Saving money in a piggy bank is better than not saving at all, but myths about savings accounts could be costing you.

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"That is a myth, but people would be forgiven if they believe that because if they've used a large bank or a national bank that offers terrible rates on their savings accounts," said Stephen Kates, a CFP(r) professional and personal finance expert with Bankrate.

Savings accounts are meant to encourage saving by earning interest that can help your money grow. But you want to make sure you have work with a bank that offers competitive rates.

"Some of the biggest banks in the country, they're offering 0.5% on savings accounts, 0.1% on savings accounts, abysmal," said Kates. "Now, you can go get 3.5%,

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