Research has revealed that most Americans are missing out on major savings account benefits

Americans are trying to save, but research suggests that many are leaving their money on the table.

Nearly 90% of Americans are currently saving or plan to save for short-term goals, according to a Vanguard survey earlier this year. But more than half use traditional bank savings or checking accounts, Vanguard said, where interest rates average about 0.41%.

Nearly 60% say their savings are earning less than 3% interest, according to a Vanguard survey. This was echoed by another survey by Santander Bank, which found that nearly 70% of respondents said they did not use accounts with higher rates.

“By taking advantage of accounts with competitive returns and developing intentional savings strategies, Americans can make their money work harder,” Andrew Kadjeski, director and head of brokerage and investments at Vanguard, said in the report.

There are many high-yield savings accounts available today, many with interest rates exceeding 4%.

Many Americans say they hope to change their savings plans: Nearly 70% of Vanguard survey respondents said they plan to adjust their plan in the next year, with inflation being the biggest factor. But another report stated that Americans did not achieve their savings goals last year.