Jackson Hewitt Tax Service has partnered with consumer financial resources company NerdWallet to connect its tax filing clients with high-yield savings accounts as part of a new program.

The tax prep giant said that the accounts pay five times more than the national average interest. The company is also giving customers who file their taxes with Hewitt $50 to start saving.

Hewitt cited a recent Federal Reserve study that said about a third of Americans are putting no money into savings. The study also found that slightly more than half of Americans making less than $40,000 a year did not put any of their pay into savings; almost half had insufficient money on hand to cover an emergency expense of $400.

A Jackson Hewitt location

“Because the tax refund can be one of the biggest checks our clients receive all year, we wanted to use this event to help kick-start [clients’] savings goals,” said Jackson Hewitt co-CEO David Prokupek in a statement.

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Jeff Stimpson

Jeff Stimpson

Jeff Stimpson is a veteran freelance journalist who previously served as editor of The Practical Accountant.