A Michigan credit union is paying locals up to 10% interest on its savings account

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• Top high-yield savings account rates are stable at around 4.50% to 5.00% APY after the last Fed meeting.
• Community Financial Credit Union offers a high-yield savings account with up to 10% APY.
• To become a member of the credit union, you must live, work, attend school, or worship in Michigan.

Last week, the Federal Reserve kept interest rates steady at its first meeting of 2025. As a result, high-yield savings account rates have been relatively stable, with the top nationwide high-yield savings account rates holding at the 4.50% to 5.00% range.

Despite this, a local credit union in Michigan is offering a high-yield savings account with a whopping 10% annual percentage yield. This rate is over twice as high as what the best high-yield savings accounts give at nationwide banks and credit unions.

We've listed how you can earn that rate, as well as some high-earning alternatives if you don't qualify for membership with the credit union.

How to earn 10% interest in a savings account

The biggest barrier to earning 10% interest on your savings is Community Financial Credit Union's membership eligibility requirements.

Like all credit unions Community Financial Credit Union requires you to become a member to open an account, and it puts limitations on who qualifies to become a member. While there are credit unions anyone can join, Community Financial is not one of them; to become a member, you need to live, work, attend school, or worship in Michigan to become a member.

You can also become a member by having an immediate family member who qualifies to join or by living in a household with a current member. If you're interested in one of Community Financial's business bank accounts, such as its business savings account, you can also join through your company if it regularly does business in Michigan.

If you don't meet any of those requirements, you won't be able to open the Community Financial Credit Union High Yield Savings Account. If you do meet those requirements, it's pretty straightforward to get the 10% interest rate: you'll need to be able to make a $5 minimum opening deposit, after which the first $1,000 in your account will earn 10% annual percentage yield.

Balances over $1,000 will only earn 0.10% APY, which is less than the average savings account interest rate. Because of that, you might not want to use this as a primary savings account.

The account doesn't charge any monthly bank maintenance fees.

Nationwide savings accounts still offering a high rate after the recent Fed meeting

While you won't be able to earn rates as high as this in nationwide savings accounts, you'll still be able to get a high interest rate from other credit unions and online banks.

We've provided a list of some popular high-yield savings accounts currently offered to help you choose the right account for you.

Other options for high interest without opening a savings account

Savings accounts can be useful as a way to store your emergency fund or save up for short-term savings goals, but they're not a good fit for every financial situation.

Investing using a brokerage account or a retirement fund can get you higher rates in the long run, which makes them a good fit for long-term goals, such as saving for retirement. But it's possible to lose money even with low-risk investments, so it's not a good choice for money you're not prepared to lose.

High-yield savings accounts have variable interest, which means their interest rates can change at any time. If you'd rather lock in a fixed interest rate for anywhere from a few months to several years, a CD might be a better fit for your savings. The best CD rates aren't quite as high as the best savings rates, but you can still find CDs offering 4.30% to 4.60% at nationwide financial institutions.