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Annual percentage yield (APY) is a normalized representation of an interest rate, based on a compounding period of one year. APY figures allow a reasonable, single-point comparison of different offerings with varying compounding schedules. However, it does not account for the possibility of account fees affecting the net gain.
It’s simple: If you deposit $100 in a bank account that carries a 1% interest rate, you would earn $1 on that deposit in one year. Annual percentage yield factors the impact of compound interest ...
The terms "APY" and "interest rate" are often used interchangeably when people discuss savings and investments, but there's a very important distinction between the two. While it's important to...
APY is a popular metric that allows holders of deposit accounts to accurately understand the amount of interest income generated by their account.
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Saving accounts earn you interest on your balance — anywhere from a modest 1% APY with a traditional account to a lucrative 4% APY and higher for high-yield accounts — compounding what you ...
For savers, earning a competitive return isn’t just about seeing your balance grow – it’s about maintaining your money’s purchasing power over time. When your savings account’s annual ...