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More Than A Third Of Americans Plan To Spend All Or Part Of Their Tax Refund

Capital One Bank Tax Season Tips  Capital One Bank offers the following tips for consumers considering how they can boost their savings, whether it's making a savings plan for a tax refund or planning to set aside cash to pay taxes they might owe for next year:

  1. Pay yourself first. If you're eligible for a refund, start building your savings cushion for the year by depositing all or at least a portion of your refund into your savings.
  2. Strong rate, nice return. When reviewing your savings options choose the product with the best rate of return that matches your lifestyle and needs. Some checking accounts are offering higher interest rates than even CD accounts, giving more flexibility and access to your funds than a CD would. Capital One Bank's High Yield Checking account currently earns an interest rate that is five times the national average. The rate is guaranteed for one year.
  3. Make saving automatic, easy and excuse-free. Don't stop contributing to your savings after getting your refund. It's always a good idea to get into a routine of putting aside money. One of the easiest ways is to have funds automatically moved to your account every month or paycheck. This is important if you need to set aside savings at the end of the year for taxes.
  4. Make the safest deposit. Make sure any savings tool you use is FDIC-insured.
  5. If you must spend, do it wisely. Reinvest refund money into your biggest piggy bank, your home. Some home repairs will help you financially in the long term, from more efficient windows that reduce monthly heating and cooling to taking advantage of the energy tax credit. Make your house a better home while saving on your next tax return.

Survey Methodology  The findings reported in this release are from a telephone survey conducted by the opinion research firm, Braun Research of Princeton NJ. The survey was sponsored by Capital One Financial.  Braun Research completed 1,006 landline and cell phone interviews with US resident adults age 18 and over.  All interviews were with one household member only selected at random. The interviews were conducted February 5, 2013 through February 10, 2013. The margin of error for the national sample is +/- 3.1 percentage points at the 95 percent confidence level. Interviews were monitored at random.  Sampling for this study was conducted using a national probability replicate sample. All interviews were conducted using a computer assisted telephone interviewing system while the cell phone completes were dialed manually to comply with federal laws. Statistical weights were designed from the United States Census Bureau statistics. 

About Capital One  Capital One Financial Corporation ( www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank ( USA), N.A., had $212.5 billion in deposits and $312.9 billion in total assets outstanding as of December 31, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Contact: Laura DiLello 302-467-6449 laura.dilello@capitalone.com

 

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