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An account's APY is the total amount of interest you'll earn on your deposit over one year, including compound interest, expressed as a percentage, with many HYSAs compounding daily or monthly.
To promote financial products that do not involve debt, banks and other firms will often quote the APY (as opposed to the APR because the APY represents the customer receiving a higher return at the end of the term). For example, a certificate of deposit that has a 4.65% APR, compounded monthly, would instead be quoted as a 4.75% APY. [1]
APY is a popular metric that allows holders of deposit accounts to accurately understand the amount of interest income generated by their account.
The Federal Deposit Insurance Corporation tracks monthly average interest rates paid on savings and other deposit accounts, like certificates of deposit, that offer insight into the interest you ...
APY — which stands for annual percentage yield — is the percentage of your money that you can earn back in interest when you deposit it at a financial institution. Unlike APR, which shows how ...
The Federal Deposit Insurance Corporation tracks monthly average interest rates paid on savings and other deposit accounts, like certificates of deposit, that offer insight into the interest you ...
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