Intuit TurboTax Launches First and Only Product Guaranteeing Tax Refunds 5 Days Early Into Any Bank Account

Rhea-AI Summary

Intuit TurboTax has announced new offerings for the 2024 tax season, including a groundbreaking guarantee to deliver federal tax refunds 5 days early to any U.S. bank account for a $25 fee. The company is also introducing the only free do-it-yourself mobile app offer for both federal and state tax filing, regardless of tax complexity, available through Feb. 18, 2025.

The company will continue offering its Refund Advance program, providing no-fee, no-interest loans up to $4,000 delivered within 60 seconds after IRS acceptance. For assisted filers using TurboTax Live Full Service, a minimum 10% reduction in fees compared to last year is guaranteed when filing by March 25, 2025.

According to TurboTax's generational tax survey, 93% of Gen Z expects a refund this year, with many planning to use it for necessities. Early access to funds would help them avoid debt fees (20%), pay rent on time (35%), and pay off debt (35%).

Positive

• First guaranteed 5-day early refund delivery service for any bank account
• Free federal and state tax filing through mobile app regardless of complexity
• No-fee, no-interest Refund Advance loans up to $4,000
• 10% minimum fee reduction guarantee for assisted filing services

Negative

• $25 fee for 5-day early refund service

Insights

Financial Services Analyst

Intuit's strategic rollout of accelerated tax refund services represents a significant competitive advantage in the $11 billion tax preparation market. The new 5-day early refund guarantee, coupled with the free mobile filing option, addresses two critical market pain points: refund timing and cost barriers. The $25 flat fee structure for early refunds creates a new revenue stream while undercutting traditional refund anticipation loan products.

The timing is particularly strategic, targeting Gen Z and Millennial demographics where 93% expect refunds and 35% need funds for essential expenses. By removing bank account restrictions and guaranteeing early delivery, Intuit positions itself to capture market share from both traditional tax preparers and fintech competitors. The Beat Your Price Offer for assisted filing services indicates an aggressive push to convert competitors' customers, potentially impacting H&R Block and Jackson Hewitt's market share.

Market Research Analyst

The generational survey data reveals compelling market dynamics that validate Intuit's product strategy. The high percentage of Gen Z planning to invest refunds in stocks and crypto (19% vs. 6% for Boomers) suggests strong potential for cross-selling opportunities with Credit Karma's financial services. The 35% of Gen Z using refunds for rent payments indicates a significant opportunity in the early refund market.

Most notable is the shift in consumer behavior across generations, with 43% prioritizing savings and 33% focusing on essential needs. This aligns perfectly with TurboTax's positioning of their refund acceleration services as financial wellness tools rather than traditional loan products. The mobile-first approach with free filing regardless of complexity represents a significant disruption to the traditional tax preparation pricing model.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today announced a suite of offerings designed to help filers access their tax refunds faster and more affordably as TurboTax e-file opens for the 2024 tax season. The offerings include the only do-it-yourself mobile app offer on the market, providing completely free federal and state tax preparation regardless of tax complexity. In addition, TurboTax is providing the first and only fast refund guarantee that delivers federal tax refunds 5 days early no matter the filer’s banking institution, helping consumers get faster access to critical funds.

For millions of Americans, the tax refund, averaging over $3,000, represents the largest paycheck of the year. Getting fast access to those funds can be indispensable. According to a generational tax survey conducted on behalf of TurboTax by Talker Research, 93% of Gen Z expects to get a refund this year and they plan to use their refund to pay for necessities. In fact, access to faster refunds would mean they are able to avoid debt fees (20%), pay rent on time (35%), and pay off debt (35%).¹

"We are proud to continue advancing our faster refund offerings as well as provide free do-it-yourself filing through our mobile app offer to arm our customers with the financial flexibility and security they deserve,” said Executive Vice President and General Manager of Intuit's Consumer Group, Mark Notarainni. “We are giving our customers unparalleled access to their hard-earned money at affordable prices, empowering them to pay bills, pay down debt, and manage daily expenses with greater ease and peace of mind."

Although many companies claim to offer fast refund services, they often do not deliver the funds where consumers need them. Moving money between bank accounts can take up to 5 days. Unlike traditional refund services, TurboTax’s newest 5 Days Early refund offering delivers these vital funds into any U.S. bank account, providing taxpayers expedited access to their money.

TurboTax’s fast money offerings include:

• NEW! 5 Days Early Refund Offering² - Consumers can get their federal refund delivered 5 days before IRS settlement - guaranteed.³ For a $25 flat fee, TurboTax delivers the refund into any U.S. bank account in the customer’s name whether they file through TurboTax or Credit Karma. Refunds are guaranteed to be delivered at least five days early into a customer's bank account of choice or customers will not be charged the 5 Day Early fee. Intuit will also continue to offer the option to deposit a federal refund into a Credit Karma Money^TM account,⁴ delivered up to 5 days early, for no additional cost.⁵
• Refund Advance - TurboTax will continue to offer its no fee, no interest loan for those filers who need funds immediately. Customers can get approved to receive up to $4,000,⁶ delivered in as little as 60 secs after IRS acceptance of their tax filing,⁷ into a Credit Karma Money^TM account. $0 loan fees, 0% APR, no credit score impact.

"TurboTax's accuracy and maximum refund guarantees, coupled with our faster access to crucial money, deliver an unparalleled experience, especially to those who need fast access to cash,” said Notarainni. “We're not just meeting a financial need; we're doing it with speed and simplicity, and at unmatched prices."

Unbeatable Pricing with Do-it-Yourself Mobile App Offer Plus Exceptional Prices for Assisted Filers

Not only is TurboTax providing multiple ways for consumers to access refunds faster, but the company is also providing the only free do-it-yourself federal and state filing option on the market available to filers of any tax complexity. Through its Free Mobile App Offer everyone new to TurboTax, or those who did not file with TurboTax last year, regardless of their tax complexity, can file their own federal and state taxes for free through the TurboTax mobile app through Feb. 18, 2025. No other tax preparation provider on the market has an offer like this.

In addition, starting Jan. 15, 2025 assisted filers who hand off their taxes to an expert with TurboTax Live Full Service and file by March 25, 2025 are guaranteed a minimum 10 percent reduction in the fees they paid their tax professional last season with the upcoming Beat Your Price Offer.

The importance of faster refunds to consumers is clearly demonstrated in TurboTax’s generational tax survey of 4,000 Americans. Results found that for many Gen Z and Millennial filers, early access to funds is critical in helping them avoid late payments and fees. TurboTax also found that a majority of consumers across all generations plan to prioritize spending their refunds on necessities, like food and medication.

TurboTax Generational Tax Survey Highlights:

When asked what getting their tax refund a week earlier would allow them to do, those surveyed shared:

• The 93% of Gen Z who expect to receive a refund felt faster funds will help pay off debt (35%), and even pay their rent on time (35%), while all generations expressed earlier refunds would lead to them comfortably affording necessities such as food and medications, and noted being less stressed overall (Gen Z 35%, Millennials 32%, Gen X 27% and Baby Boomers 13%).

When asked how they plan to spend their 2025 tax refund, those surveyed shared:

• Despite generational differences, the common thread among all generations is the prioritization of financial responsibility with their tax refunds, focusing on essential needs such as housing, food (33%), and savings (43%) over discretionary spending such as travel, vacation (13%), and entertainment (8%).
• We also see more Gen Z noting they will invest their refunds through stocks, bonds, or crypto (19%) over any other generation (Millennials 16%, Gen X 10%, Baby Boomers 6%).
• They also feel they will spend their refund on entertainment, such as concerts and sporting events (14%) over other generations. Only 9% of Millennials, 5% of Gen X, and 1% of Baby Boomers noted they would spend their refund in this way.

Tax year 2024 TurboTax products are now available for consumers and small businesses in English and Spanish at www.TurboTax.com, the Apple App Store and Google Play Store. Credit Karma tax products are now available in English via the Credit Karma app.

Visit the following pages to learn more about TurboTax Faster Money Offerings:

• 5 Days Early Refund Delivery with TurboTax: https://turbotax.intuit.com/early-tax-refunds/
• Up To 5 Days Early with Credit Karma Money: https://turbotax.intuit.com/credit-karma-money/
• Refund Advance no fee loan: https://turbotax.intuit.com/refund-advance

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

¹ The TurboTax Generational Tax Survey issued by Talker, surveyed 4,000 Americans who plan to file taxes this year, split evenly by generation and gender (500 women and 500 men, 1,000 Gen Z, 1,000 millennials, 1,000 Gen X and 1,000 baby boomers).

² 5 Days Early to Your Bank Account: Personal taxes only. For refunds $250 or greater only. Your federal tax refund will be deposited to your selected bank account 5 days before the refund settlement date provided by the IRS (the date your refund would have arrived if sent from the IRS directly). The receipt of your refund 5 Days Early is subject to IRS submitting refund information to us at least 5 days before the refund settlement date. IRS does not always provide refund settlement information 5 days early. You will not be eligible to receive your refund 5 Days Early if (1) you take a Refund Advance loan, (2) IRS delays payment of your refund, (3) your refund is lower than $250, or (4) your bank’s policies do not allow for same-day payment processing. 5 Days Early fee will be deducted directly from your refund prior to being deposited to your bank account. If your refund cannot be delivered 5 Days Early, you will not be charged the 5 Days Early fee. 5 Days Early program may change or be discontinued at any time.

Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.

³ 5 Days Early Guarantee: If your federal refund is deposited into your selected bank account less than 5 days before the IRS refund settlement date (the date it would have arrived if sent from the IRS directly), then you will not pay the 5 Days Early fee. See Terms of Service for more details.

⁴ Credit Karma Money: Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. A maximum of 6 withdrawals per monthly savings statement cycle may apply.

⁵ Up To 5 Days Early with Credit Karma Money: To be eligible, you don’t need to file your taxes with a particular tax prep service. However, you will not be eligible if you choose to pay your tax preparation fee using your federal tax refund or choose to take a Refund Advance loan. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.

⁶ Refund Advance: Refund Advance loans issued by First Century Bank, N.A., Member FDIC are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS#1136148), a subsidiary of Intuit Inc. Terms apply. Learn more here: https://turbotax.intuit.com/refund-advance.

⁷ IRS accepts returns starting late-Jan. Acceptance times vary. Most customers receive funds within 15 minutes of acceptance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250108097379/en/

Press Contacts:

Intuit – Karen Nolan, karen_nolan@intuit.com

Hunter PR – Becky Brand, bbrand@hunterpr.com

Source: Intuit Inc.

FAQ

How much does TurboTax (INTU) charge for its 5-day early refund service in 2024?

TurboTax charges a flat fee of $25 for its 5-day early refund delivery service to any U.S. bank account.

What is the maximum Refund Advance amount available through TurboTax (INTU) in 2024?

TurboTax offers Refund Advance loans up to $4,000 with no fees and 0% APR, delivered within 60 seconds after IRS acceptance.

How long is TurboTax's (INTU) free mobile app filing offer available?

The free mobile app filing offer is available through February 18, 2025, for both federal and state taxes, regardless of tax complexity.

What discount does TurboTax (INTU) offer for Live Full Service customers in 2024?

TurboTax guarantees a minimum 10% reduction in fees compared to last year for Live Full Service customers who file by March 25, 2025.

How fast can users receive their Refund Advance from TurboTax (INTU)?

Users can receive their Refund Advance in as little as 60 seconds after IRS acceptance of their tax filing into a Credit Karma Money account.