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Overview of Spruce Money

Spruce Money is a mobile banking platform developed by H&R Block, designed to provide users with accessible financial management tools. Launched in January 2022, Spruce aims to help individuals take control of their finances through a user-friendly app that combines spending and savings accounts with budgeting features. By leveraging H&R Block's extensive experience in financial services, Spruce seeks to empower users to make informed financial decisions, save for their goals, and build healthier financial habits.

Key Features That Set Spruce Apart

Spruce Money offers a variety of standout features that cater to the needs of its users:

• No Hidden Fees: Spruce operates without monthly fees, sign-up fees, or minimum balance requirements. Users can access over 55,000 ATMs nationwide without incurring ATM fees.

• Customizable Savings Goals: Users can set personalized savings goals and receive nudges to help them stay on track. The app allows for automatic transfers to savings accounts based on user-defined objectives.

• Cash Back Rewards: Spruce users benefit from automatic cash back rewards when shopping at over 10,000 participating retailers. These rewards can be directly applied to their savings goals.

• Early Paycheck Access: Users can receive direct deposits up to two days early, providing quicker access to their funds.

• Credit Score Monitoring: The app includes a feature that allows users to monitor their credit scores for free, helping them understand how various factors impact their credit health.

• Overdraft Protection: Users who set up direct deposit can benefit from courtesy overdraft coverage of up to $20 without incurring penalties.

Frequently Asked Questions

What services does Spruce offer?

Spruce provides spending and savings accounts, budgeting tools, cash back rewards, credit score monitoring, and early paycheck access. Banking products are provided by Pathward®, N.A., Member FDIC.

Are there any fees associated with using Spruce?

Spruce boasts no monthly fees or hidden charges. Users can access ATMs without incurring service fees at more than 55,000 locations nationwide.

How does Spruce help with budgeting?

The app includes features that allow users to set spending limits by category and track their month-to-date spending. Automated savings options further aid in budgeting efforts.

Can I use Spruce if I don't file taxes with H&R Block?

Yes, anyone can open a Spruce account regardless of whether they have used H&R Block for tax services in the past. The platform is designed for anyone looking to manage their finances better.

Is my money safe with Spruce?

Deposits made through Spruce are FDIC insured up to $250,000 through its banking partner Pathward®, ensuring that user funds are protected.

Spruce Money represents a modern approach to banking by combining essential financial tools with user-centric features aimed at enhancing financial literacy and health among its customers.