Tax-preparation giant H&R Block is launching its own mobile banking platform targeted at low-to-moderate-income Americans.
The Spruce platform includes a spending account with a debit card, along with a connected savings account that allows for budgeting for specific goals. FDIC member MetaBank will hold deposits and issue the Spruce card.
Customers will also be able to get their pay cheque early, cash back rewards, credit score monitoring, and tax refund allocation.
Jeff Jones, CEO, H&R Block, says: “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."