January 24, 2017

Savings Resources (for Tax Sites)

Why Savings Matters

American households, including low- and moderate-income (LMI) households in particular, do not have enough savings to cover unforeseen expenses. Nationally representative data from the Pew Charitable Trusts (2015a) find that 41% of households do not have liquid savings to cover a $2,000 expense in the case of an emergency; for low-income families that rate increases to 78%. Yet, financial emergencies are frequent: 60% of American households report a financial shock within the past year (Pew Charitable Trusts, 2015b).


Resources for Sites


Client Incentives

savers card
Clients have two opportunities to WIN big when they Save part of their refund!

  1. EKS Savings Raffle: local savings raffle. Save at least $50, via split refund (Form 8888), and enter to win $100. Winners will be drawn in mid-March and late-April. Link to local EKS Savings Raffle: www.surveymonkey.com/r/saveraffle. Note: You will need to enter the client’s:
    • First and last name
    • Phone number
    • Email
    • Tax site name
  2. National Save Your Refund Drawingwww.SaveYourRefund.com
    • For weekly, you will need:
      1. Contact Info – First and last name, Phone number AND/OR email, Zip code, State of Residence, Tax preparation site
      2. Savings Info – Total amount of refund, Amount deposited in each account, Type of each account used, Amount used to purchase bonds (if applicable)
    • For Grand Prize Photo Contest, you will need everything above plus a photo and a caption.


Other Savings Resources

  1. Connecting Your Clients to Savings: Promoting Tax Time Savings (from Prosperity Now) – Listen to the recording and view the slides https://prosperitynow.org/events/connecting-your-clients-savings-promoting-tax-time-savings

  2. CFPB Savings Material– EKS is part of a national movement to increase Savings at Tax Time. Go here for more information: http://www.consumerfinance.gov/tax-preparer-resources/

  3. EARN Starter Savings Account
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