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Multiple surveys over the years have found that at least three-quarters of people in the U.S. have financial regrets, and that the most common one is that they're not saving enough.

Here's how you can put yourself in a better financial position than 75% of Americans: by opening a savings account that's separate from your checking account.

Maintain your capital and its value

$100 American bill set on fire and burning
The goal should be maintaining the value of your money.

Sure, savings account interest rates are low, but with a savings account, the goal typically isn’t to earn a good rate of return. The goal should be maintaining the value of your money.

In a checking account, inflation is slowly eating away at the value of your hard-earned cash.

According to the government's most recent inflation data, average annual inflation in the U.S. is about 2%. That means $100 in your checking account today will have just $98 of buying power this time next year — unless it’s earning interest in a savings account.

Out of sight, out of mind

man looking through fingers
Quite simply, what’s out of sight is out of mind!

It’s easy to avoid spending all of your income if you automatically set aside a portion of your income before you have a chance to spend it.

A separate savings account at a different financial institution from your checking account ensures you can't easily access your funds online or from an ATM.

Limiting access to your cash encourages you to learn to live on the money you have available in your checking account.

It might sound simple, but what’s out of sight is out of mind!

Get control over your finances

young couple managing their finances at home
WAYHOME studio/Shutterstock
It takes discipline to maintain a savings account.

It takes discipline to maintain a savings account. The simple task of deciding on an amount to transfer into savings gets you thinking about your finances and forces you to budget.

A separate savings account is a smart way to discourage reckless spending and encourage financial stability and sound financial habits.

It's surprisingly easy to get ahead of the many Americans who say they're falling short when it comes to saving money.

Action items

If you don’t have a separate savings account, you should consider opening one. Choose an institution offering a high APY (annual percentage yield) and note the minimum deposit required to open an account. The whole process takes about 15 minutes, but it’s well worth the investment of time.

Ready to start? Here are the best savings account rates for you:

Advertiser Disclosure
TypeSavings Account
Min Deposit$1

2.10% APY

$1 Minimum Deposit

  • FDIC Insured
  • No Fees/Minimum Balance
  • 24/7 Access
TypeSavings Account
Min Deposit$1

2.22% APY

$1 Minimum Deposit

  • 24/7 online account access including live chat assistant
  • Move money quickly and access your funds using online transfers
  • Deposit checks via a photo for your mobile device with HSBC mobile banking
Min Deposit$10000

2.00% APY

$10000 Minimum Deposit

  • 360 Money Market®
  • One of the Nation's Top Rates Without Fees
  • Member FDIC
Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.