Smart Budgeting

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 Way2Pay^TM

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.

The views and opinions expressed here may not represent the views and opinions of GO2bank, Green Dot Corporation, or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal, or business advice.

The GO2bank Blog may contain hyperlinks to sites that are not operated by GO2bank. The GO2bank Privacy Policy does not apply to the linked sites, and you should consult the Privacy Policies on those sites for further information. GO2bank does not provide and is not responsible for the product, service or overall content on those sites.

¹Early tax refund deposit applies to federal tax returns filed directly with the Internal Revenue Service (IRS) and depends on IRS timing, payment instructions and bank fraud prevention measures. Early deposit does not apply to GO2bank accounts opened at a tax professional’s office. The name and Social Security number on file with the IRS must match your GO2bank account to prevent fraud restrictions on the account.

²Service provided by Q2 Software. Neither GO2bank, Green Dot Corporation, Visa U.S.A. nor any of their respective affiliates provide or are responsible for Q2 Software products or services.

³4.50% Annual Percentage Yield (APY) paid quarterly on savings, of up to a $5,000 balance. APY as of January 2023 and may change anytime. National savings average based on FDIC-published rates as of 10/17/2022 on the $2,500 product tier of insured depository institutions for which data is available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.

⁴Available only to GO2bank accountholders with direct deposits totaling at least $100 in the past 30 days. Eligibility criteria applies. Other fees apply.

⁵Activated, chip-enabled debit card required to purchase eGift Cards. Active GO2bank account required to receive eGift Cards. eGift Card merchants subject to change. See Deposit Account Agreement (PDF) for details.

* When on a desktop, hover over * to view important disclosures. When on a mobile device, click on * to view disclosures.

The views and opinions expressed here may not represent the views and opinions of Green Dot Corporation or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal or business advice.

The GO2bank Blog may contain hyperlinks to sites that are not operated by Green Dot. The Green Dot Privacy Policy does not apply to the linked sites, and you should consult the Privacy Policies on those sites for further information. Green Dot does not provide and is not responsible for the product, service or overall content on those sites.

Online access, mobile number verification (via text message) and identity verification (including SSN) are required to open and use your account. Mobile number verification, email address verification and mobile app are required to access all features. See GO2bank Deposit Account Agreement (PDF) and GO2bank Secured Credit Cardholder Agreement and Security Agreement (PDF) for fees, terms and conditions.

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GO2bank also operates under the following registered trade names: Green Dot Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

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