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You may notice if you’re shopping for a savings account that banks advertise both an interest rate and an annual percentage rate, or APY. While an account’s interest rate can give you a basic ...
ANNUAL PERCENTAGE YIELD. — The term "annual percentage yield" means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Board in regulations.
Annual percentage yield factors the impact of compound interest on your earnings. A bank adds the simple interest you earn on your deposit into the account on a daily, monthly, or quarterly basis.
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...
To calculate approximately how much interest one might earn in a money fund account, take the 7-day SEC yield, multiply by the amount invested, divide by the number of days in the year, and then multiply by the number of days in question. This does not take compounding into effect.
Converting an annual interest rate (that is to say, annual percentage yield or APY) to the monthly rate is not as simple as dividing by 12; see the formula and discussion in APR. However, if the rate is stated in terms of "APR" and not "annual interest rate", then dividing by 12 is an appropriate means of determining the monthly interest rate.