Throughout the year, most people agonize over the amount of taxes taken out of their paychecks. Nevertheless, once tax refund time rolls around, the excitement over getting money back from the government causes some to spend their refund money without even thinking about what that money really is. A tax refund is basically the government repaying the principal on a loan it took from you in the form of the taxes taken out of your paycheck. So unless you have adjusted your withholdings to avoid loaning the government any money, which in turn prevents you from getting a tax refund, here are a few simple ways to build on the hard-earned money the government is paying you back.
An MCU Money Market Account offers you high dividends with as little as a $2,500 opening deposit. An MCU Money Market Account is a smart and convenient way to make more out of your refund.
MCU’s 18-month Deposit Plus Share Certificate (CD) is another way to earn high dividends, but with a more affordable opening deposit, as low as just $250. With a Deposit Plus CD, you can make deposits of $50 or more monthly through direct deposit or automatic payroll deduction.* Your tax refund money will continue to grow thanks to a fixed high-yield rate for the full 18-month term.
If you prefer to save your refund money for later on in life, MCU IRAs offer high-yields and tax benefits that can act as a primary or secondary retirement savings fund. Traditional and Roth IRAs from MCU will help you save now and in the future.
Finally, if you need to use your refund money to cover expenses, why not deposit your refund check into your Share Account or a CD, then borrow against the money with a Share Secured or CD Secured Loan at MCU? Borrowing against your own money gives you our lowest loan rates, and you can borrow as little as $500. The best part about borrowing from your own money using a Share Secured or CD Secured Loan is that the money you deposit continues to earn high-interest dividends throughout the life of the loan.
