Make Your Tax Refund Work for You: 3 Financial Products to Acquire This Tax Season

By Texas Trust Credit Union

The Texas Trust Newsroom

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Tax season is upon us, and with many of us receiving a refund check from Uncle Sam, there’s the critical question of what's the best way to use it? This year, consider investing in a financial product that can put your refund to work for you. Here are three great options to boost your finances no matter what your goals are. 

Get a Feature-Rich Checking Account

Your tax refund can be the perfect opportunity to upgrade your checking account. Look for a special account with features that suit your lifestyle. Look for details like overdraft protection to avoid pesky fees or less transaction-focused perks like free identity theft protection. With a well-chosen checking account, your refund can become the foundation for a healthier financial future.

Grow Your Money with A High-Yield Savings Account:

If your goal is to grow your savings quickly, a high-yield savings account could be the perfect solution. These accounts offer interest rates significantly higher than traditional savings accounts, meaning your refund can work for you while you remain readily accessible. This account can help you with short-term goals you have like a down payment on a car or emergency fund.

Play the Long Game with a Certificate of Deposit (CD):

CDs offer a guaranteed interest rate for a predetermined period, typically ranging from a few months to several years. The longer you commit your funds, the higher the interest rate you'll typically receive. If you’re looking to go the “set and forget” route, a CD is a strong contender. It’s perfect for long-term goals like a child's college education or a dream vacation.

No matter your financial goals, there's a smart way to use your tax refund. From managing your everyday finances to building a secure future, these three options cater to different needs and lifestyles. Instead of spending your refund all at once, try making your refund work for you with one of these smart financial instruments.

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