These mistakes can sabotage how much your savings earns: keeping too much money in your checking account, not knowing your savings account interest rate or fees, not shopping for competitive rates, overlooking CDs as a useful savings vehicle, or letting a maturing CD roll over automatically.

Solutions are not difficult, and they range from opening a savings account that pays a competitive rate to socking longer-term savings in a CD and not letting those funds roll over automatically when the CD matures.

Our daily ranking of the best high-yield savings accounts highlights rates up to 5.55%, with almost 20 options paying 5.15% or better.

CDs offer a guaranteed rate for months or years—with today’s top CDs paying 4.80% to 5.65%.

5 Mistakes Americans Make With Their Savings

Putting away money for a big expense or emergencies is a smart financial move. Letting your money earn interest is even smarter—helping you boost your balance and reach goals more quickly.