Spruce app launches 3.50% APY savings account with fee-free banking tools
Spruce, the mobile banking app created by H&R Block, now offers a savings account paying 3.50% APY with no minimum balance or fees, alongside spending-management features.
H&R Block’s fintech venture Spruce launches a mobile banking solution that merges everyday spending with high-interest saving, offering a Savings account that yields 3.50% APY and imposes no minimum balance, qualification tiers, or direct-deposit requirement. Users receive both a Spending account and a Savings account, with tools that categorize transactions, flag watch-list items, and enable automatic transfers toward personalized goals.
The Round Up feature captures spare change from eligible debit purchases and deposits it into an “Extra Savings” pool. Direct-deposit customers can access their paycheck up to two days early, and the Spruce Mastercard-branded debit card is accepted worldwide, with free digital issuance and physical cards mailed to users. The service is fee-free regarding monthly or sign-up charges, though optional services and out-of-network ATM use may generate fees; mobile check deposits are subject to eligibility criteria. Spruce operates under Pathward, N.A., a member of the FDIC, and leverages the Allpoint network for over 55,000 ATMs, requiring no credit check to join.
Why it matters
It gives consumers a high-interest, low-fee way to manage spending and grow savings via a single mobile app.
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