How to Deposit and Save Your Tax Refund
We love supporting your financial well-being and helping you save money. If you're expecting a refund this tax season, or any tax credit throughout the year, here are some ideas to make the most of it.
-
SKIP THE MAIL.
Paper checks can be delayed or intercepted in the mail, and plastic refund cards often come with restrictions or fees.
-
CHOOSE DIRECT DEPOSIT.
With direct deposit, your tax refund goes straight from the US Treasury into your account. That means it's quick, convenient, and accessible.
Plus, it's easy to set up!
Click here for tips to establish or switch your direct deposit. And for a limited time, when you establish a qualifying, recurring direct deposit and bundle select products with a new checking account at Visions, you could earn cash bonuses that total up to $200! -
STOP SPENDING, START SAVING.
If you're thrilled about the cash, you could be tempted to spend it quickly. Before you do, make sure you have plenty of emergency savings to prepare for the unexpected. Experts suggest six months of living expenses as a healthy target.
To start saving for emergencies, open an additional savings account today. Ask a representative or simply click Add a Share/Certificate in digital banking to get started.
-
BOOST YOUR DIVIDENDS.
Your savings can lead to earnings, especially when those savings are in the right account! Unless you'll need the funds soon, consider depositing your tax return into a share certificate and enjoy a higher rate of return than traditional savings and checking accounts.
When you're looking ahead to retirement, you may also want to maximize your IRA contributions for each tax year. Learn more about IRAs and maximum contributions.
-
CUT DOWN DEBT.
If you have a financial wellness coach or debt counselor, seek their guidance when placing those funds. By using your refund to reduce debt, you might be able to improve your credit. Learn about FICO scores.
Refund or no refund, it's always a good idea to review your financial wellness or retirement plan. To get in touch with a nationally accredited counselor and discuss your financial goals, email education@visionsfcu.org. Or, for other retirement planning and investment options, consider connecting with Visions Wealth Management.
