If you're feeling squeezed for cash and you're due a tax refund, the IRS has good news for you.

First, the average refund so far this year is 38% bigger than last year and second, most people (90%) get that fat check in less than 21 days, the agency said. But there's a catch. Your return has to be flawless and filed electronically, and you have to use direct deposit.

Every year, tax refunds provide a windfall for millions of Americans. It's the biggest payday of the year for most people. Typically, 75% of Americans receive refunds each year. 

Though the IRS can mail you a paper check, the faster and safer way is through a free, electronic direct deposit, the tax agency says. Eight out of 10 taxpayers receive their refunds through direct deposit, but the IRS wants to push that number higher.  

“There’s no chance of it going uncashed, getting lost, stolen, or destroyed,” the IRS said, noting it’s the same electronic transfer system used to deposit nearly 98% of Social Security and Veterans Affairs benefits into millions of accounts. 

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How does direct deposit work? 

If you’re using tax software to complete your return:

Select direct deposit as your refund method and type in the account number and routing number of your bank account.

You can find the routing number, which identifies the location of the bank’s branch, on the bottom left corner of your checks or on your bank’s website. Your account number is on the bottom right corner of your checks, or you can sign into your online banking account or call your bank branch.  

If you’re using a tax preparer:

Tell your pro you want direct deposit.

You can even speed things up more. "Combining direct deposit with electronic filing is the fastest way to receive your refund," the IRS said.

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If you're paper filing:

You can still use direct deposit even if you’re filing by paper. Just make sure you mark direct deposit on your return and include your information. 

Always double-check your entry to avoid mistakes and delays. If you’ve missed a number on your account or routing number, the IRS may send you a paper check. 

What if I don’t have a bank account? 

Don’t worry. You have time to open a bank account. You can find one through the FDIC website or the National Credit Union Administration using their Credit Union Locator Tool. You can also ask your preparer if they offer other electronic payment options. 

Otherwise, you might be able to deposit your refund onto a reloadable prepaid debit card or mobile app. Many reloadable prepaid cards and mobile apps have routing and account numbers, which may be different from the card number. Check with your financial institution to make sure your card or app can receive the deposit and double-check the routing and account numbers. 

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Can I split my refund into different accounts? 

Yes. This can be a convenient way to manage your money by sending some of your refund to an account for immediate use and some for future savings. 

You can use your tax software to do it electronically or use IRS Form 8888, Allocation of Refund if you file a paper return.  

You can split your refund, in any proportion you want, and direct deposit funds in up to three different accounts with U.S. financial institutions, reloadable prepaid debit cards, or mobile apps.

Note that beginning this year, you can no longer use any of your refund to buy I Bonds for yourself or someone else.  "This option was costly and not frequently used. The mailing of physical savings bonds was also subject to fraud, theft, loss, and delays," the Treasury said. If you want to buy I Bonds electronically, you can do so through TreasuryDirect. If you don’t already have an account, you can create one.

Your refund can only be deposited directly into a U.S. or U.S.-affiliated account in your name, your spouse’s name, or both if it’s a joint account. No more than three electronic refunds can be deposited into a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive an IRS notice and a paper refund. 

You can also choose to split your refund between direct deposit and paper check.

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How long does it take to get your tax refund by direct deposit?

Most refunds are issued in less than 21 days for taxpayers who filed electronically and chose direct deposit.

Through the IRS "Where's My Refund" tool, you can track when the IRS received your tax return, when it approved a refund, and when it issued the refund. The money should land in your account within five days from the date the IRS approves your refund.

If you mailed a paper return and expect a refund, it could take four weeks or more to process your return, the IRS said.

If you claimed the Earned Income Tax Credit or the Additional Child Tax Credit, the IRS by law can't issue those refunds before mid-February. It said it expects most EITC/Additional CTC-related refunds for early filers to be available in taxpayer bank accounts or on debit cards by March 3, if they chose direct deposit and there are no other issues with the tax return. The Where's My Refund tracker should show an updated status by February 22 for most early EITC/ACTC filers.

Can I track my refund? 

Yes. No matter whether you choose to receive a paper check or direct deposit into a single account or three accounts, you can use the "Where’s My Refund?" feature on the IRS website or call 800-829-1954.  

You can check the status of your 2024 income tax refund 24 hours after e-filing or after four weeks if you filed by paper. Information is updated once a day, overnight. You’ll need your Social Security or taxpayer ID number, filing status and exact refund amount on your return. 

If you split your refund, "Where’s My Refund?" will include a message confirming that your refund was split but won’t specify the amount deposited into each account. It’ll tell you the estimated date of the deposits and, if the IRS adjusted the amount of your refund for math errors or other reasons, it’ll tell you the amount of the adjustment. 

How much can people expect to receive in a refund?

Everyone's taxes are unique so it's hard to pinpoint. Though three-quarters of Americans get refunds, others owe money.

Last year, the average refund totaled $3,138, IRS data showed, though that was down around 1% from the prior year.

In the first five days of this tax season, the average refund is $1,928, up 38.2% from the same period a year earlier, but the number of tax returns the IRS has received is down 14%, the IRS said. The average direct deposit refund was higher at $2,069, 34.1% higher than last year. The IRS says it expects the numbers will rise as tax season continues.

"Many taxpayers were still waiting for important tax documents at the end of January" that are needed to file tax returns, it said.

Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.