{"id":516,"date":"2022-03-29T14:59:25","date_gmt":"2022-03-29T14:59:25","guid":{"rendered":"https:\/\/www.sprucemoney.com\/resource-center\/?p=516"},"modified":"2022-08-31T16:37:10","modified_gmt":"2022-08-31T16:37:10","slug":"early-tax-refund","status":"publish","type":"post","link":"https:\/\/www.sprucemoney.com\/resource-center\/news\/early-tax-refund\/","title":{"rendered":"Announcing federal tax refunds up to 5 days early"},"content":{"rendered":"\n<p>It\u2019s tax season, which means it\u2019s also refund season! But what if you could get your refund sooner? With the Spruce mobile banking app built by H&amp;R Block you can now get your federal tax refund up to five days early<sup><button data-disclaimer-trigger=\"7\" class=\"js-disclaimer-link\"><span class=\"reader\">Disclaimer number<\/span><span>7<\/span><span class=\"reader\">. Go to disclaimer for more details.<\/span><\/button><\/sup> when you have your refund deposited directly into your Spruce Spending Account.<\/p>\n\n\n\n<p>It\u2019s easy to take advantage of this new feature no matter where you file your return. Simply indicate at the end of your return that you want your federal refund to be direct deposited to your existing Spruce Spending account. You can find your routing and account numbers in either your Spruce app or <a href=\"https:\/\/account.sprucemoney.com\/signin\">online account<\/a>. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-importance-of-tax-refunds-insights-on-consumer-intentions\">The importance of tax refunds: Insights on consumer intentions&nbsp;<\/h2>\n\n\n\n<p>We know how important tax refunds are and why getting yours faster matters. In fact, an H&amp;R Block study* sheds light on just how important refunds are to consumers and why many see them as a significant financial event.&nbsp;<\/p>\n\n\n\n<p>Specifically, the study shows that 53% of all consumers spend their tax refund on everyday bills, and 39% use it to pay down debt \u2013 the two top ways refunds are spent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consumers-see-tax-refunds-as-a-financial-reset\">Consumers see tax refunds as a financial reset<\/h3>\n\n\n\n<p>With bills and debt reduction topping the ways people spend their refund, it\u2019s easy to see why 70% of consumers believe tax refunds make a good tool to get caught up on finances. Despite this, 41% of consumers often feel conflicted about how they should be spending or saving their tax refund.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-however-many-don-t-have-a-plan-for-their-tax-refund\">However, many don\u2019t have a plan for their tax refund<\/h3>\n\n\n\n<p>A third of consumers don\u2019t have an intentional plan of how they\u2019ll spend their refund, but 45% are open to advice on the matter. Here\u2019s where Spruce can help further.<\/p>\n\n\n\n<p>It\u2019s our mission to help people be good with money and your refund can be an important stepping stone on your path to improving your financial health.&nbsp; After your federal tax refund arrives, Spruce will prompt you to designate a portion of your refund to savings as part of a <a href=\"https:\/\/www.sprucemoney.com\/tax-refund\/\">tax refund recommendation<\/a>, helping you to jumpstart your chosen saving goal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-for-those-with-a-plan-setting-up-emergency-funds-tops-saving-goals\">For those with a plan, setting up emergency funds tops saving goals<\/h3>\n\n\n\n<p>According to the survey, 73% of those who struggle financially intend to save some or all of their refund. And for all consumers who saved their tax refund, more than a third of them (37%) cited an <a href=\"https:\/\/www.sprucemoney.com\/resource-center\/savings\/emergency-fund\/\">emergency fund<\/a> as the top purpose for their saving.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-spruce-helps-you-be-intentional-with-your-refund-and-finances\">How Spruce helps you be intentional with your refund and finances<\/h2>\n\n\n\n<p>Tax refunds are a major moment for your finances. Let Spruce help you make the most of it. Getting your federal refund faster and helping you establish a plan to put your best financial foot forward. Whether you use your refund to kick start an emergency fund or other savings goal, we\u2019re ready to help you.<\/p>\n\n\n\n<p><strong>Don\u2019t have a Spruce account yet? <a href=\"https:\/\/account.sprucemoney.com\/signup\/\">Get started<\/a>.<\/strong><\/p>\n\n\n\n<p><sup>*<\/sup>&nbsp;Research conducted by H&amp;R Block and Qualtrics Surveys, 2,000+ adults ages 18+, Fielded Sept. 15-21, 2021.<\/p>\n\n\n\n<p><em>This information provided for general educational purposes only. It is not intended as specific financial planning advice as everyone\u2019s financial situation is different.<\/em><em><\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s tax season, which means it\u2019s also refund season! But what if you could get your refund sooner? With the\u2026<\/p>\n","protected":false},"author":1,"featured_media":520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7,36],"tags":[],"class_list":["post-516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-stories"],"acf":[],"yoast_head":"<title>Announcing Federal Tax Refunds Up to 5 Days Early | Spruce News<\/title>\n<meta name=\"description\" content=\"Spruce announces that you can now get your tax refund up to 5 days early when you choose to deposit your refund directly into your Spending Account. Get the details.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sprucemoney.com\/resource-center\/news\/early-tax-refund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Announcing federal tax refunds up to 5 days early\" \/>\n<meta property=\"og:description\" content=\"Spruce announces that you can now get your tax refund up to 5 days early when you choose to deposit your refund directly into your Spending Account. 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