Friday, June 2, 2023

Spruce Cash Evaluation [Is the Banking App Worth it?]

Most banks aren’t designed that can assist you handle your funds effectively. In reality, many financial institution accounts have a number of  charges that may eat away at your financial savings. 

The truth is that managing your cash successfully and avoiding pointless prices may help you attain your monetary targets sooner. If you need a banking expertise with fewer charges, Spruce is an effective possibility. 

On this Spruce Cash evaluate, we have a look at how this no-fee banking platform may help you enhance your monetary scenario. 

What’s Spruce Cash? 

Spruce is a cellular banking platform from the tax accounting big H&R Block. When working with Spruce, the banking providers are made out there via Pathward, which is an FDIC-insured financial institution. 

The platform’s objective is to make it straightforward for folks to be good with cash. With ample options designed to generate profits administration simpler, Spruce might be match for a lot of customers. 

Particularly, Spruce Cash is a perfect selection for somebody getting critical about their monetary scenario. Utilizing the platform, you’ll have entry to instruments that streamline the method of fine cash selections. 

How Does the Spruce Cellular App Work? 

The Spruce cellular banking app is out there for iOS and Android customers. Along with the cellular money management app, you’ll be able to handle your accounts from a desktop. 

If you wish to work with Spruce, you’ll be able to arrange your account via the app or their web site. Be ready to supply your e mail, authorized title, and cellphone quantity. You’ll additionally have to create a password. 

With no minimal steadiness necessities, you don’t want a funding account to get began. Nevertheless, in case you are switching banks, hold your account info helpful. 

As soon as your account is about up, you should use the cellular app or web site to handle your cash effectively. 

Buyer suggestions in regards to the app is blended. The Spruce app earned 3 out of 5 stars within the Google Play Retailer and three.1 out of 5 stars within the Apple App Retailer. 

How A lot Does Spruce Banking Price? 

When evaluating your banking choices, being attentive to the charges is vital. The excellent news is that Spruce is gentle on charges. 

Right here’s a breakdown of what to anticipate:

  • No month-to-month charge
  • No sign-up charge
  • No overseas transaction charge
  • No minimal steadiness charge
  • Paper checks value $15 for a pack of 25
  • Out-of-network ATM transactions value $3
  • Over-the-counter withdrawals are $4.95

As you’ll be able to see, you received’t discover too many charges. Though there are some charges, Spruce is upfront about them. 


Whereas the restricted variety of charges makes Spruce enticing, it’s the options that assist the banking app stand out. Here’s a nearer have a look at what the platform gives. 

Spending Account

The spending account is the core of your Spruce Cash expertise. Basically, it acts like a checking account. You’ll be able to obtain your paycheck and spend cash from this account by way of  money, checks, or a debit card. 

As of this writing, Spruce is including a bonus into the combination. You’ll be able to earn a $50 bonus once you open a Spruce account and obtain $200 in qualifying direct deposits inside 45 days of opening. 

You’ll have to open an account by June thirtieth, 2023, to entry this deal. 

Computerized Money Again 

Money again rewards allow you to stretch your {dollars} additional. Spruce Rewards makes it straightforward to faucet into money again. 

Whenever you use your Spruce debit card, you’ll be able to earn money again from 1000’s of collaborating retailers. As you store, the rewards will land in your Additional Financial savings account. 

Financial savings Targets 

Most individuals have monetary targets. Whether or not you wish to fund a automobile buy or your subsequent trip, you’ll be able to arrange devoted financial savings targets with Spruce. 

To arrange your objective, you’ll select a complete quantity, an preliminary deposit, and an auto-transfer quantity. You’ll additionally choose a photograph that represents your objective. The best image may encourage you to remain on monitor. 

spruce savings goals
Spruce Financial savings Targets

And not using a financial savings objective, it’s simpler to spend cash on pointless purchases. With a objective in thoughts, you would possibly determine to funnel additional funds towards that objective. 

Learn our information on methods to save money each month if it is advisable unencumber assets to succeed in your objective.

Price-Free In-Community ATMs 

If it is advisable withdraw money, Spruce provides you entry to 1000’s of in-network ATMs. Whenever you select an in-network possibility, ATM withdrawals are freed from cost.

Entry to a big community of fee-free ATMs enables you to get money everytime you want it. Nevertheless, in the event you make a withdrawal from an out-of-network ATM, then Spruce costs a $3 charge. 

Capability to Entry Your Paycheck Early 

Early entry to your paycheck can provide you a leap begin in your monetary targets. With Spruce, you would possibly be capable to obtain your paycheck as much as two days early. 

To faucet into this feature, you’ll have to enroll in direct deposit out of your employer. In the event you obtain ACH transfers of $200 each 35 days, you’ll proceed to obtain early entry to your funds. 

The identical precept holds true in your tax refunds. In the event you get your federal tax refund deposited into your account, Spruce could offer you entry to these funds as much as 5 enterprise days early. 

Relying in your scenario, this might be a game-changer. 

Credit score Rating Updates 

Spruce companions with Experian to offer you free entry to your FICO credit score rating. Inside the Spruce platform, you’ll be able to see the place your credit score rating stands. 

Every month, you’ll be able to view an replace on how your credit score actions impacted your rating. 

Spruce Money Credit Score Feature
Spruce Cash Credit score Rating Function

Inside the app, you’ll see a breakdown of things impacting your credit score rating, together with:

  • Cost historical past
  • Quantity owed
  • Credit score historical past
  • New credit score
  • Credit score combine

As you handle your funds, Spruce makes it straightforward to verify in on the place you stand. This can be a useful useful resource in case you are attempting to build your credit score

Courtesy Protection 

It’s straightforward to overdraft your account. In the event you make a mistake, most banks penalize you with an overdraft charge. The typical overdraft charge is round $30, according to the FDIC

With Spruce, you’ll be able to entry courtesy protection of as much as $20. In the event you overdraft your account by as much as $20 with a card buy, the platform received’t cost a charge. As an alternative, Spruce will cowl the cost, and also you’ll have 30 days to repay it. 

To be able to get courtesy protection, you’ll have to have a qualifying direct deposit of at the very least $200 in 35 days. You’ll be able to enroll in courtesy protection via the app settings in the event you meet that requirement. 

Aim Monitoring

Setting a financial savings objective is simply step one. After you create a objective, you’ll begin making progress with common financial savings. Spruce makes it straightforward to trace your targets. 

Whenever you have a look at your cash targets, you’ll be able to see a chart that outlines how lengthy it’ll take to succeed in them. In the event you alter your contributions, you’ll be able to decide how that can influence your timeline. 

Is Spruce Protected?

Spruce isn’t a web based financial institution, nevertheless it gives bank-level safety. Pathward, an FDIC-insured monetary establishment, gives the platform’s banking providers. 

With that, your funds are secure. Even when the financial institution closes, your funds are insured for as much as $250,000. 

Past FDIC insurance coverage, Spruce retains your cash secure via multi-factor authentication choices, fraud monitoring, and transaction notifications. You may also lock your debit card at any time. 

Moreover, the debit card contains Mastercard’s Zero Legal responsibility coverage. This implies you aren’t accountable for unauthorized transactions. 

The way to Contact Buyer Help 

Spruce has buyer assist out there 24/7. In the event you need assistance, you’ll be able to attain out via a chat function within the app.

In the event you favor to make a cellphone name, you’ll be able to name 855-977-7823.

What Are the Professionals and Cons of Spruce? 

Each monetary product has benefits and drawbacks. Right here’s what to think about in the case of Spruce. 


  • Computerized money again
  • Easy to set financial savings targets
  • No month-to-month upkeep charges
  • Early payday function
  • Straightforward-to-use platform 


  • No bodily branches
  • No interest-bearing account choices
  • Money again just isn’t out there in any respect shops

Total, this free banking app is value attempting if you need entry to no-fee banking.

Alternate options to Spruce Cash 

Spruce Cash isn’t the one possibility for banking with out charges. There are different apps that supply a fee-free expertise. Right here’s a preview. 

These are the highest platforms like Spruce Cash. 

CIT Financial institution 

CIT Bank gives a web based banking expertise with each checking and financial savings accounts. Not like Spruce, you’ll have to make a minimal deposit of $100 to open an account, however there isn’t a month-to-month charge. 

A giant draw to CIT Financial institution is its interest-bearing accounts. For instance, the Platinum Financial savings account gives an APY of 4.85 p.c for account holders with a steadiness of at the very least $5,000. This comparatively excessive APY may help you attain your financial savings targets sooner. 

Even the eChecking account is interest-bearing, with a 0.10 p.c APY on balances below $25,000. Nevertheless, you received’t discover automated money again or credit score monitoring options. 

Learn our CIT Bank review to seek out out extra. 


Current is one other banking platform designed for streamlined cash administration. You received’t incur any month-to-month charges, overdraft charges, or minimal steadiness necessities. 

With Present, you will get early entry to your paycheck and the choice to set financial savings targets with Financial savings Pods. As you lower your expenses, Present gives an APY of 4.00 p.c in the event you keep a qualifying direct deposit of $200. 

In the event you don’t meet the direct deposit necessities, you’ll earn 0.25 p.c APY in your financial savings. 

Spruce Cash Evaluation

  • Charges
  • Ease of Use
  • Buyer Service
  • Availability
  • Merchandise & Companies

Spruce Cash Evaluation

Spruce Cash is an internet-only financial institution that gives a number of options with no charges. In the event you don’t want a bodily department, the app is a useful approach to keep away from charges and handle your banking wants. 


✔️ No month-to-month charges
✔️ Capability to earn money again
✔️ Straightforward-to-use platform
✔️ Aim-saving monitoring
✔️ Courtesy protection to guard towards overdraft charges


❌ No bodily branches
❌ No interest-earning account choices
❌ Not all shops take part in money again

Is Spruce Cash Price it? 

Spruce is a worthwhile possibility for anybody seeking to handle their funds effectively. A mixture of minimal banking charges, automated money again, and saving objective options make the app enticing. 

After all, Spruce isn’t the fitting match for everybody. In the event you favor in-person banking, Spruce received’t meet your wants. Moreover, anybody searching for a no-fee banking expertise that helps a high-yield financial savings account received’t discover an possibility via the platform. 

Nonetheless, in the event you’re searching for free banking providers and are prepared to handle your funds on-line, Spruce gives an inexpensive expertise filled with helpful options. 

What’s most essential to you when selecting a financial institution?

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