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About Spruce Banking
A year’s worth of coffee, after-work drinks, and other feel-good purchases sure do feel good in the moment, but not when you’re looking at an $8 balance in your bank account at the end of the year.
Spruce helps your money go further. Built by H&R Block, the mobile banking platform assists with saving, gives you cash back, and teaches you to be better with your money.
With an extensive background in helping Americans with their finances, though Spruce wasn’t made by a bank, its banking services are backed by Pathward, a federally-chartered bank with roots back to 1954.
Spruce was made for the people, so when you join you’ll get special features like cash back, free ATM access (across thousands of locations), and top-notch security.
Established in early 2022, the service has already been featured by Fast Company and is generating quite the buzz. Can it really turn your toxic spending traits around? Read my Spruce Banking review to find out. I’ll guide you through key details about the service, along with feedback, FAQs, and more to help.
Spruce Banking Review
We’ve all been there: PB&J dinners, late bill payments, and skipped social functions because of poor money management. Sometimes it’s due to unplanned expenses, but sometimes, it’s a simple matter of overspending.
Whatever reason you find yourself with too little money in your account at the end of the month, Spruce Bank can help. While it’s not a bank, it provides the insurance protection you get from one.
While using the service, you’ll get a Spruce spending and savings account with the option to set savings goals, get automatic cash back, and get paid up to two days early. Tax refunds make it into your account 5 days earlier and you’ll get an extra $20 when you receive qualifying direct deposits. Need your credit score? Spruce can help with that too.
And yet, Spruce requires no monthly fees, sign-up fees, minimum balance fees, or foreign transaction fees, and gives you access to thousands of ATMs for free. With that said, there are some costs you might experience while using the app:
- Checkbook: $15 (per 25 checks)
- Out-of-network ATM withdrawal: $3 per withdrawal
- Expedited shipping for physical Spruce card: $15
- Over-the-counter withdrawal: $5 per transaction
- Third-Party money transmitter: up to $5 (not a Spruce fee)
How does it all work? I’ll fill you in on the details in the next section of my Spruce Banking review.
How Does Spruce Banking Work?
Spruce was created by H&R Block, but you don’t have to file your taxes with the company to use the app. While H&R Block isn’t a bank, your money is FDIC-insured through Metabank. This means that the money you receive in your Spruce spending and savings account is safe.
When you sign up, the service will send you a Spruce debit card which you will use to earn cash back. Along with security, Spruce offers free ATM access at 55,000 locations. If you visit one that doesn’t fall into this lot, there is a $3 fee.
Everything about Spruce is simple, including getting started. To begin with Spruce, you’ll visit SpruceMoney.com and click Get Started. From there, you’ll enter your email address, full name, and phone number.
Since security is a priority, you will receive a text message on your device to verify your identity. You will answer a few more questions, download the Spruce app, and start saving!
Who Is Spruce Banking For?
Spruce Banking is for people who want to develop smarter spending and saving habits. With helpful features like savings goals and cash back, it will make your money go further and help you improve your money management.
Spruce Banking Reviews: What Do Customers Think?
Trying out anything for the first time comes with hesitation. That’s exactly why this section of my Spruce Banking review exists. Here, we’ll take a look at ratings and comments from customers around the web that help shed light on what using Spruce is really like.
Spruce’s app is available on Google Play and the App Store. Here are its scores on each platform:
- Google Play: 3.7/5 stars, 384 votes
- App Store: 3.4/5 stars, 136 reviews
By combining both of those scores, we get a solid average of 3.65/5 stars for Spruce. Not bad, especially for a brand-new app. The first Spruce Banking review we’ll check out reads:
“Have had a good experience using this app thus far. The UI is pretty minimalistic and intuitive which I like and all the features and settings are easy to find and use. Keep up the great work! The startup world can be difficult but keep on, and you all will find even greater successes.”
With an intuitive user interface, Spruce makes it easy to navigate its app. Another user agreed, writing that it was “convenient and easy to use” and a “big upgrade compared to other cards.”
Mentioning one of its many valuable features, another user wrote this in their Spruce Banking review: “The Spruce card and app is a phenomenal product. I received my tax refund 5 days early! Setting up my account was quick and easy and the app is extremely user-friendly. H&R Block has earned a lifelong customer. Great job!!”
I’m sure I don’t have to tell you that getting your money sooner can be game-changing. Letting you buy groceries or pay bills, having money on hand is a very freeing feeling.
Speaking of another one of its features, one App Store customer wrote: “Great customer service and love the ‘find a free cash machine near me’ in the app. So easy to transfer money in too.”
While researching for my Spruce Banking review, I found a lot of excellent feedback for the service, but some complained about issues with the app itself. As Spruce continues to evolve, you can expect an even smoother user interface.
The consensus? Check out my final thoughts in the next few sections of my Spruce Banking review.
Is Spruce Banking Legit?
The Spruce Banking app is definitely legit. It was built by H&R Block and its banking services are provided by Pathward. The service focuses on security and helps you save and spend smarter, not to mention the app is very easy to use.
Is Spruce Banking Worth It?
Spruce has no monthly fees or sign-up fees. That means using the app is free unless you use features like checkbooks or expedited delivery.
While the app has no recurring fees, you’ll get cash back, savings goals, earlier paydays, and overdraft protection. That’s a pretty great package.
How To Choose The Best Banking App
As prices rise and job security dwindles, managing your money becomes more than a goal, it’s a necessity. Choosing the best banking app for your spending and saving is an essential part of feeling in control of your money and secure about the future.
That’s why choosing which one to use is an important decision and requires research. To help you in the process, I’ve put together this list of key questions to consider as you compare apps:
- What services or features does the app have? Spruce Money offers cash back, savings planning, earlier paydays, access to thousands of ATMs without fees, and a handful of other valuable features. That said, they may not be what you’re looking for. Think about what’s most important to your finances first.
- How secure is the app? This is your money we’re talking about. Always read up on the security features offered by an app before signing up.
- Is the app easy to navigate? Viewing and adjusting information in the app should be straightforward. If the app doesn’t flow or is difficult to use, you might not get the most out of it.
- Is reaching customer service or tech support easy? No matter how great an app is, problems happen. Quickly getting a hold of tech support means you’ll get issues resolved faster.
- How much does it cost/what are the fees like? Spruce Money has no monthly fee or sign-up fee, but not all baking apps do. If this makes a difference to you, compare the features each app offers to how much it will cost you monthly. Sometimes paying for more features is worth it.
Spruce Banking Promotions & Discounts
My favorite part of my Spruce Banking review was finding out that there are no monthly account charges with this service. You read that right. There are no sign-up fees, no minimum balance fees, and no fees for withdrawing from an in-network ATM. In fact, Spruce gives you access to thousands of ATMs without ever charging a single penny.
Where to Buy Spruce Banking
To start with Spruce, visit SpruceMoney.com and click Get Started. You can also download the app from Google Play or the App Store.
FAQ
Who owns Spruce Banking?
H&R Block owns Spruce Banking.
What Type Of Account Is My Spruce Banking Account?
When you sign up for Spruce mobile banking, you will get a spending account and a savings account at Pathward.
How Is Spruce Different From Other Mobile/Online Banking Options?
First of all, Spruce isn’t a bank, it’s a mobile banking app. Built by H&R Block, it helps you track your spending, earn cash rewards, check your credit score, and make savings goals. The banking products you will access through Spruce are provided by Pathward, N.A., Member FDIC.
How Do I Get Paid Early With Spruce Banking?
Getting paid a few days earlier can make a big difference. Spruce makes that possible. Here’s what you need to do to get paid early:
- Set up your direct deposit to your Spending Account (you must have received at least $200 in direct ACH from an employer or benefit payer in the last 35 days, this does not include tax refunds).
- When you are set up, the Get Paid Early feature will automatically kick in.
- Your paycheck will automatically be deposited into your account up to two days earlier than regularly scheduled.
What is Spruce Banking’s Courtesy Coverage?
When you’re in between paychecks, it’s so easy to go over the limit. Then comes the overdraft fee. The Spruce banking app is a kinder way to bank, offering up to $20 in overdraft without the fee. The rules:
- While not always available, nor something you should always use, Courtesy Coverage is offered at Spruce’s discretion and can protect you during times when money is tight.
- To qualify for this coverage, you must receive $200 in deposits over 35 days.
- Tax refunds don’t count.
- You must manually turn on the function in the app or online to make it available.
How to Contact Spruce Banking
Need more information than my Spruce Banking review provided? Give the brand a ring at 1 (855) 977-7823.
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