Whereas the second spherical of stimulus checks are nonetheless in limbo, a small class of taxpayers can anticipate getting some further cash someday quickly, this time from the IRS.Based on a press launch, practically 14 million People will obtain an curiosity cost examine for his or her delayed tax refunds.A protracted-standing legislation requires the IRS to pay curiosity to those that acquired their tax refunds late — notably 45 days after the everyday submitting date of April 15. Simply as taxpayers should pay curiosity on any excellent obligations they owe to the IRS, the rule works each methods if the IRS is late on the cash they owe again.With the onset of the coronavirus pandemic pushing again the submitting deadline to July 15 this yr, the IRS is paying curiosity calculated from the unique April 15 submitting deadline. The curiosity refund checks aren’t essentially an enormous windfall of cash in your pocket, however you’ll be able to nonetheless take advantage of the additional cash.This is who qualifiesYou will get an curiosity cost both straight deposited into your account or by paper examine from the IRS to your late tax return in case you:Filed a 2019 return by this yr’s postponed deadline and acquired a tax refund after April 15Filed a 2019 return by this yr’s postponed deadline and anticipate a refund soonThe IRS is barely required to pay curiosity on late tax refunds to particular person earnings tax filers, so companies will not be eligible. Those that obtain the curiosity cost ought to understand that they’re thought-about taxable earnings. The cash will likely be reported while you file your 2020 federal earnings tax return in spring of 2021.What to do with the moneyIf you qualify for an curiosity cost, put together for it to be minimal. The IRS says that the common curiosity cost is about $18. Although it isn’t an enormous payout, one thing this small can develop to be rather more in case you stash it in the suitable place. Because of compound curiosity, which is basically incomes curiosity on curiosity, you do not want a lot cash to get began saving. The truth is, CNBC Choose discovered that placing simply $20 every month right into a high-yield financial savings account may also help you save $1,000 in a single yr. Use your small tax refund to kick-start your $20 per thirty days financial savings behavior, and 12 months from now you possibly can see an additional $1,000 in your identify.And since high-yield financial savings accounts are FDIC-insured as much as $250,000, you’ll be able to relaxation realizing that your cash is in a secure and safe place. Because of this, they make an excellent emergency fund.To seek out the suitable high-yield financial savings account for you, try our prime 5 favorites. Keep in mind that one of the best ones, such because the Ally On-line Financial savings Account and Varo Financial savings Account, supply an APY better than one you discover in a standard financial savings account, include zero month-to-month charges and no (or low) minimal steadiness or deposit necessities.Ally Bank On-line Financial savings AccountOn Ally Bank’s safe siteAnnual Share Yield (APY)Minimal balanceMonthly feeMaximum transactionsUp to six free withdrawals or transfers per assertion cycleExcessive transactions feeOverdraft feesOffer checking account?Provide ATM card?Sure, if have an Ally checking accountProsStrong annual share yield on all steadiness tiersNo minimal balanceNo month-to-month feesUp to six free withdrawals or transfers per assertion cycleOption so as to add a checking accountATM entry in case you have a checking accountCons$10 charge per transaction in case you make greater than 6 in an announcement cycle$25 overdraft feeVaro Financial savings AccountInformation concerning the Varo Financial savings Account has been collected independently by CNBC and has not been reviewed or offered by the bank previous to publication. Bank Account Companies are offered by The Bancorp Bank, Member FDIC.Annual Share Yield (APY)1.21% (with choice to earn as much as 2.80% if meet necessities)Minimal balanceMonthly feeMaximum transactionsUp to six free withdrawals or transfers per assertion cycleExcessive transactions feeOverdraft feesNone as much as $50; something better, Varo would decline the transactionOffer checking account?Provide ATM card?Sure, if have a Varo checking accountProsHigh APY and choice to earn even higherNo minimal balanceNo month-to-month feesUp to six free withdrawals or transfers per assertion cycleNo penalty for overdrafts as much as $50 (something better, Varo declines the transaction)Choice so as to add a checking accountATM entry in case you have a checking accountOffers 2 applications to assist automate your savingsConsOverdrafts over $50 will trigger transactions to be declinedCash deposits are solely accessible by way of third-party companies, which may cost a feeEditorial Be aware: Opinions, analyses, opinions or suggestions expressed on this article are these of the CNBC Choose editorial employees’s alone, and haven’t been reviewed, accredited or in any other case endorsed by any third occasion.