You have several options on how to receive your federal income tax refund. You can:
Split your direct deposit refund into two or three accounts with up to three different U.S. financial institutions. You can put some into your checking account, some in your savings account, or some in other accounts, such as an individual retirement arrangement or IRA. Use the Form 8888, (Allocation of Refund including Savings Bonds Purchases) to split your refund. See Frequently Asked Questions about Splitting Federal Income Tax Returns for more information.
If you want to deposit your refund to just one account, you put the information directly on your tax return form. You don't need an extra form. It's safe and fast.
To fight fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. Direct deposits must be made to an account with your name on it. This new limitation protects you from preparers who collect tax preparation fees by depositing your refund into their own accounts. Also, preparers can no longer use the Form 8888 to deposit part of your refund into their own account and they can no longer create a joint account with you to deposit your refund.
The fourth and subsequent refunds will convert automatically to a paper refund check and be mailed. Read more about Direct Deposit Limits here.
You can still choose to have a paper refund check mailed to you.
You can use part or all of your refund to buy U.S. Series I Savings Bonds and you can choose to direct deposit or receive a check in the mail for any unused portion of your refund.
Use the Form 8888, (Allocation of Refund including Savings Bonds Purchases) to tell the IRS you want to buy U.S. savings bonds. See Using Your Income Tax Refund to Save by Buying U.S. Savings Bonds for more information