If you are fortunate enough to get a tax refund this year, it helps to have a spending plan for the money. It feels good to splurge for a bit, but you need to treat your tax refund no differently than your weekly or monthly paycheck.

Remember this: a tax refund is NOT free money from the government. It was yours all along. You basically loaned the government your money, interest-free (how nice of them!)

Looking for the best and smartest way to invest your tax refund? If you’ve already paid off your high-interest debts, have an emergency fund, and are now ready to invest, Robo Advisors might be the answer you’re looking for.

Here are some of the top reasons why investing your tax refund with a Robo Advisor is a better idea than keeping money in the bank:

1. Low minimum deposits

Gone are the days when you need big money to start investing. Yes, you can still invest with a human advisor, but it is hard to ignore the value offered by automated investment platforms. When it comes to low minimum deposits, Robo Advisors are slowly becoming the platform of choice for both small and big investors alike.

One such example is the Wealthsimple Robo Advisor. Wealthsimple offers two types of investment services: Basic and Black. Wealthsimple Basic comes with $0 account minimum and offers free dividend reinvestment, automated deposits, and automatic rebalancing. This robo advisor is fully-automated and is perfect for newbie investors.

In fact, if you sign up to Wealthsimple using our link, your first $10,000 investment will be managed for free! If you are new to automated investing, you should take advantage of this exclusive offer. Simply sign up using our link and enjoy zero management fees for the first $10,000.

Here are more Robo Advisors with low minimum deposits.

2. Low fees means more money in your pocket

One of the greatest things about robo advisors is that their fees are typically much lower than a human financial advisor.

Want a Robo Advisor that offers low fees and low minimum deposits? Take a good look into Wealthfront. The service requires a low $500 deposit making it perfect for small or novice investors with smaller tax refunds. Wealthfront will only charge a 0.25% annual fee for all accounts, and if you sign up through our link, your first $5,000 is managed for free; perfect for a tax refund investment.

How about zero fees? Check out Schwab Intelligent Portfolios. They have zero management fees, zero advisory fees, and zero transaction costs for the life of your account. The minimum deposit to start investing is only $5,000 and you also get 24/7 professional human advice if you have any concerns about your investment portfolio. Just keep in mind a larger chunk of your money will be kept in a low-interest cash account. Not necessarily a bad thing, but it’s possible it could stunt portfolio growth over the long term.

You need to spend money to make money, but this doesn’t mean you should pay exorbitant fees. Robo Advisors will make it effortless to invest your tax returns without paying higher fees.

3. Easy to Use

Robo Advisors are easy to use. There are some that offer more flexibility by allowing you to make specific changes in your investment account. But a large majority of Robo Advisors are fully automated. All you have to do is to sign up and answer a couple of questions to start investing your tax returns. It’s that simple.

You can do many things with your tax refund. Some people use the money as down payment for a new car, while others prefer to pay off high-interest debts. But if you want your tax refund to grow, investing your money with a Robo Advisor is one of the best and safest options.