Tax-Preparation Giant H&R Block Launches Mobile Banking APP to Help More Americans Be Good with Money

​Living paycheck to paycheck is one of the biggest sources of economic stress for Americans today—and these anxieties impact mental and physical health. Two-thirds of the U.S. population struggle with one or more aspects of their finances, including spending, saving, and planning. To address these needs, H&R Block (NYSE: HRB) announces the launch of the Spruce℠ mobile banking platform to help everyone be good with money. The Spruce solution includes a spending account with a debit card, along with a connected savings account that allows for budgeting for specific goals. Spruce demonstrates how H&R Block continues to expand into key adjacencies, such as fintech, and is one more way in which the company is helping customers achieve year-round financial confidence.

As the pandemic continues, and related economic uncertainty has highlighted the value of simple, easy-to-use spending and savings tools, Spruce℠, built by H&R Block with banking products powered by MetaBank®, N.A. Member FDIC, provides the financial know-how that many Americans urgently need. Millions of Americans do not have adequate banking solutions which makes it more difficult for them to maintain financial stability. H&R Block created Spruce to address this gap and bolster financial inclusion by helping people build healthy financial habits every day. This includes the more than 21 million households that already turn to H&R Block for their most significant financial event of the year, their tax return.

"Spruce is a financial technology platform that combines the best features of leading neo-banks with H&R Block's trusted brand, our 66-year history, and the insights we've gained from helping millions of customers every year. Our front row seat on American life provides a unique understanding of how to help people get better with money, and we've applied those learnings to Spruce," said Jeff Jones, President and CEO of H&R Block. "Creating and launching Spruce is a huge milestone for our company as we continue to execute on our transformation and growth strategy, Block Horizons 2025."

Spruce is a Mobile Banking App and includes a Debit Card with Benefits:

-Saving goals. The Spruce mobile banking app includes nudges to help users set personalized savings goals and keep them. From paying for school to buying a car, Spruce also has options to set up automatic transfers towards savings.

-Cash back rewards. When users shop with certain retailers using the Spruce debit card, they will receive automatic cash back rewards, which can be applied toward savings goals. There are over 10,000 places to get cash back and offers curated for Spruce users.1

-No monthly fees. The Spruce accounts have no monthly fees, no sign-up fees and no minimum balance requirements. Spruce users also have access to more than 55,000 ATMs nationwide, with no ATM fees.