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Help Home Products & Services Savings and CDs CDs What is the difference between the interest rate & the Annual Percentage Yield (APY) on my CD?

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What is the difference between the interest rate & the Annual Percentage Yield (APY) on my CD?

The interest rate is used to determine how much interest the CD earns each day. The Annual Percentage Yield (APY) is the effective annual rate of return based upon the interest rate and includes the effect of compounding interest.

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