We’ve reached the time of year when taxpayers cross their fingers and hope for a nice tax return as they file their taxes. In 2019, more than 111 million Americans received a tax refund from the Internal Revenue Service, with an average amount of $2,869.
Expectations seem to be high for large refund checks in 2020. About 44 percent of taxpayers expect their tax refund will be their biggest paycheck of the year, according to a survey by CreditKarma. The survey also found that 46 percent of taxpayers are expecting their refund will be at least $1,000.
So, how are people spending their tax refund money? According to a 2019 survey by TurboTax, most people said they had a plan, but those plans varied by age and sex of respondents. Here are the results of that survey.
What Are Your Plans?
If you’re thinking about making a big purchase, our loan rates are the lowest they’ve been in years. If you’re leaning towards socking it away, we have solutions for short-term, and long-term savers. The choice is yours!
Save It
- Surge Money Market: Earn up to 2.00% APY* while you build your emergency fund
- Certificate of Deposit: Earn a high rate of interest on money you’re saving for the future
- Honor Investment Services: It’s never too early, or too late to plan for retirement
Spend It
- Auto Loans: Enjoy our lowest rates in years, and an easy online application or pre-approval process
- Home Loans: Fast & easy pre-approval, creative loan options, and local experts ready to help
- RV Loans: Competitive low rates, flexible terms up to 240 months, easy pre-approval process
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