H&R Block’s mobile banking: deposits grow, soar, skyrocket

February 7, 2024
1 min read

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.

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