H&R Block Customers Can Now Open a Spruce Account When Working with a Tax Pro

Rhea-AI Summary

H&R Block (NYSE: HRB) has launched Spruce, a mobile banking app designed to enhance financial health, especially during tax season. Customers can receive their federal tax refunds up to five days early when deposited into their Spruce accounts. This app offers features such as tax refund recommendations and budgeting tools, catering to the needs of the majority of Americans who benefit from tax refunds. With no fees or minimum balance requirements, Spruce aims to help users manage their finances more effectively and make informed spending choices. The service aligns with the company's mission to improve access to financial services for struggling consumers.

Positive

• Spruce enables customers to receive federal tax refunds up to five days early.
• No sign-up, monthly, or minimum balance fees for Spruce accounts.
• Features like tax refund recommendations and budgeting tools enhance financial management.
• Helps improve financial health among users and promotes better money habits.

Negative

• None.

Customers may get their federal tax refund up to five days early¹ when deposited to their Spruce account

KANSAS CITY, Mo., March 14, 2023 (GLOBE NEWSWIRE) -- For the more than two-thirds² of Americans who get money back at tax time, a refund can be a great opportunity to get ahead financially. Each year, H&R Block (NYSE: HRB) helps millions of people navigate their taxes and now, as the company celebrates tax season, people can sign up for Spruce³, a mobile banking app built by H&R Block, in retail tax offices while completing their tax return. Spruce features like a tax refund recommendation and in-app budgeting tools can help customers use this major financial moment that is the tax refund to get better with money and strengthen their financial habits.

“Connecting Spruce to our tax experience is all about providing greater access to financial services for the millions of people who are struggling with their financial health,” said Les Whiting, Chief Financial Services Officer at H&R Block. “By providing a secure, low-cost, transparent and convenient mobile banking platform, we’re helping open the door for millions of people to better manage their money and reach their financial goals.”

Upon signing up, Spruce customers have access to a checking account, savings account, and debit card from Pathward, N.A., member FDIC, the Spruce bank partner. Spruce accounts have no sign-up fees, monthly fees, or minimum balance requirements. Signing up for Spruce in an H&R Block office is quick and easy, and Spruce users can get their federal tax refund up to five days early¹ when the refund is deposited directly into the customer’s Spruce account.

Research⁴ shows one-third of consumers don’t have an intentional plan of how they’ll spend their refund, but 45% are open to advice on the matter. Spruce can help customers put their refund money to good use with its tax refund recommendation feature, which helps customers automatically designate a portion of their tax refund to saving for the future, if they so choose. Furthermore, a newly launched budgeting feature within the Spruce mobile banking app automatically sorts transactions into categories so customers can easily see where their money is going and track spending habits. Spruce users can even choose specific categories to watch closely to make sure spending habits align with money goals.

Click here to learn more about Spruce and find out how to claim a $50 bonus⁵ with qualifying direct deposits.

1. Does not change IRS refund processing speed. Claim is based on making federal refunds available when payment instruction is received, which may be earlier than scheduled payment date. Depends on timing of the IRS's payment file. Available only for federal refunds. May be changed or discontinued at any time.
2. A statistic from the IRS Taxpayer Advocate Service Annual Report to Congress news release, published Jan. 2023
3. 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.
4. Research conducted by H&R Block and Qualtrics Surveys, 2,000+ adults ages 18+, Fielded Sept. 15-21, 2021.
5. Offer from H&R Block. Requires 1) opening of new Spruce Accounts between 1/1/23 and 6/30/23; and 2) $200 in qualifying direct deposits within 45 days of opening. Qualifying direct deposits are ACH credits, including direct deposits (but not tax refunds). Deposits that do not qualify are mobile check deposits, internal transfers, transfers within Spruce from external accounts, or cash transfers. $50 will be deposited within 14 business days after completing all requirements. Spruce Accounts may not be closed or restricted at payout. You are responsible for tax treatment of funds. Limit one per customer. May be modified or discontinued at any time.
   

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 innovative products like Wave Money, a mobile-first, small-business bank account and bookkeeping solution, that manages bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.

FAQ

What is H&R Block's new service related to tax refunds?

H&R Block has introduced Spruce, a mobile banking app that allows customers to receive federal tax refunds up to five days early when deposited into Spruce accounts.

How does Spruce help customers manage their tax refunds?

Spruce offers tax refund recommendations and budgeting tools to assist customers in effectively managing their finances and spending.

Are there any fees associated with Spruce accounts?

No, Spruce accounts have no sign-up fees, monthly fees, or minimum balance requirements.

What financial benefits does Spruce provide?

Spruce helps users better manage their money and promotes financial health through its various features, including budgeting tools and early refund access.