US-based financial firm Aspiration has introduced a new savings account replacing it’s earlier offering Summit Account.

Available to everyone in the US, the new Aspiration Spend & Save Account will address both the economic as well as ethical failures of traditional banks, the company said.

Details of Aspiration Spend & Save Account

The new offering ensures that all deposits are completely fossil fuel free and provides free access to every ATM in the world.

It will offer up to 2% Annual Percentage Yield interest on deposits. Additionally, all deposits in the Aspiration account are FDIC Insured up to $250,000 per customer.

The account also provides extra rewards to the customers for socially conscious spending.

According to the company calculations, the new account will provide an additional $545 to an average American annually.

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Aspiration co-founder and CEO Andrei Cherny said: “We have always strived to provide our customers with the best financial products while helping them make the world a better place.

“This new account further brings together the best of both worlds, by providing our customers with unique financial benefits like unlimited cash back rewards, while providing extra rewards for spending at businesses with a conscience.

“Driven in part by our proprietary Aspiration Impact Measurement (AIM) social conscience scoring algorithms, Aspiration’s conscious spending rewards are the first of their kind.”

Headquartered in Marina del Rey, Aspiration has around one million signups. The company has also raised more than $100m in funding from various investors.