For the first time in years, banks are offering savings accounts that pay serious interest. But consumers aren’t doing much about it, a new survey finds.

Roughly one-fifth of Americans with savings accounts don’t know how much interest they’re getting, according to a quarterly Paths to Prosperity study by Santander US, part of the global bank Santander. Of those who do know their interest rate, most are earning less than 3%.

“There’s real opportunity for people here to better their financial health by being aware, and by being willing to take some action,” said Tim Wennes, CEO of Santander US.

A simple internet search turns up multiple banks offering high-yield savings accounts with 4% or even 5% interest. Banks are raising those rates in response to a dramatic increase in the prime lending rate, the rate banks charge their most creditworthy customers.

Latest from the Fed: Central bank likely to keep interest rates steady, signaling possible end to string of hikes

Yet, customers have been slow to claim the higher rates. Another recent analysis, from Bankrate, found that one in five savers is earning 3% or more in annual interest on a savings account.

Why do savings accounts matter? Because they offer bank customers a way to stockpile funds to cover unexpected expenses, vacations and large one-time purchases. Financial experts say American households should aim to amass savings to cover at least three months of income.

“You want to have a certain amount of money in an emergency fund or a rainy-day fund,” Wennes said.

Many Americans aren't getting high-interest rates on their savings accounts

The new survey, released Monday by Santander, found a notable lack of financial literacy among consumers. Only one in 10 could provide correct answers to four questions about savings accounts:

Fewer than half of consumers could identify the definition of a high-yield savings account: generally, an account with a variable rate that pays a relatively high yield in interest.

Fewer than half could tell the difference between interest rate and annual percentage yield, the rate of return after compounding interest over a year.

Only one-third could identify the correct definition of a money market account, an alternative to the traditional savings account that often pays higher interest and typically includes some features of a checking account.

And only half could identify the definition of a certificate of deposit, a savings instrument in which the customer agrees to keep funds in the account for a set time.

The quarterly survey, conducted in September by Morning Consult for Santander US, reached a representative group of 2,201 banking and financial services customers in the middle-income range, with annual household incomes ranging from about $47,000 to $142,000.

More than two-thirds of consumers say they are on track to achieve financial prosperity

More than two-thirds of those surveyed said they are on the right track toward achieving financial prosperity.

The biggest impediments: inflation and gas prices, which have hampered some households in reaching their savings goals. One-third of consumers said they are grappling with student loan debt, their own, or a loan held by someone in their family.

Perhaps it is no surprise that banking customers aren’t particularly well-informed on the world of high-interest savings.

High yield: Savings account interest rates are best in years, experts say.

Since the Great Recession, savings accounts have generally yielded less than 1% in annual interest. Those rates mirrored the benchmark Federal Funds rate, which was effectively zero for much of the past 15 years.

In 2022 and 2023, the Fed raised the benchmark rate past 5%, the highest level in more than 20 years. The Fed meets on Tuesday and Wednesday, and market watchers predict no change to the benchmark rate.

As a rule, interest rates for savings accounts rise and fall with lending rates. But some banks have been slow to respond to the recent and dramatic rate hikes. Saving rates are still averaging about 0.5%, according to the FDIC.

Many of the highest-yield savings rates today come from online banks, which operate without a network of brick-and-mortar branches.

“The environment has changed dramatically in the last 18 months,” Wennes said.

This article originally appeared on USA TODAY: Many Americans aren't claiming high-yield interest on savings accounts