This year, tax software giant TurboTax is making it easier for customers to spend their refunds. TurboTax users who electronically file their tax returns can use all or part of their refund to buy a gift card from more than 50 retailers, who'll kick in some bonus dollars. For example, caffeine lovers who stash $90 of their refund in a Starbucks card will get $100 worth of lattes.

But here's a revolutionary idea: Instead of spending your refund on mochas, movies and lawn furniture, put it in an emergency savings account.

As of last week, the average tax refund was $2,480, up 4.6 percent from a year earlier. That's not enough to cover three to six months' worth of living expenses — the amount financial planners say you should have in a low-risk, easily accessible account. But if you haven't gotten around to setting up an emergency fund, your tax refund is a good place to start.

It's no secret that Americans are lousy savers. In part, that's because spending is a lot more fun. Four years of record-low interest rates have also contributed to the problem. The average rate for a bank passbook savings account is 0.5 percent, according to Bankrate.com. It's hard to get people excited about saving when their accounts aren't even keeping pace with inflation.

But microscopic interest rates are no longer a good excuse for not saving. Several online banks, in an aggressive bid to attract deposits, are offering competitive interest rates on savings and money market accounts, says Greg McBride, analyst for Bankrate.com.

HSBC, for example, is offering a 4.8 percent rate on its online savings account through April 30. After that, deposits will earn the bank's regular variable rate, which will be competitive with other online bank offerings, spokeswoman Kathleen Rizzo Young says. (Other online banks are now offering rates ranging from 4 percent to 4.6 percent.)

HSBC, which has branches throughout the Northeast, is offering the special rate to promote its brand nationwide.

Unlike traditional brick-and-mortar banks, which often save their best deals for well-heeled customers, many online banks have low minimum-balance requirements. Some, such as ING Direct, have no minimum-balance requirement. ING is offering 4.75 percent on new deposits through April 15.

To get these high rates, you can't stroll into your local bank branch, chat with the teller and open an account. Online banks require customers to conduct their business over the Internet, the phone or through the mail. HSBC has more than 400 bank branches, but to get the 4.8 percent rate, you must open an account online.

In most cases, you'll still need a separate checking account for daily expenses. You can usually transfer money between your checking account at a traditional bank and your online accounts.

When comparing online rates, watch for hidden costs. Some banks charge a fee if your account falls below a minimum amount.