Today's best high-yield savings accounts offer APYs ranging from about 3.70% to 4.50%. That's a solid interest rate for the safest type of account there is.

So when I saw a savings account offering an APY of 10.00%, I thought it must be too good to be true. And it is -- sort of.

The 10% APY is real -- but there are two big catches

Community Financial Credit Union's High Yield Savings account pays an APY of 10.00%, but only on balances up to $1,000. Any deposits above that amount earn 0.10% -- less than one-quarter the national average savings account APY.

On top of that, Community Financial Credit Union serves "anyone who resides, works, attends school, or worships in the state of Michigan," as well as anyone who's an immediate family member of an existing customer. If you don't meet those criteria, then you probably can't open a CFCU account.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 17, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 17, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.30% Rate info The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.30% Rate info The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

Want to earn 10 times the national average APY? Check out our list of the best high-yield savings accounts and open a new account today.

There may be similar offers in your state

CFCU isn't the only credit union that offers high-yield savings accounts to residents of particular states. For example, Digital Federal Credit Union pays an APY of 6.17% on balances up to $1,000 -- but it mainly serves people who live or work in certain areas of Massachusetts and New Hampshire.

You might be able to find a credit union that's based in your state and offers a high APY on your first $500 to $1,000 in savings. But that doesn't mean you should open an account.

There are banks that pay over 4% on all your savings

If you qualify for a CFCU High Yield Savings account, and you deposit $1,000 or less, then it's a pretty great deal. There are no fees, and you only need to deposit $5 or more to open an account.

Beyond that first $1,000, however, you're going to earn a rock-bottom APY.

Let's say you have $10,000 in savings. If you put it all in the CFCU High Yield Savings account, you'd earn about $656 in interest in five years.

If you instead put that $10,000 in an account paying an APY of 4.00% on your full balance, you'd earn $2,167 in five years -- more than three times as much.

And the bigger your bank account balance, the worse that limited 10.00% APY looks. Even certain checking accounts might earn you more interest in the long run.

Don't just chase the highest APY you can find

When you're looking for a new savings account, make sure it meets all your needs. A high APY is important, but read the fine print and also look for things like:

• Good customer service
• An easy-to-use mobile app and website
• Low fees
• A good checking account (since you'll probably want to link one to your savings account)

The best banks have all the above and more.