Americans Determined to Grow Savings with Tax Refunds, Santander Bank Survey Finds

About this update from Banco Santander, S.a.

BOSTON, April 15, 2026--(BUSINESS WIRE)--Santander Bank, N.A. ("Santander Bank") today announced findings from a new survey revealing consumers added to their savings more frequently in Q4 2025 compared to Q4 2024 and are now determined to grow their savings in 2026—with tax refunds expected to have a key role in building momentum. With tax season underway, the latest Openbank Growing Personal Savings ("GPS") Tracker from Santander Bank found 76% of consumers say saving more is their top financial goal for 2026. With about six in 10 (57%) expecting additional money inflows this year, such as a tax refund or job-related bonus, there’s an opportunity for consumers to build on this savings momentum. Of those expecting a tax refund, nearly nine in 10 (88%) say they plan to save at least a portion of it. For many, these additional dollars are expected to be meaningful. Most (85%) expect to receive $500 or more, including 41% who expect $2,000 or more. IRS data from recent years suggests the average refund may exceed $3,000. An Opportunity to Accelerate Savings Growth Despite strong motivation to save, many consumers may be unintentionally missing out on savings growth, based on where they deposit these funds. The survey found more than half (58%) plan to put their tax refund into a checking account, a traditional savings account or hold it in cash, providing little to no yield. Only one in four (27%) plan to deposit their refund into a higher-yielding account, such as a High Yield Savings account or CD. The potential difference can really add up. For the typical saver with a median account balance of $8,000, contributing an average-sized tax refund annually to a higher-yielding account offering a 3.50% APY can generate more than $1,500 in interest over three years. Over the same timeframe, the same strategy using a traditional savings account may generate only about $165, nearly a tenfold difference. A majority of consumers (61%) report they would need to earn less than $300 in interest for it to feel worthwhile to open a new savings account. Many consumers may not be using higher-yielding accounts because they are less familiar with these options, particularly after a prolonged low-interest rate environment from 2008 to 2022. High-yield savings accounts may be worth closer consideration for consumers looking to make more of their savings. ...

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