Spruce launches high yield 3.50% APY for savings accounts

New interest offering combined with no monthly fees or minimum balance requirements for Spruce helps customers grow savings

KANSAS CITY, MO. – May 13, 2024Spruce, 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

12 – 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. To start earning interest on your Spruce Savings Account, simply opt in through the Spruce app or at sprucemoney.com.

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 servicesfinancial 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.