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Tuesday, October 27, 2020
Banking Is a Tax Refund the Boon You Think It Is?

Is a Tax Refund the Boon You Think It Is?

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(StatePoint) A tax refund may sound like a boon, but financial experts say that you may be able to make more over the course of the year by checking your withholdings and putting any additional funds into a savings account over the course of the year.

Click Here to Enlarge Infographic.

Those who received the average refund in 2018, could see an additional $282 in interest compounding over three years simply by putting the monthly sum into a savings account earning 2.20 percent all year long.

Though changing your tax withholdings is easy, three in four workers failed to adjust their withholdings this past year, according to a recent Civic Science survey for Ally Bank, Member FDIC.

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