruptcy in Delaware. Its remaining assets were sold through the bankruptcy by the middle of the year.
- April 22, 2025. The consumer accounts officially relaunch as GreenFi. Customers are told their accounts will move over automatically, with no action needed, and that a new GreenFi debit card is on the way.
- August 21, 2025. The Justice Department announces that Sanberg has agreed to plead guilty to two counts of wire fraud in a scheme that cost investors and lenders more than $248 million.
- October 2025. Sanberg pleads guilty.
- June 2026. Sanberg is sentenced to 14 years in federal prison.
Sources: GreenFi’s rebrand announcement and the Justice Department’s sentencing release.
Is your money safe, and what happened to Aspiration accounts?
Aspiration was never a bank, and neither is GreenFi. Both are financial technology companies that put a brand and an app on top of accounts held at a real bank. That distinction is the reason the parent company’s bankruptcy did not close anyone’s checking account.
- Your account carried over. GreenFi told customers that checking, savings and investment accounts would transition automatically and remain intact, with nothing for the customer to do.
- The bank behind it did not change. Banking services are provided by Coastal Community Bank, Member FDIC, the same partner Aspiration used before the rebrand.
- Deposits are FDIC-insured through that bank. GreenFi says cash balances are spread across up to four program banks at up to $250,000 each, for coverage of up to $1 million per depositor. This is pass-through insurance that applies when certain conditions are met, and it protects against the failure of an insured bank, not the failure of GreenFi itself.
- The fraud case was about investors and lenders. The Justice Department describes a scheme that defrauded lenders and investors in Aspiration Partners. GreenFi states it is a fully independent company and that those legal issues have no connection to GreenFi or to customer accounts.
- Investments are different. Money in an investment fund is not a bank deposit and is not covered by FDIC insurance. That was true at Aspiration and it is true at GreenFi.
One figure on older Aspiration reviews is now out of date. Aspiration used to advertise coverage above $1 million through a larger network of banks. GreenFi’s current disclosure is up to $1 million per depositor, so check your own balance against that limit if you keep a lot in cash.
What changed when Aspiration became GreenFi
- Where you log in. The old Aspiration website and login address now forward to GreenFi. Sign in at my.greenfi.com or in the GreenFi app.
- Your debit card. GreenFi said existing customers would receive a new GreenFi tap-to-pay card. The GreenFi Debit Mastercard is issued by Coastal Community Bank.
- Aspiration Plus is now GreenFi Plus. GreenFi lists it at $7.99 a month, or $5.99 a month if you pay annually. The standard account still runs on Pay What Is Fair with no mandatory monthly fee.
- Savings rates. As of early October 2026, GreenFi lists up to 3.25% APY on savings balances up to $25,000 for Plus members and 1.00% APY on the standard account. Both require a qualifying direct deposit or $500 in debit card spending that month, and the rates are variable.
- Tree planting. Plant Your Change, the feature that rounds up debit card purchases to fund tree planting, is still offered.
- Cash back. GreenFi lists up to 6% cash back for Plus members and 3% on the standard account at brands in its Green Marketplace.
- Investing. GreenFi still lists an investing product, the Redwood fund, on its site.
In practical terms, the product a former Aspiration customer has today is the same kind of account under a different name and a different owner. The numbers above come from GreenFi’s own site and can change, so confirm them there before you rely on them.
What Aspiration was
Aspiration launched as an online-only financial firm that pitched itself as the ethical alternative to big banks. Its main product, Aspiration Spend & Save, was a cash management account with a debit card, which worked like a checking and savings account while the money itself sat at FDIC-insured partner banks.
- Pay What Is Fair. The basic account let you choose your own monthly fee, including zero.
- Aspiration Plus. A paid tier added a higher savings rate and more cash back.
- Rewards for conscious spending. Cash back was tied to shopping with a list of socially and environmentally minded brands.
- Plant Your Change. You could round up purchases to fund tree planting.
- Fossil fuel free pledge. The company promised that deposits would not fund oil, gas or coal projects, and it offered a fossil fuel free investment fund.
Over time the parent company shifted its attention from banking toward selling carbon credits to large corporations. That is the business that ended up in bankruptcy court. The consumer accounts had already been carved out by then, which is why they survived it.
What to do now if you had an Aspiration account
- Log in at GreenFi. Use my.greenfi.com or the GreenFi app and confirm your balance and recent transactions look right.
- Check which debit card you are using. If a GreenFi card never reached you, ask GreenFi support for a replacement.
- Review what you are paying. If you were on Aspiration Plus, look at your statement for the GreenFi Plus charge and decide whether the higher rate and cash back are worth it for how you use the account.
- Check your coverage. If you hold a large cash balance, compare it with the $1 million program limit.
- Go to the site directly. Type the GreenFi address yourself instead of following a link in an email that mentions Aspiration, since a rebrand is exactly the kind of event scammers imitate.
- If you want to leave, move in the right order. Open the new account first, switch your direct deposit and bill payments, wait for a full pay cycle to clear, and only then close the old account.
There is no rush either way. Nothing about the rebrand forces you to act, and staying with GreenFi is a reasonable choice if climate-focused banking is the reason you signed up in the first place.
Aspiration alternatives if you would rather switch
A lot of people only found out about the rebrand from the news about the founder, and some would simply rather keep their paycheck at a different institution. These are the three accounts we rate highest right now. None of them is a climate-focused account, so they are a fit if what you want is a solid everyday account and a bonus for moving your direct deposit.
A traditional bank with branches you can walk into. New Chase checking customers get $400 once direct deposits total $1,000 or more within 90 days of enrolling.
SoFi Checking & Savings
Best online replacementThe closest swap for an online spend and save account. SoFi is a bank in its own right, charges no account fees, and pays 3.30% APY on savings when you have eligible direct deposit.
Current
Best app-first accountAn app-based account in the same mold as the one you had. There is no credit check to open, and once your paycheck lands there you can advance up to $750 of it before payday.
How the three compare
| Account | Headline offer | To qualify | Worth knowing | |
|---|---|---|---|---|
 Chase Total Checking | $400 bonus | $1,000+ in direct deposits within 90 days | Branches nationwide. $15 monthly fee, waived with $500+ in electronic deposits | Visit Chase |
| SoFi Checking & Savings | Up to $400 bonus | $5,000+ in direct deposits within 25 days ($50 for $1,000+) | No account fees. 3.30% APY on savings with direct deposit. Member FDIC | Visit SoFi |
| Current | Up to $750 advance | Eligible direct deposits into Current | No credit check to open. Banking through FDIC member partner banks | Visit Current |
If you want a bank you can visit in person, Chase Total Checking pays $400 for $1,000 in direct deposits. If you liked banking entirely from your phone and want a real rate on savings, SoFi Checking & Savings is the closer match.
Frequently asked questions
Aspiration’s consumer banking business was sold to Mission Financial Partners in 2024 and renamed GreenFi on April 22, 2025. Existing Spend & Save accounts moved to GreenFi automatically. Separately, the old parent company, Aspiration Partners, filed for bankruptcy on March 30, 2025, and its co-founder was later sentenced to 14 years in prison for fraud.
Not under that name. The accounts are still open and operating as GreenFi, and the old Aspiration website forwards there. The original parent company went through bankruptcy and its remaining assets were sold.
GreenFi says customer accounts were not affected by the parent company’s legal problems. Banking services are provided by Coastal Community Bank, Member FDIC, and GreenFi states that deposits are FDIC-insured up to $1 million per depositor through a program that spreads cash across up to four banks, when certain conditions are met. Money in an investment fund is not FDIC-insured.
At GreenFi. The old Aspiration login address forwards to my.greenfi.com, and the mobile app is now the GreenFi app.
No. GreenFi is a brand of Mission Financial Partners, which bought Aspiration’s consumer fintech business in 2024. GreenFi describes itself as fully independent of Aspiration Partners and of the individuals named in the fraud case. The accounts, the banking partner and the climate focus carried over.
The parent company did. Aspiration Partners, which had been renamed CTN Holdings, filed for Chapter 11 bankruptcy in Delaware on March 30, 2025. The consumer banking accounts had already been separated from that company and were not part of the shutdown.
If you want to move to a bank with branches, Chase Total Checking pays $400 to new customers once direct deposits total $1,000 within 90 days. For an online account with no account fees, SoFi Checking & Savings pays up to $400 for direct deposit and 3.30% APY on savings with eligible direct deposit. Current is an app-based option with no credit check to open.
Where to go next
If you are shopping for a new account, the best checking accounts is the full comparison these three come from, and the best bank account bonuses covers what banks are paying for a switch right now. For app-based accounts specifically, see the best online banks and the best neobanks. If the Aspiration news left you wondering how protected a fintech account really is, is online banking safe explains how FDIC coverage works when the app is not the bank.
