I hadn't heard of it, but it looks legitimate to me. In the fine print on the product description page, it mentions that the account is backed by Radius Bank, which is a real FDIC member (so it's at least not transparently a scam).
One caveat to note in the fine print on the product page you link to is that the 1.00% APY applies only to balances over $2500, but it does apply to the whole balance in that case, not just the excess amount. For lower-value accounts, the APY is 0.25%. For comparison, I'm currently getting 0.75% in my Capital One 360 savings account and 0.20% in checking. The US dollar 1-month LIBOR* is 0.19700%, and 1-year is 0.93260%, as of 2015-11-13. So the rates are very good but not ridiculous: in my humble assessment, they're probably not making much profit on them, but they're not taking much of a loss, either.
The structure of the outright fees seems in line with what the good deals from other banks often look like.
The above assessment (interest rates are priced roughly "at cost") seems consistent with their philosophy as described on their website. See, for example, "How Does Aspiration Make Money" in their FAQ:
We work for tips. The only money we make is what you decide to pay us. We let you choose an amount from $0 to $6 a month when you first sign up for an account and you can change it any time. You get charged on a monthly basis at whatever level you’ve chosen on the last day of the month. We’ve designed it so that you’re under no legal obligation to pay us. However, having worked hard to create and operate the Aspiration Summit Account for you, we hope we can count on you!
Fair enough, but be careful about how generous you get with the tips! Six dollars a month on a $2500 balance is 6 / 2500 * 12 = 2.88% per year, a significant fee in bank-world.
So, in conclusion:
- Be aware that the 1% APY applies only if you keep a balance over $2500.
- The interest rates and fees are a good deal, but not so far out of line with the market so as to arouse suspicion.
- They appear to run their main operation "at cost," and earn their profit on a "pay what you think is fair" model.
- Be aware that the tips can be deceptively high.
*LIBOR is the London interbank offered rate, a measure of what interest big banks charge each other. "1-month" and "1-year" refer to the interest rates for loans the banks will pay back in one month and one year, respectively.