Three life events that should prompt you to transfer your savings to a new account

Life can change in an instant. And when it does, there's a good chance that your financial needs will change, too. 

If you're going through a major life event, it might be time to re-evaluate your savings account situation. The best savings accounts are ones that help your money grow with a strong interest rate (several banks now offer savings accounts with rates topping 5% APY and even reaching 6% APY), are FDIC-insured, let you access your money easily and don't charge any fees.

"Any life event with a cost attached to it is an excuse to start a new savings account," Courtney Alev, consumer financial expert at Credit Karma, told CNBC Select. Here are a few scenarios where it might make sense to transfer your savings to a new high-yield savings account.

New homeowners face a number of expenses from mortgage fees to new furniture. While some of these expenses can be planned for (think: moving expenses and homeowners insurance) some of the many costs of homeownership are less predictable. 

Replacing a hot water heater, for example, can cost upwards of $850, according to home repair site HomeAdvisor. And, other expensive projects you're wanting to tackle like a bathroom remodel or a kitchen renovation can set you back even more. 

"The last thing you want is to be caught off guard by any unexpected expenses, and a savings account dedicated to your new home can help you manage those costs as they come," Alev says.

Having a high-yield savings account for your home could help you cover these expenses when they arise and help you earn more interest than the typical savings account. Some of CNBC Select's top picks for high-yield savings accounts include Happen Bank LevelUp Savings and Synchrony Bank's High Yield Savings for having no fees and high APYs.

Bringing home a new pet is a big change, and it could have some big implications for your money, too.

Even if you have pet insurance, you'll still be on the hook for some routine or elective procedures that it doesn't cover. And, you may have to pay for things like preventative vet visits, medications and vaccinations even with pet insurance. Plus, if you need to use your pet insurance for an emergency, you'll still need to cover a deductible, or the amount you're expected to pay before your insurance covers the rest.  

"The last thing you need is an unexpected vet bill that puts you into debt, and a savings account specifically for your pet can help offset those costs if you're contributing regularly," Alev says.

If you're recently engaged, it's likely you've already started thinking about the next step. Whether that's a large wedding or a casual elopement, your wedding will almost certainly have some expenses. According to wedding planning website The Knot, the average US couple spent $30,000 on a ceremony and reception in 2022.

While not everyone spends the average amount, starting to save early could help you cover whatever you do decide to spend on your wedding. Opening a new joint savings account with your partner could help the two of you save for the expenses together, and create more opportunities to talk about money in your relationship, including how you'll manage your spending and financial goals in the future.

One of CNBC Select's top picks for budgeting apps, Honeydue, can help couples by syncing with your banks and credit cards to help you get on the same page about your finances, coordinate bills, and track spending. It also offers a joint bank account to start saving together.

Having the right savings account is a great way to not only make sure you're covered financially in case of an unexpected expense but also to help make that cash earn interest and grow over time.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.