FOR IMMEDIATE RELEASE: October 24, 2016
Contact: Katie Bryan, CFA, (202)-939-1018
Dylan Manley, Commonwealth, (617) 202-0532
WASHINGTON — In the 2017 tax season, SaveYourRefund will once again offer tax filers the chance to win cash prizes for saving a portion of their tax refunds. Now in its fifth year, SaveYourRefund is a partnership between Commonwealth (formerly D2D Fund) and America Saves.
The SaveYourRefund campaign provides fun and exciting incentives for Americans to save at tax time, when households making less than $50,000 claim $100 billion in federal tax refunds. More than half of all Americans have no savings to help them cope with even small emergencies. Yet more than 100 million taxpayers get refunds from the IRS each year, which offers the perfect opportunity to get an emergency fund started. For many individuals and families, that tax refund is the largest check that they will receive all year. A chance to win a $25,000 grand prize or one of 100 smaller prizes has proven to be enough to turn saving skeptics into savings winners.
Commonwealth and America Saves look forward to continuing to expand the reach and impact of SaveYourRefund in 2017. The campaign is offered through a nationwide network of Volunteer Income Tax Assistance (VITA) sites, where taxpayers can learn about the prizes and get free help filing returns. Assistance and information will also be available through other VITA, volunteer, and community offices and online at www.SaveYourRefund.com.
“We’re thrilled to continue our partnership with America Saves and look forward to another exciting year of fun and prizes at tax time in 2017,” said Commonwealth Executive Director Tim Flacke. “Even a small amount of money saved can make a big difference. SaveYourRefund helps tax filers all over the country to take an important step on the pathway to financial security.”
Over 9,000 entrants have saved more than $7.5 million through SaveYourRefund since 2013.
“SaveYourRefund provides an opportunity and an extra motivation for tax filers to get a jumpstart on saving at the critical moment when so many are preparing to receive a tax refund,” said Nancy Register, America Saves Director. “We work with individuals and partner organizations all across the country that are looking for just such an opportunity. We are so pleased to work with Commonwealth to make that possible again this year.”
The winner of the 2016 Grand Prize Photo Contest, Ebony Brown-Parks, had entered SaveYour Refund every year since its inception. She committed to saving for herself and her family even in times of financial challenge and uncertainty. Last tax season, Ebony entered SaveYourRefund by purchasing a $50 U.S. Savings Bond for her daughter. Her story of financial resilience is an inspiration and Commonwealth and America Saves were delighted to award her the $25,000 Grand Prize.
Ebony says, “You never think this stuff will happen to you. It feels good to win because I try to do the right thing. Income goes up and down – especially with my layoff – and one of the things I really care about is being financially secure.”
For information on how to save and enter SaveYourRefund or to support SaveYourRefund efforts across the United States, visit www.SaveYourRefund.com. Additional information on Commonwealth and its innovative portfolio of solutions to build financial security can be found online at www.buildcommonwealth.org. More about America Saves and its mission to motivate, encourage, and support low-to moderate income households to save money, reduce, debt, and build wealth is available at www.AmericaSaves.org.
NO PURCHASE NECESSARY. Sweepstakes Eligibility Requirements: Open to legal residents of the 50 United States and DC with a valid taxpayer ID number who are 18 years or older at time of entry and due a 2016 individual tax refund. Begins 12:01 am ET 1/23/17 and ends 11:59 pm ET 4/18/17. To enter and for Official Rules, including odds, alternate method of entry, and prize descriptions, visit www.saveyourrefund.com/rules. Void where prohibited. Sponsor: Build Commonwealth, Inc.(f/k/a D2D Fund, Inc.)
America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Nonprofit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org.
Commonwealth, is a mission-driven organization that strengthens the financial opportunity and security of financially vulnerable people by discovering ideas, piloting solutions and driving innovations to scale. We collaborate with consumers, the financial services industry, policy makers and mission-driven organizations to build solutions that make wealth possible for everyone. To learn more, visit buildcommonwealth.org and follow us on Twitter, @buildcommwealth