5 Ways to Put Your Tax Refund to Work
5 Ways to Put Your Tax Refund to Work
Do you find Tax Season super draining? We get it– gathering all those forms, tracking down receipts, double-checking that you filled everything out properly. Oof, talk about stress. But hopefully you’re lucky enough to get a tax refund, and when that glorious refund arrives, it almost all seems worth it. Spring flowers seem to bloom a little brighter, birds sing a little louder, and your bank account gets a little bigger.
Not only can you direct deposit your federal tax refund to your GO2bank account, you can also get it up to 5 days earlier1. But what’s the best way to use your refund when it hits your account? Extra guac, all day, every day? Or, some purchases that might help you throughout the year.
Follow these helpful tips and you can start putting that extra cash to work right away.
1. Pay the bills
Just because tax season is over doesn’t mean your bills will magically stop. Womp womp. But with an extra bump in cash like your tax refund, you can use it to pay bills and set up one-time or recurring payments in the GO2bank app. That way your bills will be automatically paid whenever you need them to be, with zero fees from us. And if one of your billers isn’t on our list of available billers, like your landlord, then you can add them manually and have a check mailed directly to them every month. That’s how you turn Tax Season into Taking Care of Business Season.
2. Set it and forget it with Way2PayTM
So, your taxes are filed, your tax refund already hit your account, and it’s time to relax with an epic binge watch of your new favorite show. But wait, did you pay for this month’s subscription to that streaming service yet? Psssh, just use Way2Pay2 and set up your GO2bank debit card as your payment card of choice with dozens of the most popular subscription services and online merchants. It’s so easy to set up, you’ll be done by the opening credits and still have tax refund money to spare.
3. Start a GO2bank savings vault
Have you been telling yourself that this is your year? Not only do we believe in you, we can help make it happen. Whether it’s starting your rainy day fund, your new car fund, your better apartment fund, or even your I-must-retire-early-and-live-in-Bali fund, GO2bank savings vaults are the place to start. When you stash your tax refund in a GO2bank savings vault, you’ll earn well over the national savings rate average3. That’s 4.50% APY paid quarterly on up to $5,000, and that just helps you turn money into more money over time, bringing that Bali dream one step closer.
4. Get this credit party started
Has a credit card always felt too far-fetched, too complicated, or just too expensive? Give yourself some credit. No, seriously, you can give yourself some credit with the GO2bank Secured Visa® Credit Card4. After you’ve received eligible direct deposits, you can apply for a card. Then just use your tax refund to help set up your security deposit, and you’ll be building credit in no time.
5. Splurge a little
It’s okay to treat yourself. You worked hard last year– you have the tax refund to prove it. Whether it’s something you couldn’t afford that your tax refund has made possible, or something little that will really, really hit the spot, you’re in charge of your financial future. Give yourself something nice, you deserve it. And if that something nice just so happens to be eGift Cards on the app, then congratulations– you just used your refund to earn up to 7% instant cash back.5
To learn more about how you can get your federal tax refund up to 5 days early, visit the GO2bank Tax Center.
