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Capital One Bank Survey: More Than Half Of Americans Who Will Be Receiving A Tax Refund This Year Plan To Spend The Majority Of It

Tips to Turn Tax Season into the Savings Season Capital One Bank offers the following tips for consumers on 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 for next year:

  1. Pay yourself first. Use your refund to build your emergency fund so you're prepared for short-term needs that can come along unexpectedly. By depositing all or at least a portion of your refund into your savings account your building your savings cushion for the year.
  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. The Capital One 360 Savings Account has a high rate plus extra savings tools, such as My Savings Goals, to keep you focused on your financial goals.
  3. Save regularly by setting up automatic transfers . One of the easiest ways to get into a routine of saving is to have funds automatically moved to your account every month or paycheck. Consider an online savings account that offers free transfers to and from existing accounts and set up automatic transfers in regular increments to ensure that money goes directly to savings. With an Automatic Savings Plan, such as that offered by Capital One 360, you can set it and forget it.
  4. Avoid unnecessary fees. When choosing a savings product, make sure that you're not losing your hard-earned cash to fees. Look for a product that offers no recurring monthly fees.
  5. Make the safest deposit. Make sure any savings tool you use is FDIC-insured.

Survey Methodology The findings reported in this release are from a telephone survey conducted by the market research firm ORC International (ORC). The survey was sponsored by Capital One Financial and conducted via ORC's CARAVAN Telephone Omnibus Survey. ORC completed 1,008 landline and cell phone interviews with US resident adults age 18 and older from February 13-16, 2014. The margin of error for the national sample is +/- 3 percentage points at the 95 percent confidence level. Sampling for this study was conducted using two national probability samples, one for the landline and one for the cell phone. All interviews were conducted using a computer assisted telephone interviewing system. Data were weighted to 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 $204.5 billion in deposits and $297 billion in total assets as of December 31, 2013. 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. Capital One 360 is a division of Capital One, N.A. 

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SOURCE Capital One Bank

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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