Is a Tax Refund the Boon You Think It Is?

(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.

*****

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.