It's estimated that roughly 80% of taxpayers get some sort of refund annually. What is your plan to spend the tax refund this year? Put the money into checking and savings accounts might be a good idea. Here are why.
1. Avoid monthly service fee
Most banks now charge a monthly service fee or require a minimum balance for their accounts. These vary depending on the type of account.
Take Chase as an example, Chase Total Checking account has a monthly fee of $12 and Chase Savings has a monthly fee of $5, both are avoidable with any one of the followings.
Chase Total Checking
Chase Savings account
2. $350 sign-up bonus
You can get up to $350 by putting the money into a Chase Total Checking and/or Savings account.
3. FDIC insured
As a member of FDIC, Chase bank is a safe place for depositor's money. Depositors have a peace in mind with up to $250,000 per depositor being insured, for the safety of deposits. Your tax return will be safe and sound in your Chase Total Checking/Savings account.
For more information, see https://www.fdic.gov/, or call 877-275-3342.
4. Chase Online Banking and Chase Mobile Banking
Use Chase Mobile Banking to make your life easier, by managing your tax returns, transferring funds, and depositing checks on the Chase App.
With Zelle, you can transfer money to friend's bank account directly in seconds. $75 billion sent through Zelle's network last year, and thousands of new user sign up every day. Chase customers can even send money to families or friends even if they do not have a Chase account.
Have you decided the use of your tax refund money?