4 Signs It's Time to Find a New Savings Account

If you're putting any money into a savings account, congratulations: You're ahead of most U.S. adults. A survey published in 2016 by GOBankingRates found that 69 percent of American adults had less than $1,000 in their savings accounts.

But just because you're saving money doesn't mean that you're putting it in the best savings account. And sometimes, there are signs that you should move your dollars to a new account. (See also: The Types of Savings Accounts: Which Is Right For You?)

Your bank is charging you fees

Because banks don't pay you much interest on savings accounts, they shouldn't charge you any fees, either. Still, there are plenty of savings accounts that do come with fees.

The most common is the maintenance fee, usually ranging from $5 to $35 a month. Most banks will waive this fee if you keep a minimum amount of money in your savings account at all times. This minimum can range from $100 to more than $1,000, depending on your bank.

Other banks limit the number of free transfers or withdrawals from a savings account to a certain number every month; usually about six. If you go past that number, you'll be hit with a fee for every additional transfer or withdrawal you make. That fee could be as much as $10 for each of these additional moves.

If your balance doesn't get too low and you don't plan on making many withdrawals each month, you might never be hit with these fees. But why take the chance? There are plenty of savings accounts that come with no fees. Search for one of those instead. (See also: Are You Paying These 6 Unfair Banking Fees?)

You're not making enough in interest

You won't get rich off your savings account. Banks are stingy when it comes to earning interest, often offering as little as 0.06 percent or less. Don't expect to grow your savings much with such a paltry rate.

But there are some banks that pay higher rates with their savings accounts, some in the range of 1 percent. Again, an interest rate of 1 percent won't make you a fortune. But if you can find a savings account that pays higher interest while not charging you any fees, why not take it? (See also: 5 Best Online Savings Accounts)

The online banking options are too limited

In addition to low fees and higher interest rates, you should also be hunting for a savings account that is convenient. This means one that offers a robust online banking platform. You want to be able to log onto your account from your laptop, phone, or tablet and quickly transfer money from a checking account into your savings account. You'll want the option of mobile deposit, too, in which you can snap a photo of a check with your phone to deposit it in your savings account.

What you don't want is to have to travel to your bank every time you want to make a deposit in your savings account. That's too much work, and now that online banking is so common, unnecessary. (See also: 4 Things to Consider Before You Open an Online Savings Account)

Your bank is closing its most convenient locations

Yes, online banking is easy and simple. But there might still be times when you actually want to visit your bank in person. If your bank is shedding branches, and the branches that it's closing are those closest to you, it might be time to consider moving your dollars to a new savings account.

Because savings accounts generate so little financial reward, it's important that they also cause you as little inconvenience as possible. If you have to drive miles to get to your bank's nearest branch, it might be time to hunt for a replacement bank that's just a short walk or drive from your home. (See also: 8 Ways Your Savings Account May Be Costing You)

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4 Signs It's Time to Find a New Savings Account

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