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Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.David McMillinDavid McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.Liliana HallLiliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.Laura Michelle DavisEditorLaura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.David McMillinDavid McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.Liliana HallLiliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.Laura Michelle DavisEditorLaura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.The best high-yield savings accounts offer annual percentage yields over 5%, more than 10 times the national average of 0.45%. After more than a year of Federal Reserve interest rate hikes to fight record-high inflation, experts expect saving rates to remain high for some time.   But could you get an even better return on your savings right now? If you’ve been thinking about moving your money to an account with a bigger yield, there are a couple of financial institutions offering APYs over 7%. But before acting too fast, there are a few important caveats to keep in mind.  There are only two credit unions paying at least 7% interest right now: Landmark Credit Union, covering parts of Wisconsin and Illinois, and Alpena Alcona Area Credit Union based out of Michigan. Here’s a rundown of what these offers look like. Landmark Credit Union’s Premium Checking Account offers 7.50% APY, but you’ll only earn that return on balances up to $500. Balances over $500 earn only 0.05% APY, which is less than the FDIC’s national average of 0.07%. To qualify as a member, you must live or work in designated areas of Wisconsin or Illinois or be an immediate family member of someone who’s eligible (see here for more details). You must also enroll in electronic statements and receive at least $250 in direct deposits each month. The minimum balance to open the account is $35, and there aren’t any monthly maintenance fees. Alpena Alcona Area Credit Union has a special rate of 7.19% APY for its seven-month certificate of deposit. CDs have fixed interest rates, so the rate won’t fluctuate throughout its seven-month term. However, you’ll pay a penalty if you need to withdraw money before the term is over.  Eligibility is limited to those who reside or work in the state of Michigan or immediate family of existing members (see here for more details). You have to make a minimum deposit of $500 to open the CD, and the maximum deposit for this offer is $7,000.Your interest rate is what a bank or credit union will pay you for depositing your money. For example, if you deposit $1,000 into an account that earns an interest rate of 7%, you’d earn $70 on that amount.However, the real value kicks in with compounding interest, or interest on interest. Banks and credit unions may offer interest that compounds daily, weekly or monthly. The more frequent the compound periods, the greater the return on your deposit. For instance, if you deposit $1,000 into an account with a 7% interest rate that compounds daily, you’ll earn $72.50 by the end of the year.That’s essentially the difference between an account’s interest rate versus its APY. The APY represents the cumulative interest (original balance plus compound interest) earned on funds over a period of one year, whereas an interest rate is just the percentage of interest accrued based on the initial amount. For example, the Alpena Alcona Area Credit Union’s seven-month CD pays 7% interest, but its APY is 7.19%. While a 7% interest rate is an easy sell to anyone trying to save money, there are some downsides to consider. When it comes to the Landmark Credit Union Premium Checking Account, you can earn the maximum rate on balances only up to $500. If you were to deposit a higher amount of cash into an account that earns less interest, your earning potential could still be greater. Let’s take a look at an example:Let’s also take a closer look at the Alpena Alcona Area Credit Union’s seven-month certificate of deposit. CDs come with guaranteed rates, so you’re going to earn that 7.19% APY when the term ends no matter what. However, if you could lock up that money for a longer period -- for instance, a one-year CD with a lower APY -- your return might also be greater. Regardless of the financial institution, choosing a CD based on the APY and term length really depends on when you’ll need access to your money. Before you commit to an account, determine your specific goals and calculate your earnings based on your savings time frame.  It’s important to consider more than just the interest rate when browsing different banking products. Here’s what to look at when choosing an account: You won’t find many accounts that pay 7% right now, and the two that do exist have strict geographic requirements and other restrictions. But in a high-rate environment like today’s, there are plenty of other options worth checking out. Here are a few: There are obvious advantages to a bank account that pays a competitive interest rate. However, it’s always important to read the fine print. Consider more than just the interest rate and shop around to find the best place to park -- and grow -- your money.