I am looking for the best interest rates on money market accounts. They all list the "APY" rates and the "Interest" rates. The "APY" is always a little higher than the other. What is the difference?
Thanks.
The APY (annual percentage rate) is the rate if the interest is compounded, and left in the account over time. The "interest rate" is what you would get if you took out the interest.
Stumble It!
Tweet This
Bookmark on Delicious
Share on Facebook
Share on MySpace