Smart Budgeting

4 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. 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 average². 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.

3. 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 Card³. 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.

4. 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 back⁴.

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.

²Interest paid quarterly on the average daily balance of all savings during the quarter up to a $5,000 average daily balance and if the account is in good standing. Fees on your primary deposit account may reduce earnings on your savings account. 4.50% Annual Percentage Yield (APY) and 4.41% interest rate are accurate as of January 2025. APY and interest rate may change before or after you open an account. See Deposit Account Agreement (PDF) for terms and conditions. The national deposit rate for savings accounts is used when stating GO2bank savings accounts “Earn well over the national savings rate average”. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.

³Available only to GO2bank accountholders with direct deposits totaling at least $100 in the past 30 days. Eligibility criteria applies. Other fees apply.

⁴Activated, 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.

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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.

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