H&R Block launches mobile banking platform Spruce

Tax preparation company H&R Block Inc. launched Spruce, a mobile banking platform that includes a spending account with a debit card, as well as a connected savings account.

The Spruce accounts do not have monthly fees, sign-up fees or minimum balance requirements. The mobile banking app also helps users in setting and keeping personalized saving goals. Moreover, users who shop with certain retailers using the Spruce debit card will automatically earn cashback rewards.

Other features of Spruce include an option to receive direct deposits up to two days early; the ability to see and monitor credit scores for free; access to overdraft protection of up to $20 through the Courtesy Coverage feature when setting up direct deposits; and the ability to allocate tax refunds.

The company revealed plans to offer digital banking services at an investor day in December 2020, without providing specifics. H&R Block previously had a banking unit that it divested in 2015.

Spruce was built with banking products powered by MetaBank NA, according to a Jan. 20 news release.