Don't put your money in the bank and forget about it. These tips can maximize your savings.

Erika Kullberg

The stats are alarming: More than half of Americans are uncomfortable with what they have stashed away in their emergency savings, according to a Bankrate survey earlier this year. And only 44% find they can cover a $1,000 expense with their savings.

So, if you have a savings account, especially an emergency fund consisting of three to six months of emergency expenses, that alone deserves a pat on the back.Having savings is crucial to financial health, but sometimes it's not enough just to have money sitting in your account. By making your savings work for you, you’ll hit your financial goals faster.

Park your funds in a high yield savings account

Start the day smarter. Get all the news you need in your inbox each morning.

I say it all the time: open a high yield savings account. HYSAs are all the craze right now, and for a good reason. These special savings products pay a higher than average APY (annual percentage yield) compared with regular savings accounts. Many banks also offer HYSAs free, and you can open them with very little money upfront.

You’ll also earn interest on the interest payments (something that is called compound interest in the finance world.) A pretty sweet perk for your emergency fund, right?

It's easy to open a HYSA, and many online banks will give you a pretty quick approval. There are so many options for a good high-yield savings account, but if you need ideas on where to turn, check out my favorites here.

Take advantage of automation

Save without lifting a finger by taking advantage of automated features like round-up savings. Round-up features are offered by many banks and financial institutions. They work by rounding up the change on your purchase and automatically depositing it into your savings account.For example, if you spend $12.49 on your lunch, the total amount posted is $13, and $0.51 is automatically deposited into your savings. This may seem like petty cash, but it can add up over time.

Longer lives, lower pay:Why saving for retirement is harder for women

Bonus tip: Consider setting a percentage (or flat amount) of your money to automatically go to your savings account on payday. This saves you a step of remembering to manually deposit your cash.

Open a Health Savings Account (if eligible)

Health Savings Accounts are a fun savings hack for covering your medical expenses. This is because they are tax-advantaged accounts. HSAs are funded with pre-tax dollars, and your withdrawals (distributions) are also tax-free, provided you use the money for a qualified medical expense.

There is a catch though: You have to qualify for an HSA to open one. To qualify:1. You have to be covered under a high-deductible health plan.2. You cannot be insured under another health plan.3.You cannot be enrolled in Medicare.4. You are unable to be claimed as a dependent by someone else.But if you are eligible for an HSA, open one. You are not only saving for your health expenses but also saving money on your tax bill. HSAs can be funded to the IRS maximum limit which for 2025 is $4,300 (single plans) and $8,550 (family plans.)

Pay yourself first

Establishing good savings habits and determining your savings goals are a crucial part of financial health. Whether you are working on your emergency fund or saving for your dream vacation, there are many ways to maximize your savings.For more savings tips, follow me on Instagram. where I share the best ways to make your savings work for you.

Erika Kullberg is a lawyer and personal finance expert. You can find more of her work at Erika.com.

This article originally appeared on USA TODAY: Don't put your money in the bank and forget about it. These tips can maximize your savings.