Priya Patel
H&R Block’s mobile banking platform, Spruce, has seen a significant increase in customer deposits over the past year, with deposits nearly quadrupling. Since its launch in January 2022, Spruce has attracted $456 million in customer deposits, up from $117 million in December 2022 and $400 million in September 2023. The platform has also gained 145,000 new users in the past year, bringing the total number of signups to 316,000. H&R Block’s CEO, Jeff Jones, attributes the growth to an improved user experience and increased engagement.
Spruce offers a range of features, including a savings account, spending account, debit card, budgeting tools, free credit score, and a “smart tax refund” feature that suggests how much of a refund users should save. The platform has also started promoting H&R Block’s assisted and do-it-yourself tax offerings. Jones notes that more than 30% of last year’s Spruce signups were not H&R Block tax clients, indicating an opportunity for potential new customers.
In addition to the increase in customer deposits, H&R Block reports that Spruce’s savings features have helped users achieve their financial goals, with 20% setting and achieving emergency savings goals, and 17% saving for vacations.
