Spruce Mobile Banking App Savings Goals and Budgeting Made Easy

With Spruce, you can set and track savings goals with ease, thanks to its intuitive and user-friendly interface. This feature allows you to create specific goals, such as saving for a down payment on a house or a vacation.

You can also set a target amount and deadline for each goal, making it easier to stay on track and motivated. Spruce's budgeting feature helps you understand where your money is going, making it simpler to make smart financial decisions.

By linking your accounts, Spruce can automatically categorize your expenses, giving you a clear picture of your spending habits. This feature helps you identify areas where you can cut back and allocate your funds more effectively.

Spruce mobile banking app is a great option for those looking for a fee-free experience. With a minimum deposit of $0, you can start using the app right away.

The app offers a range of features, including cash back rewards, no maintenance fees, and overdraft protection. You can get up to $20 of fee-free overdraft protection, which is a big plus.

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Here are some of the key features and benefits of the Spruce mobile banking app:

With over 55,000 fee-free Allpoint ATMs in the US, you'll have access to cash when you need it. And, with mobile check deposit and a mobile app available for both iOS and Android, you can manage your account on the go.

The app also offers free credit score updates, which can be a big help in tracking your financial health. And, with no sign-up or maintenance fees, you can use the app without worrying about extra costs.

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Spruce makes it easy to set and track savings goals right in the app. You can choose a target amount, upload a photo, and even set up automatic transfers to help you reach your goal.

The Spruce Savings Account offers a 3.50% APY, which is a good rate, but not as high as the top high-yield savings accounts. However, you can earn cash back rewards through Dosh when you shop at one of 10,000+ select retailers.

Spruce's Round Up feature can also help you reach your savings goals faster. When you turn on the Round Up feature, Spruce rounds up the value of every purchase and ATM transaction to the next dollar, and deposits the difference in your Savings account.

Money is a tool that helps us achieve our financial goals, and being good with it is a skill that can be developed with practice.

Spruce Money is a mobile banking platform that makes it easy for people to manage their finances, offering features that streamline the process of making good money decisions.

Having control over our finances is crucial for making progress towards our goals, whether it's saving for a big purchase or simply feeling more secure in our financial situation.

Spruce Money is ideal for someone getting serious about their financial situation, providing access to tools that help make money management easier.

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With Spruce, you can get a jump start on your financial goals by receiving your paycheck up to two days early. This is made possible by enrolling in direct deposit from your employer.

To qualify for early direct deposit, you must receive at least $200 in cumulative direct deposits from a benefits provider or employer within a 35-day qualifying period. This includes payments from your employer, but excludes tax refunds.

Spruce makes funds available as soon as it receives payment instructions, which can happen up to 2 days ahead of your scheduled payday. So, if you usually get your paycheck on Friday, you could receive the funds in your Spruce account as early as Wednesday.

Here are the details on how to qualify for early direct deposit:

Keep in mind that early direct deposit is only available if your payer qualifies, and you must meet the minimum cumulative direct deposit requirement.

For more insights, see: Deposit Mobile Banking

Courtesy Coverage is a feature that helps you avoid overdraft fees. If you accidentally spend more than you have available, Spruce will cover the charge up to $20, and you'll have 30 days to repay it.

To qualify for Courtesy Coverage, you must have a qualifying direct deposit of at least $200 in 35 days. You can enroll in Courtesy Coverage through the app settings if you meet this requirement.

If you opt in to Courtesy Coverage, you'll be able to overdraw your Spending account up to $20 for debit card purchases, over-the-counter cash withdrawals, and ATM withdrawals. You must pay back any Courtesy Coverage overdraft within 30 days.

Here are the key requirements to qualify for Courtesy Coverage:

By having Courtesy Coverage, you can avoid the average overdraft fee of $35, according to the FDIC.

Setting savings goals is a crucial step in achieving financial stability. Spruce makes it easy to set and track savings goals, allowing you to choose a target amount and set up automatic transfers from your Spending account to your Savings account.

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You can name your goal and upload a photo to make it easier to remember. This visual reminder can help you stay motivated to reach your goal. With Spruce, you can set goals for anything from a big purchase like a car to a smaller goal like a new nonstick pan.

Here are some key features of Spruce's savings goal setting:

Spruce also offers an optional Round Up feature, which can help you reach your savings goals faster. When you turn on Round Up, Spruce rounds up the value of every purchase and ATM transaction to the nearest dollar and deposits the extra in your Savings account. This can be a great way to save money without even thinking about it.

Spruce is light on fees, which is great news for anyone looking for a low-cost banking option. There's no monthly fee, sign-up fee, or foreign transaction fee.

Paper checks do come with a cost, though - a pack of 25 will set you back $15. If you need to withdraw cash from an out-of-network ATM, you'll be charged $3 per transaction.

Here are some fees to keep in mind:

Overall, Spruce makes an effort to be upfront about its fees, so you can plan your banking accordingly.

Spruce is light on fees, which is great news for anyone looking for a new banking experience.

There's no monthly fee, sign-up fee, foreign transaction fee, or minimum balance fee to worry about.

You can expect to pay $15 for a pack of 25 paper checks, which is a one-time cost.

Out-of-network ATM transactions will set you back $3 each time.

Over-the-counter withdrawals cost $4.95.

Here's a summary of the fees you might encounter:

By being upfront about their fees, Spruce makes it easy to understand what you'll be charged.

One thing to keep in mind about Spruce is that they don't offer interest on savings.

In fact, Spruce's savings account doesn't earn interest, which might be a drawback for some users.

Not all purchases earn cash-back rewards, which is another con to consider.

Here are the specific cons to keep in mind:

Spruce takes security seriously, using bank-level encryption to keep your information safe.

You can turn on multi-factor authentication and Touch ID to add more layers of security to your account.

The platform also employs fraud monitoring to catch any issues.

Your funds are FDIC insured, up to $250,000, which provides an extra layer of protection.

This means you can feel confident using the app to manage your finances.

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If you're looking for alternatives to Spruce Money, you've got options. CIT Bank and Current are two other fee-free banking apps that offer similar features.

One key difference is the minimum deposit requirement - CIT Bank requires $100 to open an account, while Current and Spruce have no minimum deposit.

Here's a quick rundown of the top platforms like Spruce Money:

If you're deciding between these three platforms, consider what matters most to you - earning interest, getting cash back on purchases, or having access to fee-free ATMs.

Spruce Banking, Chime, and One are three online banking platforms that offer similar features, but with some key differences.

All three platforms require no minimum opening, deposit, or monthly fees. This is a huge perk for those who want to avoid unnecessary charges.

If you're looking for cash-back rewards, Spruce might be the way to go, as it offers cash back on some purchases through Dosh, with over 10,000 retailers participating. This can add up to some nice savings over time.

However, if you're more concerned with earning interest, it's a toss-up between Chime and One. One pays the highest interest rate, but the amount you'll earn depends on your account balance.

Chime's Savings Account has a variable Annual Percentage Yield (APY) that may change at any time, but it requires no minimum balance to earn interest. Just make sure you have at least $0.01 in your account.

Out-of-network ATM withdrawal fees may apply for Chime, except at certain ATMs like MoneyPass in 7-Eleven, or Allpoint or Visa Plus Alliance ATMs.

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If you're looking for alternatives to Spruce Money, you've got options. There are other apps that offer a fee-free experience, making them great alternatives to consider.

Spruce has a huge network of free ATMs, with over 55,000 locations where you can withdraw cash without being charged a fee. Other apps, like CIT Bank and Current, also offer fee-free banking experiences.

CIT Bank has a minimum deposit requirement of $100, but it offers refunds of up to $30 per month in ATM fees. Current, on the other hand, has no minimum deposit requirement and offers access to over 40,000 free ATMs.

Here's a quick rundown of these alternatives:

Spruce is an easy-to-use mobile banking solution that doesn't come with pesky monthly fees. This is a major plus for those who want to manage their finances without extra costs.

One of the standout features of Spruce is its automatic cash back opportunities, which can be a great perk for frequent shoppers. You can earn cash back on over 10,000 retailers through Dosh.

However, if you're looking to earn interest on your savings, Spruce might not be the best option. Its savings APY is only average, and you can earn 1-2% more with a high-yield savings account.

To give you a better idea, here's a comparison of the interest rates offered by Spruce, Chime, and One:

Ultimately, whether or not Spruce is worth it for you will depend on your individual financial needs and priorities. If you value ease of use and cash back rewards, Spruce might be a great choice.

To open an account with Spruce, you'll need to provide some basic information, including your email address, name, and phone number.

Download the Spruce app for iOS or Android to get started. It's a mobile-friendly platform, so you can access your account from your smartphone or tablet.

If you have a funding account, be prepared to provide that information when opening your account. This will help you get started with using the app quickly.

It shouldn't take more than a few minutes to complete the process of opening an account with Spruce.

To get in touch with Spruce, you can call their support phone line at 855-977-7823. This number is available for any questions or concerns you may have.

You can also reach out to support through a chat feature, which is a convenient option if you prefer typing over talking.

If you're looking for ways to contact Spruce, here's a quick rundown of your options:

Spruce's customer reviews are mixed, with an average rating of 3.4 out of 5 stars on the Apple App Store and 3.5 out of 5 stars on the Google Play Store.

Opening an Account is a straightforward process. To get started, you'll need to provide your email address, name, and phone number.

You'll be asked to download the app, which is available for both iOS and Android devices. This is a mobile-friendly platform, so you can easily access your account on-the-go.

If you have a funding account, be prepared to provide that information during the sign-up process. This will help you get started with using the platform.

It shouldn't take more than a few minutes to complete the process, and you'll be up and running with your new account in no time.

To get started with a Spruce Spending Account, you'll want to know about the bonus for new account holders.

You can earn a $50 bonus when you open a new Spruce account and receive qualifying direct deposits during the offer period.

The offer period is between January 1, 2023, and June 30, 2023. To qualify, you must open an eligible new Spruce account and receive $200 in qualifying direct deposits within 45 days of opening.

Qualifying direct deposits are ACH credits, including direct deposits but excluding tax refunds. Nonqualifying deposits include internal transfers, external account transfers into Spruce, cash transfers, and mobile check deposits (including paycheck deposits).

Here are the requirements to earn the $50 bonus:

After completing these qualifying activities, you should receive your $50 bonus within 14 business days.