Every year you swear you’re going to save at least some of your tax refund. Every year, you end up spending every last cent.

Uncle Sam wants to help. He’s letting you directly deposit your refund money into up to three accounts. You can have a portion of the refund sent to your checking account to help you pay bills, another amount directed to savings and a third chunk of IRS cash sent straight into your individual retirement account.

And new for the 2010 filing season, you can tell the IRS you want to use your refund money to buy Treasury bonds. This option isn’t yet electronic. The IRS will send you paper Series I savings bonds.

But if you’re not careful about your account instructions, you can lose your refund altogether.

Popularity of direct depositThe option to send your tax refund directly to several accounts was prompted by the increasing popularity of direct deposit.

Since direct deposit of tax refunds was introduced in 1987, it’s become one of the IRS’s most popular innovations. last year, nearly 73 million taxpayers, or almost 66 percent of all those who filed returns, had their refunds directly deposited. That accounted for almost $218 billion that moved straight from the U.S. Treasury into individual accounts, with the average direct deposit refund coming to $2,997.

You still can choose to have your entire refund sent to just one account. That option remains on the 1040EZ, 1040A and 1040. It’s also available on 1040s filed by nonresident and Puerto Rican taxpayers, as well as self-employed taxpayers who must file the 1040-SS.

But now on each of those forms, if you want to divide your refund into multiple accounts or buy savings bonds, you’ll have to send along Form 8888, Direct Deposit of Refund to More Than One Account, with your individual return.

Mind these important detailsIt’s not a difficult process or form. If you’ve used the single account direct deposit option before, there’s nothing to worry about other than the number of accounts you can enter.

Even if this is your first year to have your refund money sent electronically to a bank account, the directions are clear, and Form 8888 includes a blank check diagram showing you exactly what to look for and enter. but there are some things you need to pay attention to or your good deposit intentions could go astray.

First, be sure to check the box on your 1040 that indicates you are splitting up your refund. It will let the IRS know you want your money sent to multiple accounts and that agency employees need to look to your Form 8888 for details. The check box is on each of the various 1040 forms, just above where you would enter information if you were sending the money to just one account.

And about that 1040 section for a single direct deposit: Leave it blank. If you complete the account information on your main return, don’t be surprised if the IRS then sends all your refund money to that one account.

Instead of using your 1040 form, you’ll enter all your multiple account information on Form 8888.

Choose 1, 2 or 3 accountsThe form has room for three accounts, but that doesn’t mean you have to choose that many.

If you want your IRS cash deposited in only two accounts, that’s fine. In fact, the IRS says that 96 percent of multiple account deposit requests last year designated two accounts. All you have to do in this case is simply enter account information for the pair on Form 8888.

And if you’re happy with your refund going to one, just enter that single account info in the appropriate section on your 1040.

Married couples can ask the IRS to directly deposit a refund on a joint return into individual accounts held by either partner or one held in both names. however, do verify that your financial institution will accept a joint refund sent to an individual account.

You do have to receive a minimum refund amount to use the split deposit option. but when the IRS says minimum, in this case it means minimum.

As long as you request at least $1 go directly into each account, the IRS will follow your instructions. So if your refund is $3, you can have one buck each sent to three accounts.

Savings bonds stepsSpeaking of routing numbers, the IRS has created a special code you can use to purchase Series I bonds with your tax refund.

In one of the account options at the top of Form 8888 enter 043736881 as the routing number, check the “Savings” box on the form and then write “BONDS” where the form asks for an account number.

You can purchase up to $5,000 in bonds. The only requirement is that the amount be a multiple of $50. for example, if your refund is $570, you can use up to $550 to buy bonds. Then you must select an account into which the IRS will directly deposit the remaining $20.

Once the IRS processing your return, Uncle Sam will issue you paper bonds. They’ll be in your name or, if you file a joint return, in you and your spouse’s names.

Alternately, if you do have a TreasuryDirect online account, you can use that information to request your refund or a portion of it be sent there so you can buy Treasury securities and bonds that way.

Different amounts to different accountsThere’s no requirement that you divide your refund equally among your accounts. If you’re getting back $1,000, you can send $900 to savings, $99 to a money market account and $1 to checking. Basically, as long as an account has a routing number, the IRS can send the money there directly.

But for any refund to go into an account, the money must be held in a U.S. financial institution, such as a bank, mutual fund, brokerage firm or credit union. and make sure the institution accepts direct deposits. most do, but check just in case. A bank, for example, may accept direct deposits for regular savings accounts, but not for education savings accounts.

Also ask your financial institution about fees associated with electronic transactions. again, that’s generally not a problem with deposits, but you don’t want any unpleasant surprises when you’re expecting your tax refund. If your bank does refuse a direct deposit, the IRS will send you that refund portion as a paper check.

In addition to standard checking and passbook savings accounts, you can send your refund directly to other financial instruments. Examples include money market accounts; health savings accounts, or HSAs; Archer medical savings accounts, or MSAs; and Coverdell education savings accounts.

Watch out for potential IRA snafusYou can, though, direct your refund or a part of it to an individual retirement account, either a traditional account, a Roth IRA or, if you’re self-employed, a SEP-IRA. but there are some details you need to consider.

First, set up your retirement account before you request the direct deposit to it, and let your IRA trustee know that the IRS will be transferring money into that account.

Also, be sure to tell your IRA trustee what tax year you want the refund deposit applied toward, because the transaction from the IRS won’t indicate that. If you don’t designate whether the refund is for a 2009 or 2010 contribution, the trustee can assume the deposit is for this year. That could pose a problem if you counted the refund deposit as a 2009 contribution and claimed a deduction for it.

If you are using the refund as a prior year contribution, also make sure you file early enough so that it’s directly deposited into your IRA by the April 15 deadline.

It usually takes around two weeks for an e-filed direct deposit to be completed, but don’t run up too closely against the due date. If the money shows up in your account a day after the deadline, it will be counted as a 2010 contribution. Such bookkeeping differences could force you to refigure your tax bill and refund amount on an amended return.

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