Spruce Launches High Yield 3.50% APY for Savings Accounts
13 Maio 2024 - 9:00AM
Spruce, the mobile banking app built by H&R Block (NYSE: HRB),
today announced the addition of high-yield interest on savings
accounts to potentially help customers stretch their dollars even
further and achieve their savings goals faster.1 With a 3.50% APY2,
Spruce customers who opt in can now earn interest at seven times
the national average.3
Nearly half of Americans don’t have enough savings to cover
emergency expenses4 in part because they lack access to affordable
savings accounts and the tools to help them plan and manage their
budgets. Unlike many financial products on the market, Spruce
provides a transparent mobile banking experience without sign-up or
monthly fees or minimum balance requirements and equips individuals
with a suite of tools to help them be better with money. Prior to
joining Spruce, 50% of customers indicated they did not have a
savings account.5
“Today’s economic landscape has presented many financial
challenges for individuals across the nation, from pandemic-related
disruptions, rising inflation, and more,” said Les Whiting, Chief
Financial Services Officer at H&R Block. “At Spruce, we go
beyond simple money management and instead serve as a catalyst to
empower our customers to navigate the financial ups and downs in
their lives with confidence and ease. Combined with our other
saving, spending, and budgeting tools, this new offering could help
our customers reach their savings goals even faster.”
Spruce’s High-Yield Interest on Savings Joins Features
Designed to Enhance Financial Health
- Compounding Interest. With Spruce, after
opting-in to earn interest, customers can benefit from daily
compounding interest and earn 3.50% APY on every penny saved. With
the ability to establish two separate saving goals in addition to
their Extra Saving account, it is easy to set and track specific
saving goals. In addition, Spruce customers can earn interest on
deposits from Cash Back Rewards at participating retailers.
- Saving Goals That Work. From paying for school
to buying a car, set personalized goals to save for what’s
important. Spruce makes reaching those goals easier than ever with
“nudges.” Spruce customers can add and withdraw from savings as
often as they want — without penalty. Customers also can enjoy
automatic savings through Round Up, an optional feature that
automatically rounds up transactions to the next dollar amount and
deposits the spare change into their Extra Saving account.
- Personalized Budget Trackers. With tools like
the Watchlist, which tracks month-to-date spending and lets
customers set spending limits by customizable categories, Spruce
can help make improving financial health easier.
- Cash Back Rewards. Even while spending money,
Spruce customers can still make money with automatic cash back
rewards added to their Extra Saving account when they shop across
the 10,000 participating retailers.6
- Fee Transparency. With Spruce there are no
sign-up or monthly fees, and no minimum balance required.
Additionally, there is no ATM service fee if you withdraw money at
one of the more than 55,000 Allpoint ATMs available nationwide and
easy to find through the Spruce app.7 Courtesy overdraft coverage
is provided, which allows qualifying customers who opt in to
overdraft their account by up to $20 without a penalty fee.
8
The Spruce mobile banking app can be downloaded in app stores.
New and current customers can opt into interest directly in the app
or by visiting sprucemoney.com after opening or signing into their
account.
Spruce fintech platform is built by H&R Block, which is not
a bank. Spruce℠ Spending and Savings Accounts established at, and
debit card issued by, Pathward®, N.A., Member FDIC, pursuant to
license by Mastercard®. Mastercard and the circles design are
registered trademarks of Mastercard International Incorporated.
1 To start earning interest on your Spruce Savings Account,
simply opt in through the Spruce app or at Sprucemoney.com.
2 The Annual Percentage Yield (APY) is accurate as of
04/05/2024. This rate is variable and can change without notice.
Fees may reduce earnings.3 Based on FDIC average national
savings rate as of 3/18/2024.4 Data reported by the Financial
Health Network and insights from the Aspen Institute. 5 Survey
fielded by H&R Block among 1,338 Spruce users from April 5-12,
2024.6 Spruce Rewards are powered by Dosh. Cash back offers
and amounts may vary by user, merchant location and offer period.
Check the Spruce app for offer availability. Cash back earned by
qualifying purchases will be deposited in the Spruce Savings
Account. See Spruce Rewards powered by Dosh Terms for
details.7 There is no fee to withdraw money at Allpoint® ATMs.
There is a $3 fee at other ATMs, plus any additional fee charged by
the ATM operator.8 Courtesy Coverage only available for
purchase transactions, ATM withdrawals, and over-the-counter
withdrawals using your debit card. It is a discretionary courtesy,
not an extension of credit. Requires opt in and $200 in qualifying
deposits over prior 35-day period. Negative balances are limited to
$20 and must be repaid within 30 days. See Spending Account
Agreement for details.
About H&R Block H&R Block, Inc. (NYSE:
HRB) provides help and inspires confidence in its clients and
communities everywhere through global tax preparation
services, financial products, and small-business
solutions. The company blends digital innovation with human
expertise and care as it helps people get the best outcome at tax
time and also be better with money using its mobile banking
app, Spruce. Through Block Advisors and Wave,
the company helps small-business owners thrive with year-round
bookkeeping, payroll, advisory, and payment processing solutions.
For more information, visit H&R Block News.
About Pathward®Pathward®,
N.A., a national bank, is a subsidiary of Pathward Financial, Inc.
(Nasdaq: CASH). Pathward is a U.S.-based financial empowerment
company driven by its purpose to power financial inclusion.
Pathward strives to increase financial availability, choice and
opportunity across our Banking as a Service and Commercial Finance
business lines. The strategic business lines provide end-to-end
support to individuals and businesses. Learn more at
Pathward.com.
Media Contacts:
Media Relations: |
Teri Daley, (816) 854-3787, teri.daley@hrblock.comMedia Desk,
mediadesk@hrblock.com |
|
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Investor Relations: |
Michaella Gallina, (816) 854-3022,
michaella.gallina@hrblock.comJordyn Eskijian, (816) 854-5674,
jordyn.eskijian@hrblock.com |
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