Savers who opened accounts 10 or 20 years ago may be earning far less than they could with high-yield savings accounts that offer significantly better interest rates.

High-yield savings accounts from credit unions and online banks now provide rates several times higher than conventional savings accounts, helping people build emergency funds with existing money.

Chelsea Houston, a member advisor at iQ Credit Union, said these accounts allow money to work harder for savers.

"Your money can work for you instead of you doing all this work for it to earn money," Houston said.

Financial experts recommend that savers earning less than 1% interest switch to high-yield options. Houston said account holders can save an average of $920 per year with these accounts.

"You put this much in here and

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