Welcome to the tag category page for Certificate of deposit!
APY, or annual percentage yield, is a way to measure how much your money may grow over time as you earn interest on your deposits. It reflects the total amount of interest paid on an account, based on the interest rate and frequency of compounding in a year. APY can be calculated using an APY interest calculator with competitive interest rates helping your money grow faster. The national average savings rate for APY in 2022 is 0.37%, and rates higher than that are considered good, with some online banks offering rates of 2.00% or higher. A 3% or 20% APY is considered high with the former being higher than the current national average. A higher APY means a faster rate of growth in your investments.
