Advantages and disadvantages
Spruce Savings Account
Annual Percentage Yield (APY)
The Spruce Savings Account can be ideal if you are looking for unique savings features. You can set individual financial goals through the account and evaluate them using graphs that track your progress. If you use your debit card at select retailers, you’ll get cash back deposited into your account.
The only downside to this account is that you won’t earn any interest.
Spruce Spending Account
Annual Percentage Yield (APY)
The Spruce Spending Account is a solid free account. You won’t have to worry about monthly service fees, minimum opening deposits or overdraft fees.
If you use an ATM outside the Allpoint network, you will be charged a $3 fee. There are also fees if you enter another bank and withdraw money from the teller.
How Spruce Banking Works
Spruce is a new fintech platform created by tax preparation firm H&R Block.
H&R Block is not a bank. However, spending and savings accounts are FDIC-insured through Spruce’s banking partner, Metabank. The money deposited in your account will be safe. You will also have access to over 55,000 free ATMs through the Allpoint network.
You don’t have to be an H&R Block customer to be part of Spruce. You can register online or via mobile.
With Spruce, you’ll open checking and savings accounts. Currently, the banking platform does not allow you to only open a Spruce Savings or Spruce account.
The Spruce mobile app is available on the Apple Store and Google Play Store, where it has 5 stars but limited customer reviews.
Customer service is available by phone or online from 5:00 a.m. to midnight CT.
Is Spruce Banking Trustworthy?
We typically include Better Business Bureau ratings to help indicate how a company handles customer issues and manages transparency. Spruce Banking is a new banking platform, so it does not yet have a BBB rating.
Since the accounts are also insured by MetaBank, we also include the bank’s BBB rating for additional perspective. MetaBank has a B rating because it has 775 complaints filed against the company.
However, BBB ratings do not necessarily guarantee that your relationship with a bank will be perfect. Consider reading customer reviews online or talking to customers to see if Spruce Banking might work for you.
How Spruce Banking Compares
We compared Spruce Banking to two other online banking platforms: Chime and One.
The three banking platforms do not require any minimum opening, deposit or monthly fees. You can also see your financial goals through their various savings features.
Choosing between these three platforms will likely depend on what you prioritize in your banking experience.
You may prefer Spruce over other banking platforms if you want cash back on certain purchases. Cashback is provided by Dosh. There are over 10,000 retailers offering rewards.
If you’re more concerned with earning interest, it’ll be a toss-up between Chime or One.
One pays the highest interest rate of the three platforms, but the amount you’ll earn will vary depending on your account balance. If your account balance is high, you can also consider other options.
Chime pays a good rate on its savings account, but it has access to fewer free ATMs than Spruce or One.