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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.
The average APY on savings accounts is just 0.57 percent, but you can find high-yield savings accounts paying more than 5 percent. Finally, there are many opportunities to open a savings account ...
APY and interest rate are two different financial concepts, so here’s what you need to know.
What does APY mean? APY stands for “annual percentage yield” and refers to the rate of return a bank of account earns in a year. APY includes the effects of compound interest, which means ...
Annual percentage yield: When choosing a high-yield savings account, you will want to find one with a high APY. The higher the APY, the more you will earn on your money. The higher the APY, the ...
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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