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 idea of ...

What is APY? Simply put, annual percentage yield (APY) is the amount of interest earned on a savings account in one year. It takes into account compounding interest — when both your principal balance ...

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Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.