Home Finance Spruce Cash Assessment 2023: Is it Price it?

Spruce Cash Assessment 2023: Is it Price it?

Spruce Cash Assessment 2023: Is it Price it?


Conventional banks aren’t at all times the most suitable choice, as their charges are sometimes larger, and you may’t at all times maximize the advantages. As well as, the membership necessities can be difficult in the event you don’t have a clear monetary historical past.

Fortunately, there are options, like Spruce Cash. Spruce provides free cell banking and different hands-on instruments to make saving cash simpler. For instance, you may earn money again at retailers, get free overdraft safety, and make financial savings targets.

However how does Spruce evaluate to different on-line banks, like Chime and Present?

On this Spruce Cash Assessment, I’ll cowl the varied options and advantages, professionals and cons, and share just a few Spruce options, that can assist you determine if Spruce is price it.

Desk of Contents
  1. What Is Spruce Cash?
  2. Account Opening Necessities
  3. Spruce Cash Charges
  4. Spruce Cash Options
    1. Spending Account
    2. Financial savings Objectives
    3. Overdraft Protection
    4. Money Again Affords
    5. Price-Free ATMs
    6. Early Payday
    7. Free Credit score Rating
  5. Spruce Cash Professionals and Cons
    1. Professionals
    2. Cons
  6. Spruce Cash Options
    1. Chime
    2. Present
    3. Step Card
  7. Spruce Cash FAQs
  8. Closing Ideas on Spruce Cash

What Is Spruce Cash?

Spruce Cash is a free banking app from H&R Block that gives a debit card and financial savings account. When you don’t have to make use of H&R Block to hitch Spruce Cash, being backed by such a big, respected firm is reassuring.

For clarification, Spruce Cash isn’t a financial institution however truly a “fashionable cell banking app.” Pathward, N.A. (FDIC Cert# 30776) – beforehand MetaBank – gives FDIC insurance coverage of as much as $250,000 in your eligible accounts.  

Spruce strives to supply banking providers to the “underbanked” who could not at present have a checking or financial savings account. They’ll get pleasure from fundamental banking options freed from cost with out steadiness necessities or having to make a minimal variety of month-to-month debit card transactions.

Account Opening Necessities

You should be at the very least 18 years outdated and dwell in the USA to open a Spruce Cash account. The applying course of takes lower than quarter-hour to submit your particulars and overview the paperwork.

Candidates should present these particulars:

  • Authorized identify
  • Social Safety quantity (SSN)
  • House tackle (P.O. bins should not accepted)
  • Cellphone quantity
  • Electronic mail tackle

As quickly as your Spruce Cash account is activated, you’ll obtain a digital debit card so as to add to your cell pockets. A bodily debit card arrives inside 7-10 enterprise days at no further price.

You’ll be able to obtain the Spruce Cash cell app (Android or iOS) or entry the net dashboard to enroll in direct deposit, hyperlink exterior accounts, and arrange different account options.

Spruce Cash Charges

Spruce Cash provides no-fee banking except for money deposits, over-the-counter withdrawals, and verify orders. Here’s a full checklist of providers and corresponding charges:

  • Month-to-month Price: $0
  • Overseas Transaction Price: 0%
  • Minimal steadiness charge: $0
  • Cell verify deposit: $0
  • Overdraft charge: $0
  • In-network ATM transactions: $0
  • Non-network ATM transactions: $3 per withdrawal (third-party charges price further)
  • Money deposits: As much as $4.95 (varies by location)
  • Over-the-counter withdrawals: $4.95
  • Checkbook: $15 per 25 paper checks

A free checking account generally is a higher choice to keep away from some charges that Spruce Cash costs. For instance, different options usually tend to reimburse non-network ATM transactions and might also provide free paper checks.

Spruce Cash Options

spruce money homepage

Spending Account

The Spruce Cash spending account comes with a free debit card and nil minimal steadiness necessities. You may also present your banking particulars to obtain direct deposit out of your employer and authorities advantages. 

Paper checks can be found for a further charge when it’s essential to write a verify; nevertheless, the $15 charge for 25 checks is hefty. 

Funding Choices

You’ll be able to fund your Spruce Cash account utilizing the next strategies:

  • Direct deposit
  • ACH transfers from linked accounts
  • Money deposits at third-party retailers
  • Cell verify deposit (accessible 30 days after account opening)

As soon as eligible, the cell verify deposit limits are as much as $2,000 per day and $5,000 in a rolling 30-day interval.

Financial savings Objectives

Spruce Money Saving Goals landing page

You’ll be able to start setting apart cash in an FDIC-insured financial savings account as quickly as you open your account. A Spruce Cash financial savings account has no month-to-month charges or minimal steadiness necessities.

The platform helps you to create as much as three subaccounts to avoid wasting for various targets. You’ll be able to schedule recurring transfers or make one-time transfers. You may also spherical up debit card purchases and switch the distinction to your required objective for easy saving.

Sadly, the account doesn’t earn curiosity and is greatest for short-term financial savings targets. As an alternative, think about a high-yield financial savings account to earn curiosity on bigger money quantities.

Overdraft Protection

Spruce Money overdraft protection

Spruce’s Courtesy Protection characteristic gives as much as $20 in fee-free overdraft safety. 

Qualifying transactions embrace:

  • ATM withdrawals
  • Debit card purchases
  • Over-the-counter withdrawals utilizing your Spruce Debit card

In case your account goes into overdraft, you might have 30 days to cowl your destructive steadiness. Usually, Spruce routinely collects the overdrawn quantity out of your subsequent deposit. You received’t pay any charges or curiosity throughout this case.  

For transparency, you need to obtain at the very least $200 in qualifying deposits (direct deposit, ACH transfers) in a 35-day interval to be eligible, and you need to opt-in for the overdraft overage to take impact.

Money Again Affords

Spruce Money cash back landing page

Spruce companions with Dosh to reward prospects with money again at collaborating in-store and on-line retailers. Over 10,000 retailers take part, together with nationwide manufacturers and small companies.

You’ll be able to earn money again on the next purchases:

  • Clothes
  • Eating
  • Groceries
  • Motels
  • Merchandise

First, scan accessible provides throughout the Spruce cell app. Subsequent, pay along with your Spruce Cash debit card, and the money again is routinely transferred into your financial savings account. No activation is important.

Price-Free ATMs

Spruce cash prospects have entry to no-fee withdrawals at 55,000+ Allpoint ATMs throughout the USA. You’ll be able to find ATMs utilizing the Spruce Cash cell app or web site.

Non-network ATM charges embrace a $3 withdrawal charge plus any surcharges the ATM proprietor tacks on.  

You’ll be able to deposit money at GreenDot places, that are positioned at many retail shops and pharmacies nationwide. The money deposit charge prices as much as $4.95 per transaction, and the value varies by service provider.

Early Payday

Spruce Money Direct Deposit Landing Page

With Spruce, you may entry your direct deposits as much as two days early. You’re routinely eligible when you obtain at the very least $200 in qualifying deposits from an employer or authorities company (excluding tax refunds).

Different banking apps promote this characteristic, however the timeframes differ.

Free Credit score Rating

Spruce members can routinely observe their FICO Rating 8 by way of Experian from the member dashboard. The service is free.

The rating updates each 30 days, and checking it doesn’t harm your credit score rating. Along with displaying your present credit score rating, the app lists the components which are both serving to or harming your credit score journey.

Spruce Cash Professionals and Cons

There’s quite a bit to love about Spruce Cash, however it has some drawbacks, too. Right here is my checklist of Spruce professionals and cons:


  • No month-to-month charges or minimal balances
  • Free overdraft safety
  • 55,000+ fee-free Allpoint ATMs
  • Earn money again on debit card purchases.
  • Internet and cell platforms
  • Examine your credit score rating without cost


  • Financial savings account doesn’t earn curiosity.
  • Some advantages require receiving direct deposits.
  • No bodily branches
  • Restricted invoice pay options
  • Paper checks can be found however are costly.

Spruce Cash Options

Earlier than signing up with Spruce, you could need to take a better take a look at the next Spruce Cash options, all of which provide the same service.


Chime gives a free spending account and an interest-bearing financial savings account. As well as, there are not any service charges or steadiness necessities. Further advantages embrace overdraft safety, on-line invoice pay, and over 60,000 fee-free ATMs. For the time being, Chime is paying 2.00% APY on financial savings, an enormous plus in comparison with Spruce Cash, which doesn’t pay curiosity.

You may also be eligible for a Chime Credit score Builder secured bank card to assist construct a credit score historical past and enhance your rating. Learn our Chime Financial institution overview for extra data.

Study extra about Chime


Present may also help you prolong free banking providers to your complete household as this banking app provides free teen accounts. Membership advantages embrace money again on qualifying debit card purchases, as much as $200 in overdraft safety, and interest-bearing financial savings pods. Learn our Present Financial institution overview for extra. 

Study extra about Present

Step Card

If you would like a free banking account that may make it easier to construct credit score, think about the Step Card. Step is primarily to assist teenagers study the fundamentals of cash and earn money rewards by finishing quick classes. Moreover, dad and mom (and teenagers older than 19) can get pleasure from credit-building advantages from the three bureaus with month-to-month reporting. There are not any charges or steadiness necessities, and this isn’t a high-risk bank card.

Spruce Cash FAQs

Is Spruce Cash legit?

Sure, Spruce Cash is a legit on-line banking app constructed by a good firm. Its fee-free spending and financial savings accounts are FDIC-insured by way of Pathfinder, N.A. (previously MetaBank).

It’s open to all authorized adults and might make it simpler to obtain deposits and plan for purchases. Nevertheless, the invoice pay limitations and lack of native department entry can be irritating to some that want superior banking providers.

What financial institution powers Spruce Cash?

Pathfinder, N.A. gives Spruce’s spending accounts and financial savings accounts. The accounts are FDIC-insured. Pathfinder beforehand operated as MetaBank however modified its identify in July 2022.

How are you going to entry Spruce Cash?

You’ll be able to apply on-line and log into your banking accounts by way of the web site (sprucemoney.com) or the Android/Apple cell app.

What are the Spruce Cash customer support choices?

Dwell chat and telephone assist can be found. 

Closing Ideas on Spruce Cash

Spruce Cash is among the higher starter banking apps. It’s backed by H&R Block, a big, respected firm. You’ll be able to simply keep away from charges and entry your money. The money again rewards are a pleasant perk, as is the no-fee overdraft safety, albeit it’s solely $20.

Sadly, Spruce received’t enchantment to many on-line banking followers till they start paying curiosity on financial savings account deposits, particularly when opponents like Chime and Ally Financial institution are paying 2.00% and three.40%, respectively.



  • No month-to-month charges or minimal balances
  • Free overdraft safety
  • 55,000+ fee-free Allpoint ATMs
  • Earn money again on debit card purchases
  • Internet and cell platforms


  • Financial savings account doesn’t earn curiosity
  • Some advantages require receiving direct deposits
  • No bodily branches
  • Restricted invoice pay options
  • Paper checks can be found however are costly



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