See How People Spend Their Tax Refund Money

image of a beach on a sunny day lined with people sitting in chairs

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.

ADULTING: How to responsibly blow your tax refund money

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

Recommended For You

Use Our Tax Prep Guide To Help File Your State & Federal Taxes

If you haven’t filed your taxes yet, use our Tax Prep Guide to help locate important documents and tax information. We also have important details to ensure there are no hiccups when it’s time to file.

How To Manage & Destroy Sensitive Documents

From how to keep sensitive documents safe, to when and how to destroy them, we have plenty of info to make sure your important documents don’t end up in the wrong hands.