Do your checking and savings accounts make money management easy? It would help if you considered the FDIC-insured Pathward, N.A., which backs H&R Block's Spruce mobile banking platform. Although H&R Block isn't a bank, Pathward, N.A. (member FDIC) supports Spruce's mobile banking. It's easy, flexible, and fun for daily and long-term savings.

No sign-up, monthly maintenance, or minimum balance fees apply to Spruce. Read on the Spruce banking review to learn more about the mobile banking platform.

Advantages of Spurce

Spruce offers many advantages. It lets you establish specific savings goals, round up your purchases to meet them faster, and get automatic cash back from over 10,000 shops.

Cost-efficient

Spruce offers hassle-free banking with no monthly maintenance fees or minimum balance. Maintaining your account is free whether you use it or not. Due to its features, Spruce is great for cost-effective and flexible banking. With no hidden fees, you may budget without stress and get spruce ratings. Spruce gives you full control over your account with its simple, user-friendly service.

Automatic Cash-Back Rewards

Dosh works with Spruce to automatically deposit cash-back incentives into your savings account when you shop at qualified merchants. Moreover, manual activation is unnecessary, making the process simple and getting spruce ratings. Use your Spruce account to make purchases, and Dosh will handle the rest of the payments and provide you with cash-back benefits without extra steps. This useful option combines cash-back rewards with recurring transfers to boost your savings while shopping.

Welcome Bonus

For a limited time, Spruce offers a $50 bonus to new account holders who receive qualifying direct deposits. Follow these steps to qualify:

• You made your Spruce accounts between 1/1/23 and 6/30/23.
• Within 45 days of opening, receive $200 in qualifying direct deposits.
• ACH credits, excluding tax refunds, qualify as direct deposits.
• Internal transfers, external account transfers into Spruce, cash transfers, and mobile check deposits (including paycheck deposits) DO NOT qualify.
• These eligible activities should earn you a $50 incentive within 14 business days.

Tax Refund and Early Direct Deposit

Spruce expedites federal tax refunds by five days. Spruce doesn't guarantee this because it doesn't control the IRS, but it makes funds available as soon as it receives payment instructions for your refund, which can be five days before the deposit appears in your account. The early state tax refund deposit is not available from Spruce.

However, Spruce offers early paycheck direct deposit for qualified payers. Spruce usually releases payments two days before your payday after receiving payment instructions. If you typically get paid on Friday, Spruce may deposit your earnings on Wednesday. You must receive $200 in cumulative direct installments from a benefits provider or employer (not your tax refund) within 35 days to qualify for early direct deposit, according to the Spruce account review. If your company or benefits provider supports early direct deposit, you'll be eligible.

Merchant Cash-Backs

Use your Spruce debit card to buy online or in-store at certain merchants to earn cash back. Spruce works with over 10,000 retail outlets, including grocery stores, restaurants, and hotels, through Dosh, its rewards partner.

Check the app for current cash-back amounts and terms by retailer location, promotion period, and user. You don't need to activate offers. Make a qualified purchase and receive the reward in your Spruce Savings account without additional action.

Personalized Saving Goals and Tracking Savings

Set flexible, personalized savings goals and round up purchases to save faster with Spruce. Spruce makes it easy to build flexible, individual savings goals with pictures to remind you. With the Round Up feature, Spruce account review says that it automatically rounds up debit card and ATM purchases to the next dollar and deposits the extra in your Extra Savings account.

An expert Spruce banking review says that the Spruce app makes saving goals easy to set and track. Big goals like a car down payment or a 6-month emergency fund or modest ones like a new nonstick pan or work attire are possible. After choosing, you can:

• Name the goal and help the app track it.
• Upload a photo to remember your aim.
• Set a savings goal.
• Set up optional automatic transfers to avoid manually transferring monies from Spending to Savings.
• Track your progress via the app, which reveals your remaining savings.

Disadvantages of Spruce

No fintech app is flawless, and Spruce has several drawbacks:

Zero Savings Interest

The lack of interest in Spruce savings accounts is a negative point. According to the Spruce account review, this can hurt passive savers in an age when many online savings accounts provide competitive interest rates. Spruce's substantial cash-back rewards program helps counteract this, but more is needed to replace interest earnings.

Not All Purchases Earn Cash Back

Another drawback is that not all purchases generate cash back. Spruce and Dosh provide cash-back incentives at over 10,000 merchants, including your favorites. However, this reward system still needs to be completed. Spruce offers cash-back only on certain retailers, unlike general-purpose cash-back credit cards. This means that while you can earn points on many purchases, you will need more cash back, which lowers the Spruce ratings.

No Investment Accounts

Additionally, Spruce does not provide investing accounts. Spruce offers checking and savings accounts through its banking partner, which are great for managing daily finances and saving for the future. Spruce fails investors in stocks, bonds, ETFs, and other market-traded securities. Without investing opportunities, users who wish to build money through market investments must turn elsewhere.

Final Verdict

H&R Block and Pathward, N.A.-backed Spruce delivers a user-friendly, fee-free banking experience for cost-effective financial management. Its smooth cash-back rewards, customizable savings objectives, and early direct deposit add value. However, savings balances do not earn interest, cash-back is limited, and investing alternatives are unavailable. For basic banking with advantages, get the information from Spruce banking review. However, savers and investors wanting interest earnings or wealth growth may need more.