Online savings account: What it is and how to open one with Spruce

From grocery delivery to GPS and traffic alerts, mobile technology has made many aspects of modern life simpler and easier. Tools for managing your money are no exception — especially as online and app options are becoming more and more common.

Plus, many Americans find digital options, such as mobile apps or online banks, to be a quick and convenient alternative to brick-and-mortar locations.  

The Spruce mobile banking app can help you manage your money with ease once you’ve opened your Spruce accounts. You can even use the app to open a savings account online which you get automatically with the Spruce Spending account.

Can I open a savings account online?

Yes! Online saving accounts can be opened online. These days, you can open a savings account in your pajamas through platforms like Spruce, which makes it painless to open a savings account online. In fact, when you sign up with Spruce, you automatically get an online savings account which is connected to your Spending account.

Whether you want to start a rainy-day fund or plan for a bucket-list vacation destination, a savings account (different from a checking account) is a safe way to put money aside for the future.  Putting money in dedicated accounts can help you avoid spending your cash on impulse buys. With Spruce, you can even set up two saving goals you can use to save for specific goals.

Online accounts allow you to review your account balance easily and track your progress as your savings add up. Looking at those numbers can be quite a morale boost! And you can access the money you save easily as soon as you need it. Additionally, savings accounts often earn interest but check your account opening documents to confirm.

Coming soon – Spruce customers will be able to opt-in to earning interest on their Spruce Savings account balance, including the balance(s) in their saving goals.

Keep in mind, if you’re interested in how to open a savings account at other institutions, the process can vary from bank to bank.  

How to open a savings account online

When opening an account with an online bank, you’ll typically need to provide the following information in addition to completing identity verification steps:

  • Name
  • Date of birth
  • Address
  • Social Security number

Gather this information and complete the application for a new account. If you’re applying online, you can submit your application with the click of a button. Most of the time, it will only take a few minutes to apply and complete the bank’s approval process. And with that, you’re ready to begin your savings journey!

Open a savings account online with no minimum balance requirement with Spruce

Many traditional banks require their customers to deposit a minimum amount to fund their accounts or may require you to maintain a minimum balance in order to prevent fees or earn interest. But with Spruce, there’s no need to worry about a minimum balance requirement. How much you save is up to you.

As you add money to your account, make your money work for you. Drooling over a new pair of sneakers? With the Spruce app, you can set up a dedicated saving goal and give it a name. (Might we suggest, “fire kicks”?)

Next, use Spruce’s saving goal calculator to figure out how you’ll get there. Enter the total amount you want to save and how much you can put towards that goal. The calculator will tell you how much to save every week or month and for how long.

Spruce’s online savings account could help you get better with money

There’s no time like the present to get your financial house in order by developing a savings routine. Saving for an emergency fund is a great place to start.

Unexpected expenses can crop up at any time, from car repairs to a doctor’s bill for a sprained ankle. A savings account can help you avoid turning to credit in those emergencies. Your emergency fund can also provide peace of mind if you lose income because of an injury or layoff.

Experts say you should have about three to six months of expenses tucked away to provide a financial cushion when times are tough. Get in the habit of putting money when you can into your savings account or a Spruce saving goal until you reach your goal. Or you can move money from your spending account with transfers any time you like.

There are many effective ways to save money to reach your goals. A great first step is to make a budget. Your budget can help make sure you have enough to cover the necessities. And it helps you identify areas to dial back spending if you come up short.

The Spruce budget tracker tool lets you easily see how you spend your money each month. If you want to spend less on takeout or ride-sharing apps, you can add those specific categories to your watchlist and keep a closer eye on spending.

Consider savings tips to manage expenses, like thrifting instead of buying new. Carpool to work and help your coworkers save as well. Make a list before you go to the grocery store and stick to it. Or cut out some of those streaming subscriptions. Once you see the money in your online savings account start to add up, you may just find yourself looking for other ways to boost your savings.

Spruce’s cash back rewards helps you rack up savings, too. When you use your Spruce debit card at select retailers, cash back rewards are automatically deposited to your Spruce Extra Savings account.

Your Spruce debit card also comes with another handy feature that allows you the option to round up your purchase to the next dollar and directly deposit the change in your Extra Savings account. Even small deposits can add up quickly, helping you meet your savings goals sooner.

And maybe best of all Spruce has no monthly fees and no sign-up fees. See fee details.

Open your online savings account with Spruce today

With zero sign-up or monthly fees and thousands of fee-free ATMs,Spruce’s mobile platform makes online banking a no-brainer.

A savings account can be a great way to build financial security and bring your goals within reach. Even one dollar at a time can help you get you where you want to go.

Find out more about all the features Spruce has to offer. 

Get started with Spruce!

This information provided for general educational purposes only. It is not intended as specific financial planning advice as everyone’s financial situation is different.

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