A good savings account is essential, whatever your financial situation. Everyone needs a safe place to keep their money.

Since savings accounts are a very popular product, there are many options available. It is important to choose one that meets your needs and has competitive features. Otherwise, your account could end up costing you money.

Here are some signs that you’re using the wrong savings account.

1. You earn less than 4%

Savings account rates go up and down. As of this writing, the best high-yield savings accounts offer APYs of 4% or more, and a few offer more than 5%. On a $10,000 balance, that’s $400 to $500 in interest per year!

Our picks for the best high-yield savings accounts of 2024

Capital One 360 ​​Performance Savings APY 4.00% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates are subject to change at any time before or after account opening. Member of the FDIC.	APY 4.00% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates are subject to change at any time before or after account opening.	Min. earn $0
American Express® High Yield Savings APY 4.00% Pricing information Annual percentage yield of 4.00% as of October 27, 2024 Member of the FDIC.	APY 4.00% Pricing information Annual percentage yield of 4.00% as of October 27, 2024	Min. earn $0
CIT Platinum Savings APY 4.70% APY on balances of $5,000 or more Pricing information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY Min. earn $100 to open an account, $5,000 for maximum APY Member of the FDIC.	APY 4.70% APY on balances of $5,000 or more Pricing information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY	Min. earn $100 to open an account, $5,000 for maximum APY

But the typical savings account earns much less. The average savings account rate is just 0.45%, according to the FDIC. Some of the big brick-and-mortar banks earn even less, with rates as low as 0.01%.

If you don’t have a high-yield savings account, you’re leaving money on the table. To get the most out of your savings, consider Western Alliance Bank’s High-Yield Savings Premier. Its APY is 4.81%, one of the highest I’ve seen recently. Click here to learn more and open an account today.

2. You pay monthly fees

Some banks charge monthly maintenance fees on their checking and savings accounts. You can normally get the fee waived if you meet certain requirements each month, such as maintaining a minimum balance or receiving a minimum number of direct deposits.

It rarely, if ever, makes sense to pay monthly fees for a savings account. Many free options are available through online banks. If you’ve recently been charged fees for your savings account, it’s probably time to start looking for a new one.

3. You struggle to meet the minimum balance requirement

Some savings accounts have a minimum balance requirement, either to have the account or to avoid monthly fees. This can be difficult if you don’t have much saved yet or if you’re facing emergency expenses and need to withdraw from your account.

Just as there are many no-fee savings accounts, there are also many without a minimum balance requirement. If you have trouble maintaining a minimum balance, switch to an account with a $0 minimum.

4. It doesn’t have the features you need

Your savings account should make it easier to manage your money. Don’t settle for a model that lacks the features you need.

For example, you may want to achieve separate savings goals, such as an emergency fund, a vacation, and a down payment on a house. Many savings accounts have a savings bucket feature, where you can create separate sub-accounts for different purposes. If you want to organize separate savings goals, it’s worth having an account with this feature.

5. You don’t like the web platform or mobile application

Some banks are investing heavily in the online account experience, and it shows. Others seem stuck in 1995, with outdated web platforms and clunky mobile banking apps.

Using your savings account shouldn’t be a chore. A quality bank should have a seamless web platform and mobile app, so you can access your savings at home and on the go. If you’re unhappy with any of these, look into more modern bank accounts.

There’s no reason to settle for less with your savings account. If your account is costing you money or you’re not completely satisfied with it, you have many other options.