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
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
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.
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.
Spruce offers early access to direct deposits up to two days before the traditional payday.
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.
Access 55,000+ Allpoint ATMs around the world for free.
Fees & Pricing
Spruce Money Fees & Pricing
|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?
Banking, loans, & More All In One
Sign-up bonus (Currently at $250)
Need direct deposit to get 4.50% APY
Live support can be slow
High APY savings account (4.65% APY)
Free ATM reimbursements (Up to $30/mo)
No ATM network
Mobile check deposits sometimes take a while to clear
Highest sign-up bonus ($150)
24/7 live support
Some accounts don't earn high-interest
Service fees can be high
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.