Spend, Save, or Stretch a Tax Refund
Each tax season, many Americans experience filing and receiving a refund. But what happens after you receive your refund? Here are some different ways to spend, save, or stretch your dollars.
Many see a refund as a chance to treat themselves to luxury items, such as jewelry or electronics, or to an experience such as a vacation. According to a TaxSlayer survey, all age groups agree that a refund is an opportunity to enjoy a personal gift or vacation.
You don’t need a tax refund to et the most out of your spending. Earn cashback or points for your purchases without high interest rates that come with big banks. Learn about our Visa credit card options.
As the most popular option from the TaxSlayer survey, many Americans are looking for ways to save money in different ways. If you decide to stash away your refund, depending on your unique savings goal, a different savings account may be the perfect fit.
Money Market Savings. You’ll earn higher interest rates as your balance grows and interest is compounded daily on balances of $1,000. This is great for a long-term savings plan. Learn more about our money market account.
Regular Savings. It only takes $5 to open a savings account at American Eagle Credit Union and you’ll have 24-hour access to your account with OnlineAccess or on our MobileAccess+ app. A regular savings account is perfect for any long or short term savings goal. Open a savings account today.
Holiday Savings. Looking to save short-term for the holidays, but want to keep it in an individual savings account? Deposit a portion of your tax refund here and add to it with monthly deposits deducted from your paycheck automatically. It’s a great way to save during the holiday season. Learn more about our holiday savings.
Earn and Learn Savings. If you have a growing family and want to start building a savings account for a little one, an Earn and Learn savings account may be the best way to build up funds for them.
In order to stretch a dollar, most Americans prefer to “invest it where they can’t see it”.
When you treat a tax refund as unexpected money coming in, letting the refund build and earn steady interest over time in an Individual Retirement Account (IRA) or a Certificate of Deposit (CD) can bring security and growth with your earnings and pay off for “future you”.
IRA Money Market Account. Looking for a flexible way to invest your tax refund with the attractive rate of return for your Traditional or Roth IRA, the IRA Money Market may be a great option for you. Learn more about our IRA Money Market Account.
IRA Certificates. IRA Certificates offer a variety of terms and rates to meet your needs. Learn more about our IRA Certificates.
CDs. CDs are a great way to build financial security with the money earned back from a tax refund. The credit union offers:
Fixed Rate CDs
Variable Rate CDs
Youth Group CDs
Learn more about the different CD options to best fit your lifestyle and tax refund.
There’s no wrong way to use a tax refund—we’re here for you.
For any life moment, American Eagle Credit Union is here for you. Questions? Reach our Member Contact Center at 1-877-325-2848 or send us an email through our contact form.
*Federally insured by NCUA.