It’s tax time—and more banks should be marketing their tax-related products

Article by Lauren Ashcraft  | Jan 30, 2025
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It’s tax time—and more banks should be marketing their tax-related products
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Topics
Banking
US

The strategy: As US banking customers gear up to file their taxes, they’re looking for products that’ll make the process easier and less stressful.

Some banks have advertised their tax-related offerings. For example:

  • Fifth Third Bank allows its more than 2 million Momentum Checking customers to access their tax refunds up to five days early at no additional cost. It claims to be one of the few US banks providing this service, per PYMNTS, though TurboTax now offers an early refund to any US bank account for a $25 fee, per Intuit.
  • Varo Bank and Chime both offer free federal and state filing services through their apps, which could appeal especially to younger customers, per CNET and their websites. However, customers who meet certain income requirements can also file for free directly with the IRS.
  • Arkansas-based Southern Bancorp and Greater El Paso’s Credit Union provide free tax preparation services at their branches through the Volunteer Income Tax Assistance, per AMP news and their websites. Customers must meet certain income requirements.

Marketing take: Few financial institutions (FIs) actively promote tax-prep services or tax-related financial tools, creating a major opportunity for differentiation. A well-timed campaign—focused on tax services that save time, reduce hassle, and help customers get their money faster—could drive significant engagement and strengthen customer loyalty during tax season.

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