Put Your Tax Refund to Work for You


If you’re receiving a tax refund this year, you may be tempted to spend your refund on shopping or for a weekend trip. While these may be a fun way to spend your hard-earned refund, it may not be best for your financial goals. Put your refund to work for you by opening an interest bearing checking account from Colonial. The interest-bearing checking account gives you immediate access to your funds, while earning an above market interest rate.

If you’re receiving a tax refund this year, you may be tempted to spend your refund on shopping or for a weekend trip. While these may be a fun way to spend your hard-earned refund, it may not be best for your financial goals. Interest-Bearing Checking Specifics:

  • $100 minimum to open
  • Balance requirement fee if account falls below $1,500: $10 per month or $15 per month for imaged checks
  • Minimum balance to earn interest is $1,500
  • Transaction fee $0.50 per check in excess of 50 per month
  • 15% rate bump of Certificate of Deposit upon request
  • Free online banking/bill pay
  • Free debit card

The Annual Percentage Yield (APY) is expressed as an annual rate, based on 365 or 366 day year, compounded daily. Fees may reduce APY.

For more information on opening an interest-bearing checking account with Colonial, or any of our other banking solutions, contact us by calling 800.937.6001, or visit us at www.ColonialSavings.com.

Want to read more tips about saving money? Read our previous article on Smart Ways to Save Monthly.

 

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