When shopping for a new savings account, a high annual percentage yield (APY) is most people’s biggest concern. This makes sense because the APY determines how much you earn in interest over time. But it’s not the only factor that matters.

Even if you score one of the highest savings account APYs around, you could still find managing your money to be a nightmare if you’re dealing with any of these three problems.

1. You’re paying to keep your money there

Most high-yield savings accounts are available through online banks, and most of these don’t charge maintenance fees on their accounts. But there are a few out there that could charge you if you don’t maintain a certain minimum balance in your savings account.

Depending on the fee and your savings account balance, you could lose money over time rather than making it. In this case, the savings account isn’t worth holding onto, especially when there are so many high-yield savings accounts that don’t charge fees at all.

2. You don’t get a competitive APY on all your funds

Some savings accounts try to draw you in with a high APY on a small portion of your savings, perhaps the first $5,000 or $10,000. Then you earn a much lower rate on any remaining balance.

This might suit you just fine if you only have a small amount of money in your savings. But if you have a large sum stashed away, it makes sense to keep that money where it’ll earn you more interest. Consider looking for a savings account that pays a competitive rate on all your cash. As of March 2024, it’s not hard to find savings accounts paying at least 4% APY.

3. You have a hard time managing your account

Many Americans manage their money via online or mobile banking apps these days. But they’re not all created equal. An app that glitches or has limited features could make managing your money a challenge. And things are even worse if the bank has poor customer service and no nearby branches.

If you find yourself in this situation, you may want to consider looking for a bank with a highly rated mobile app. You can check this out by looking at the app’s reviews in the Apple App Store or the Google Play store to see what customers have to say.

Switching banks can be a hassle, but it’s worth it if it makes it easier for you to manage your cash and earns you a few extra dollars in the process. Just take your time and investigate your options carefully before you settle on one.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Apple. The Motley Fool has a disclosure policy.