3 Ways to Maximize Your Tax Refund

February 29, 2024

As tax season approaches, many individuals are either dreading the complicated process of filing or eagerly anticipating the arrival of their refund. Beyond the routine of tax season, receiving your refund each year can provide an opportunity to make strategic decisions that can positively impact your financial future. It can be tempting to spend your refund right away, but if you want to make the most of it, there are steps you should consider that allow your money to grow, earn dividends, and jumpstart your savings journey. 

Step 1 - File Your Taxes with Help from the Pros

To navigate the intricate tax landscape and ensure you receive the best refund possible for your financial situation, enlisting the help of tax professionals is recommended. This first step is important as the size of your refund will determine the trajectory of your savings. To assist our members, MSUFCU has teamed up with TurboTax® and H&R Block to offer tax filing solutions. You’ll receive the tax help you need with the perk of special savings and discounts exclusive to our members.

Visit taxservices.lovemycreditunion.org to learn more.

Step 2 - Let Your Refund Grow!

The next step to maximizing your tax refund is by leveraging the benefits of high-yield savings accounts, Certificates, and other financial tools offered by your credit union or financial institution. Unlike traditional banks, credit unions often offer higher dividend rates on savings accounts, allowing your money to grow more rapidly over time. By depositing your tax refund into a high-yield savings account, such as the MSUFCU Savings BuilderSM account, you can ensure that your funds are working for you, earning interest throughout the rest of the year and beyond. This way, your refund can build towards multiple savings goals at once like your next vacation or establishing an emergency fund, providing not just short-term gains but a foundation for long-term financial success.

Another solution is to deposit your refund into a Certificate, which provides higher dividend rates than regular savings accounts. Certificates lock in your funds for a specified period, ranging from a few months to several years, and offer fixed rates. By investing all, or a portion, of your tax refund in a Certificate, you can enjoy higher returns compared to a standard savings account, without exposing your money to market fluctuations. Certificates are also a safe and secure option as they are federally insured by the National Credit Union Administration (NCUA).

Step 3 - Enter to Win $1,000 with Your Tax Refund

MSUFCU is providing another way to increase your tax refund with the ‘Your Refund, Plus Some’ Sweepstakes1. If you are an MSUFCU member and opt to have your tax refund directly deposited into your MSUFCU checking account before April 30, 2024, you'll be automatically entered for a chance to win $1,000!

How to enter:

  1. Select direct deposit as your federal tax refund disbursement option.
  2. Provide the MSUFCU routing number (272479663) and your account number. This information can be found under “My Profile” in the mobile app and ComputerLine®.
  3. Submit your return.
  4. Once the funds have been deposited to your account, you’re entered to win $1,000!

To learn more and set up your direct deposit, visit msufcu.org/specialoffers/taxrefund.

MSUFCU Can Help!

Maximizing the value of your tax refund involves making informed financial decisions that align with your goals. MSUFCU offers a range of solutions, from savings accounts to financial education courses, providing you with opportunities to grow your money, enhance your understanding of tax filing, and secure your financial future.

1No purchase necessary. To enter, you must have your IRS tax return deposited to your MSUFCU checking account using direct deposit by 4/30/24. One winner will be drawn 5/13/24 by the MSUFCU Internal Audit department, whose decision is final. Chances of winning are based on the number of entries received. If 1,000 entries are submitted, chances of winning are 1 in 1,000. Winner will be notified by email and/or phone and have 5 business days to respond. Failure to respond within 5 business days will result in the selection of a new winner. Winner must sign a release form to receive prize. Winner is responsible for applicable taxes. Prizes may not be substituted or transferred. Employees and immediate family members of MSUFCU and sweepstakes sponsors, as well as MSUFCU board members and their immediate family members, are not eligible. For full sweepstakes details, go to msufcu.org/taxrefund. You may also enter by sending a 3-inch by 5-inch card with your name, address, phone number, and email address to: MSU Federal Credit Union, Marketing, Your Refund Plus Some, 3777 West Road, East Lansing, MI 48823.

Tags: Taxes, Savings, Tips and Tricks