Sometimes, making a switch to your savings strategy can be obvious. Other times, however, it’s less clear on which steps to take next (and which mistakes to avoid). For millions of American savers, determining their next move in today’s economy can be particularly difficult and fraught. With inflation declining, unemployment concerns growing and the future of interest rate hikes (and cuts) unclear right now, it can be understandably tempting to just sit still and wait for the economy to shake out before making any real money moves.

But that could also prove to be a major mistake. And it may even lead to significant lost opportunities while interest rates are still high – and big returns are still readily available. At the same time, making an adjustment doesn’t need to be difficult. There are some timely signs, for example, that could indicate that it’s time to simply switch savings accounts right now. Knowing these signs can better inform your next steps and get you on the path toward higher interest earnings at the same time. Below, we’ll break down three specific ones to know right now.

Start by seeing how much interest you could be earning by opening a high-yield savings account now.

3 signs it’s time to switch savings accounts right now

Not sure if it’s the right time to make a savings switch? Here are three signs that not only should you make a move now, but that it may even be overdue:

You have a traditional savings account

With an average rate of 0.38% right now, a traditional savings account is one of the least profitable places to keep your money. Not only are you failing to keep pace with inflation – which sat at 3.4% in the latest reading – but you’re basically losing money by not moving it into a high-rate account alternative like a high-yield savings or money market account, both of which have rates near or above 4% right now. 

Remember, too, that the 0.38% traditional savings account rate is just an average, meaning that you may be earning even less than that right now, depending on the bank in question.

Earn more interest on your savings by switching to a high-rate alternative online today.

You can’t find your interest earnings on your monthly statements

Whether you still receive a monthly print statement each month, review it via email or simply peruse your account online when free, if you’re having trouble actually finding the interest earnings on your monthly statements, it’s a clear sign that it’s time to make a switch. A few cents earned each month can easily be overlooked and there’s a good chance that’s all you’re earning, depending on how much you have saved and what your current account rate actually is. 

Rectify that dilemma, then, by exploring your certificate of deposit (CD) account options. Rates here are as high as 4.35% right now and the rate is fixed, meaning that any money you deposit is guaranteed to earn the rate you opened the account with through the maturity date. And, depending on that deposit amount, you stand to earn hundreds or even thousands of dollars in interest, both of which will be much easier to spot on future monthly statements.

You have an account with a rate under 3.4%

Already have a high-yield savings, money market account or a CD? Don’t automatically assume that you don’t have to make a switch, either. Depending on the rate you have with those account types, it still may make sense to shift your approach. If the rate is below 3.4% now, you’re failing to keep pace with inflation, which translates to an interest-earning loss, even if that rate is technically much better than what you can get with a traditional account. 

Fortunately, with money market account rates close to 4%, the top high-yield savings account rates around 4.10% and CD rates close to 4.50% depending on the term, this is an easy item to rectify. And with online marketplaces listing accounts, rates, terms and banks all in one easy-to-navigate location, you can get started right away.

The bottom line

If you have a traditional savings account, are having trouble locating any sizable interest earnings on your monthly statements or simply have an account type with an interest rate below 3.4% right now, it may be time to make a switch. CDs, high-yield savings and money market accounts all offer viable alternatives. 

Just don’t rush into an opening. With different banks offering different rates and terms, it pays to evaluate your options before making a transfer. That said, don’t wait too long to act, either. If you’ve seen one or more of these signs recently, you’re likely losing money and the best way to stop that is by making a prompt and informed switch into an appropriate alternative.