Unfortunately, many Americans make mistakes that hamper their savings efforts, leaving possible interest earnings on the table. The good news is that all of these are easy to solve, using our tips below and our daily research on the best nationwide rates on savings accounts and CDs.

Mistake #1: Over-Funding Your Checking Account

Your checking account may be the easiest place to hold money, as it’s likely where your paycheck is deposited. But it’s also usually the least lucrative place to keep surplus cash. That’s because the vast majority of checking accounts pay no interest at all. And even those called “interest-bearing checking” often pay very low rates compared to competitive high-yield savings accounts.

Solution: Move Money to Savings

Only keep as much money in your checking account as you need to cover your bills and withdrawals, plus a modest cushion. Then shuttle the extra into a separate savings account. Even if you’re living paycheck to paycheck, try to make small, regular transfers into a savings account so you can slowly build up an emergency fund.

If you don’t already have a savings account, it’s time to open one. A savings account at the same bank where you hold your checking account is certainly convenient and allows for instant transfers to checking. But you’ll want to have at least one savings account, maybe at another bank, that pays a competitive interest rate—rather than have money languish in your checking account earning nothing.

Mistake #2: Not Knowing What You’re Earning—or Losing

Ask someone what their savings account interest rate is and many people don’t know. And when you don’t know what you’re earning, you have no idea if you’re doing well or getting a raw deal.

Besides losing out on earnings with an underperforming account, your balance can also suffer from fees. Perhaps your savings account charges a monthly service charge whenever your account falls below a certain minimum. Or maybe you’re being charged because you haven’t opted into electronic statements. Even if an account is paying a competitive interest rate, that won’t do you any good if you’re losing the earnings to fees.

Solution: Review Your Rate and Any Fees

Log into your bank account to look at what annual percentage yield (APY) your current savings account is paying. You may be able to find this in online banking, but if not, it should be on a paper or electronic statement. If all else fails, call the bank or credit union and ask what you’re earning.

Additionally, review the withdrawals from your savings account for the last two or three months. Are you seeing any bank fees? If so, talk to a customer service rep to find out what the fees were for and how you can avoid them in the future. You can also ask if the most recent fee can be waived as a one-time courtesy.