Savings accounts are a type of bank account that allow people to save their money in the simplest way possible. The money in the account also generates interest, which is additional money for the account holder. Opening a savings account is also fairly easy, and so is the process of withdrawing from it when required. Despite that, mistakes in opening and maintaining a savings account can prevent one from getting the most out of it. 1. Choosing a low-interest account One of the biggest benefits of a savings account is that the account holder earns interest on a predecided basis for the amount they have deposited. Now, most banks offer low interest rates or annual percentage yields (APYs) on savings accounts, usually between 0.01% and 0.5%. While with a savings account, the goal is to save money rather than earn high returns, it is still better to choose a high-yield savings account. High-yield savings accounts, as the name suggests, offer comparatively better annual interest rates, usually in the range of 4–5%. So, just by depositing money into one of these high-yield savings accounts, one can earn substantial passive income. 2. Not comparing options Every bank offers a different interest rate on savings accounts.