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

• 76% of Americans say saving more is their top financial goal for 2026.

• Nine in 10 (88%) of those expecting a tax refund plan to save at least a portion of it.

• More than half (58%) of consumers plan to save their tax refunds in accounts that offer little to no yield, missing an opportunity to accelerate savings growth.

• Contributing a tax refund annually to a savings strategy using a High Yield Savings account or Certificate of Deposit can generate nearly 10 times more interest than a strategy using a traditional savings account.

BOSTON--(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. Openbank by Santander currently offers a High Yield Savings account with a 4.00% Annual Percentage Yield (APY).*

The survey also found that more than nine out of 10 owners of High Yield Savings accounts and CDs say these accounts are easy to open and would recommend them to other savers. Many also say the accounts provide meaningful interest income, helping them grow their savings faster.

Methodology

Q4 2025 Growing Personal Savings (GPS) Study: This research on growing personal savings, conducted by Morning Consult on behalf of Santander Bank, surveyed 2,278 American adults. This Q4 study was conducted between December 22 – 29, 2025. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. Data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region and education.

Monthly measures were based on additional monthly survey pulses, conducted by Morning Consult on behalf of Santander Bank, of approximately 2,200 American adults per month. The monthly iterations were conducted October 15 – 21, November 14 – 17, and December 15 – 18, 2025 to measure month-over-month changes. Each monthly survey was conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. This data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region and education.

The full report and more information about the Santander Bank, N.A. survey can be found here.

About Santander Bank, N.A.

Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank’s more than 4,400 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, and Florida. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN), recognized as one of the world’s most admired companies by Fortune Magazine in 2025, with approximately 180 million customers in the U.S., Europe, and Latin America. Santander Bank is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

Openbank in the United States is a division of Santander Bank, N.A., which is a Member of FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2026 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank, please visit openbank.us.

*APY shown is as of April 15, 2026. Please visit openbank.us for rates and terms of Openbank High Yield Savings Accounts.