US Savings Bonds are a safe, reliable way to save money. They have steady interest rates that protect your investment from inflation. You can purchase them directly from the Treasury with your tax refund in increments of $50. The longer the bond matures, the more interest it will accrue.
US Savings Bonds can be purchased for yourself or designated to someone else, like a child, grandchild or beneficiary. If you are interested in purchasing a US Savings Bond with your tax refund, tell your tax preparer and submit Form 8888 with your tax return.
Learn more about savings bonds:
IRS.gov – Using Your Income Tax Refund to Save by Buying US Savings Bonds: https://bit.ly/2XVHv4r
The Balance – How and Why You Should Turn Your Tax Refund Into a Savings Bond: https://bit.ly/3aopwZz
Simply putting all or some of your tax refund into a savings account is an easy way to save money. Usually, a savings account is used less often than a checking account, so the money is less likely to be spent. When you put your tax refund in a savings account, you can:
- Start an emergency fund
- Save for a large purchase or down payment
- Pay for college/education expenses
Talk to a bank to see what kinds of savings accounts they offer. Some savings accounts have higher interest rates for even more saving! Check out Opening a Bank Account.
Learn more about savings accounts:
The Balance – Reasons to Have a Savings Account: https://bit.ly/2PSUgso
ConsumerFinance.gov – How to use your Tax Refund to Build your Emergency Fund: https://bit.ly/2CpqisK