Americans eye tax refunds to fuel savings surge in 2026, but yield gap persists

Americans entered 2026 with a clear mandate to build their savings, with tax refunds expected to play a central role in accelerating that effort.

New research shows 76% of consumers now rank saving more as their top financial priority for the year ahead, underscoring a widespread shift toward financial resilience. Consumers increased their savings activity in the final quarter of 2025 compared with the same period a year earlier, setting the stage for further gains in 2026 as additional income sources come into play.

With tax season underway, the findings from Santander Bank show that refunds are expected to be a major contributor to savings growth. About 57% of Americans anticipate receiving extra income this year, most commonly through tax refunds, but also via bonuses or side income.

Among those expecting a refund, nearly nine in 10 (88%) say they intend to save at least a portion of it, highlighting the importance of this annual windfall.

For many households, the amounts involved are significant. Roughly 85% expect refunds of at least $500, including 41% anticipating $2,000 or more, with historical data suggesting average payouts could exceed $3,000.

Savings intent strong, execution uneven

Despite the clear intent to save, the survey reveals a disconnect in how consumers plan to deploy those funds. Almost six in ten expect to place their refunds into checking accounts, traditional savings accounts, or hold them in cash, all of which offer minimal or no return.

Only about 27% plan to direct those dollars into higher-yielding options such as high-yield savings accounts or certificates of deposit, missing an opportunity to significantly boost long-term growth.

That gap can have meaningful consequences. According to the analysis, consistently adding an average tax refund to a higher-yield account earning around 3.50% APY could generate more than $1,500 in interest over three years. By contrast, the same strategy using a traditional savings account would produce roughly $165—nearly a tenfold difference.

The findings suggest that limited familiarity with higher-yield products may be holding consumers back, particularly after years of low interest rates, but attitudes appear to be shifting. A majority of respondents said interest rates will be a key factor in their savings decisions in 2026, and many plan to move funds into accounts offering better returns.

There is also evidence that barriers to switching may be relatively low. Most consumers said earning less than $300 in interest would be enough to justify opening a new savings account.

At the same time, adoption of higher-yield products remains limited. Roughly 72% of respondents continue to rely on traditional checking and savings accounts as their primary savings vehicles, despite their low yields.

Positive sentiment among higher-yield users

For those already using higher-yielding accounts, the experience has been largely positive. The survey found that more than nine out of 10 high-yield savings and CD holders say the accounts are easy to open and would recommend them to others, while many report that the interest earned meaningfully contributes to their financial progress.

These users also tend to report stronger outcomes, including greater confidence in managing expenses, maintaining budgets, and meeting savings goals.

For advisors, the data highlights a critical opportunity to bridge the gap between intent and execution. With a majority of consumers expecting additional income and expressing a desire to save, guidance on where to allocate those funds and how to maximize yield could materially improve long-term results.