Spruce Money Review: Free Mobile Banking + $50 Bonus

Last Updated on January 7, 2023 by Harrison Brown
8.1/10 (Expert Score)
Product is rated as #14 in category Banking
8.1Expert Score
Simple & easy to use banking app

Spruce is an ideal choice if you're seeking a no-cost, convenient way to keep track of your finances on the go. With Spruce, managing your funds becomes hassle-free since there are no monthly fees, minimum balance requirements, or in-network ATM fees! Furthermore, it provides cashback rewards and early direct deposit access, so saving up for short- or long-term financial goals is much simpler with its budgeting tools and savings goal feature.

  • No monthly fees
  • Early direct deposit
  • No minimum deposit
  • No savings APY
  • Cash withdraw fees
  • Open savings &
  • checking account
Have at least $200 in qualifying direct deposits to your Spruce Spending Account within 45 days of account opening.
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What is it

What is Spruce Money?

Spruce is a mobile banking platform built by H&R Block that offers free checking and savings accounts, a variety of budgeting tools, early direct deposit, and even the ability to earn cash back on everyday purchases. The app is designed with simplicity, making it easy for anyone to manage their money on the go.

Pros & Cons

Pros & Cons of Spruce Money

  • No Monthly Fees: All Spruce checking and savings accounts are free with no monthly fees.
  • Early Direct Deposit: You can get up to two days of early access to direct deposits.
  • Cash Back Rewards: Earn cash back rewards when you make purchases with your Spruce debit card at select merchants.
  • No Minimum Deposit: No minimum deposit is required to open a Spruce account.
  • No Savings APY: Spruce does not offer savings accounts with interest.
  • Open Both Savings & Checking: To open an account, you must have a checking and savings account with Spruce.
  • Cash Withdraw Fees: There is a $4.95 fee for cash withdrawals.


Spruce Money Top Features

Savings Goals

Create savings goals with Spruce to help you reach your financial goals. You can save for short-term or long-term goals and track your progress in the Spruce app.

Free Credit Score

Spruce customers can access their free credit score in the app, which is updated automatically monthly.

Cashback Offers

Spruce offers cashback at select merchants when you use your Spruce debit card. You can receive up to 10% cash back on select purchases with your free debit card.

No Hidden Fees

Spruce does not charge any hidden fees or monthly maintenance charges. You can access your money anytime with no monthly minimum balance requirements.

Early Payday

Spruce offers early access to direct deposits up to two days before the traditional payday.

Fee-Free Overdraft

Spruce offers fee-free overdraft protection up to $20, so you can cover unexpected expenses without worrying about incurring fees.

Automatic Tax Refund Allocation

Automatically allocate a certain amount of your tax refund to be saved and invested in an emergency fund or long-term savings goals.

Fee-Free ATMs

Access 55,000+ Allpoint ATMs around the world for free.

Fees & Pricing

Spruce Money Fees & Pricing

Monthly Fee:$0.00/mo
Sign-up fee:$0.00
Minimum balance fee:$0.00
Foreign transaction fee:$0.00
In-network ATM withdrawal:$0.00
Checkbook:$15.00 per package of 25 checks
Out-of-network ATM withdrawal:$3 per withdrawal (plus ATM owner fees)
Expedited shipping physical card delivery:$15.00
Over-the-counter cash withdrawal:$4.95 per withdrawal
Third-party money transmitter:Up to $4.95


How does Spruce Money compare?

Sofi Logo
SoFi Bank
Zero fees or account minimums
Banking, loans, & More All In One
Sign-up bonus (Currently at $300)
No physical locations
Need direct deposit to get 4.50% APY
Live support can be slow
CIT Bank Logo
CIT Bank
Zero monthly fees
High APY savings account (5.05% APY)
Free ATM reimbursements (Up to $30/mo)
No physical locations
No ATM network
Mobile check deposits sometimes take a while to clear
Fifth Third Bank Logo
Fifth Third Bank
Has physical branches
Highest sign-up bonus ($325)
24/7 live support
Only available in 11 states
Some accounts don't earn high-interest
Service fees can be high

Bottom Line

Is Spruce Money for you?

Spruce is a great option for those looking for a free and easy way to manage their finances on the go. Spruce makes managing your money stress-free with no monthly fees, cashback rewards, early direct deposit access, and fee-free ATMs worldwide. Plus, with its budgeting tools and savings goals feature, you can easily save up for short-term or long-term financial goals.

For customers who don't need high-interest rates on their savings accounts, Spruce is an excellent choice. This may not be the best option if you're looking for more features like credit cards or loans.

Spruce Money Review: Free Mobile Banking + $50 Bonus
Spruce Money Review: Free Mobile Banking + $50 Bonus
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