(TNND) — Americans hold onto their bank accounts for a long time, and that could be costing them money.

A new Bankrate survey found Americans have had their checking accounts for an average of 19 years and their savings accounts for an average of 17 years.

Baby boomers have had the same checking account for an average of 27 years.

“You could sign up for an account when your kid is born, and then on average you may still have the same account by the time they go to college,” Bankrate Senior Industry Analyst Ted Rossman said.

But Rossman said that banking loyalty might not be the best thing for you, especially when it comes to savings accounts.

The largest banks – such as Bank of America, Chase, Wells Fargo and Citi – pay very little on checking and savings, Rossman said.

A Bank of America savings account only offers a 0.01% annual percentage yield, according to Bankrate.

Rossman said the big banks are flush with deposits, so they don’t need to offer higher yields.

“There can be value in those kind of banking relationships,” he said. “But getting the best return on your savings is not one of them. You're going to get the best rates from smaller banks, credit unions, community banks, online banks.”

Online bank BrioDirect is offering a 4.55% return on savings, according to Bankrate.

Rossman said other online banks, such as My Banking Direct, Rising Bank and Bask Bank, can all give you a much higher return on your savings than one of the big banks with lots of branches and ATM locations.

But should people be afraid of putting their money in an online bank they’ve never heard of?

“They shouldn't be, because of FDIC insurance,” Rossman said. “That's the big thing to look for.”

As long as the bank is backed by the Federal Deposit Insurance Corporation, or FDIC, your money is safe, he said.

BANKRATE: Best high-yield savings accounts of March 2025

The new Bankrate survey found over 40% of people stuck with their bank out of convenience, citing the familiarity of their account or the hassle of switching.

Rossman said a hybrid approach to banking might offer the “best of both worlds.”

Keep your checking account, as long as you're not paying high fees, he said.

And move your savings into a higher-yield account somewhere else, such as an online bank.

That’ll save you from resetting all your bill payments linked to your checking account, and Rossman said you can put your savings to better use.

“It's not about get rich quick. It's not about retirement 20 or 30 years down the road.

This is money that you want to keep safe, but if a bank's going to pay you 4.5% with no risk, I think you should take it,” he said.

Federal Reserve policymakers ratcheted up their benchmark interest rate 11 times between 2022 and 2023 as a lever to tame inflation.

At the same time, banks started offering higher savings yields to customers.

You could have gotten 5.5% on your savings account a year ago, but today’s mid-4% rates are still pretty attractive, Rossman said.

And he said some online accounts can be opened in only about 15 minutes, with online transfers linked to your existing checking account.

Rossman said people should reevaluate their banking needs regularly, maybe once a year.

He said any life change, such as a move, certainly presents an opportunity to make sure you’re getting what you need from a checking or savings account.

And Rossman said there is no reason to pay for a checking account.

Almost half are free to everybody, and more than 90% are free if you hit certain requirements such as direct deposits or minimum balances, he said.

Paying checking fees should be a red flag to shop around, he said.

Another sign to shop around is if you’re paying a lot of out-of-network ATM fees, or if you're paying a lot of overdraft fees.

Sometimes it even pays to shop around within your own bank, Rossman said.

“I actually realized that the bank that I had, somehow I was in a savings rate that wasn't as good as something else that they offered,” he said.