It has become common for most American to have the worst savings accounts in the world. They give the government too much money each and every payday and receive absolutely no interest on it. Even during the lowest interest rates of my life time, a savings account from a bank was at 0.5%, this is better than 0%.

The basic flaw is that most Americans view the tax return as a bonus, but it is actually their money. It would be wiser to have less taken out each week and pay a little at the end of the year than loan thousands of dollars to the government for free. But in the past 50 years, Americans have gotten away from saving money and this large amount that most receive is each year is spent on vacations or other things. Some Americans even have this in their budgets to expect this cash without understanding where it really is coming from.

To make matters worse, there are those that cannot wait the 10 days for their refund and pay over 20% interests on their own money through an income tax loan. When will people learn?