The average savings account now pays just 0.06%. So is it even worth it to put money in a savings account?

The national average interest rate for savings accounts is a lowly 0.06%, according to Bankrate’s weekly survey of institutions. That’s a number so low you may be wondering if utilizing a traditional savings account is even worth it. The simple answer is probably, pros say, but only for some things (and make sure you get a high-yield savings account if you do); for most things, there are other options worth considering that will yield more growth.

Experts say that one big thing that might make sense for you to put into a high-interest savings account is your emergency fund (6-9 months worth of expenses) — simply because it needs to be safe and easily accessible at a moment’s notice. “Emergency savings or funds that you’ll need in the short term should be placed in an account that is easily accessible without penalties or tax consequences. Since the primary goal is accessibility and safety of principal, it’s okay to trade a low interest rate for that,” certified financial planner Luis F. Rosa recently told MarketWatch Picks.  Another time when it might make sense to use a savings account is if you have a big goal — like, say, buying a home or taking a nice vacation — that you want to do in less than a year. 

Just don’t opt for an account paying 0.06%. “Online savings accounts offered by federally-insured banks and credit unions offer the ultimate safety, while providing access to the money without penalty when it’s needed. They consistently pay better yields than the savings accounts at most banks and other cash investments such as money funds,” says Greg McBride, chief financial analyst at Bankrate. Adds Chanelle Bessette, banking specialist at NerdWallet: Consumers should search for terms like “high yield” or “high interest” when researching new savings accounts to make sure they’re getting the best available rate, says.

As of February 22, LendingClub is offering interest of 0.65% with a $2,500 minimum balance, Marcus by Goldman Sachs is offering 0.50% with no minimum balance, Alliant’s current APY is 0.55% with $5 minimum, and Comenity Direct’s APY is 0.60% with a $100 minimum balance, to name a few. 

McBride advises that you look for a savings account that has a low minimum initial deposit and no ongoing balance requirement, plenty of which he says are available with competitive yields, including Synchrony at 0.50% and no minimum balance and American Express National Bank with 0.50% and no minimum balance. Just beware of fees and other fine print to find the best savings account for you.

As for your other mid-to-longer term goals, you may be better off with other avenues. CDs or conservative bond funds might be an option for goals happening relatively soon, says Cory Phillips, CRPC and financial adviser at Fort Pitt Capital Group: “You can likely beat the rate your bank savings is offering,” says Phillips. And for long-term goals like retirement, investing is the way to go.  “In longer spans of time, the market has some predictability, but in the short-term it can be the great unknown,” says Phillips.