Many of us are getting back the “no-interest loan” we gave Uncle Sam. Generally speaking, that’s what a tax “refund” is. If you don’t have debt to pay down, you might wanna put a fistful of those dollars in your savings account – and fuhgeddaboudit.
For example, Discover Bank’s Savings account will give you .95% APY (no minimum to open and no monthly fees). That rate is a heckuvalot more than what you are getting in your checking account.
When I want to know the best rates on all kinds of accounts of varying lengths of time, I go to Deposit Accounts.com. I’m not affiliated with them in any way. It’s an excellent resource.
Make the best of your tax refund. Start building that Emergency Fund!!