Banking platform, cash back

Advantages and disadvantages

Spruce Savings Account

Annual Percentage Yield (APY)


  • Advantages and disadvantages

  • Details

  • Advantages
    • No monthly fees
    • No minimum balance
    • Savings feature that lets you set individual financial goals
    • Earn cashback via Dosh when shopping at any of the 10,000+ select retailers
    The inconvenients
    • The Spruce Savings Account is linked to the Spending Account, which is the main Spruce Bank Account
    • When you use the Spruce Debit Card at select retailers, you get cash back automatically deposited into your account.
    • 55,000 free ATMs nationwide through the Allpoint ATM network
    • Deposits are FDIC insured through MetaBank

    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)


  • Advantages and disadvantages

  • Details

  • Advantages
    • No monthly service fees
    • No minimum balance
    • $20 bonus if you meet the conditions by April 20, 2022
    • Advance direct deposit
    • No overdraft fees
    • Courtesy cover that covers a negative balance up to $20 if you meet the requirements
    The inconvenients
    • Unable to overcharge your account
    • $3 out-of-network ATM fee
    • $4.95 fee for cash withdrawals at the teller
    • 55,000 free ATMs nationwide through the Allpoint ATM network
    • To qualify for courtesy coverage, you must make at least $200 in qualifying direct deposits within 35 days.
    • To get a $20 bonus, open a new Spruce bank account before April 20, 2022 and make at least $200 in direct deposits within the first 45 days of account opening.
    • Deposits are FDIC insured through MetaBank

    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-ranking as 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.

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