If I were to put money into a savings account that had 5% APY?

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If I were to put money into a savings account that had 5% APY?

Does that mean that my money would get 5% interest **monthly or **yearly?

2007-03-16 02:53:53 · 4 answers · asked by misjes2000 4 in Business & Finance ➔ Personal Finance

4 answers

APY = ANNUAL percentage yield

2007-03-16 02:56:13 · answer #1 · answered by popydude13 2 · 0⤊ 0⤋

Well lets see if you had $2,000.00 and put it in an 6mth CD of 4 or 5% you would get about $40-$50 at the end of the 6mths if you pull money before the period ends you loose the money gained.

2007-03-16 09:58:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋

it means annual. to get monthly, divide by 12.

2007-03-16 09:58:08 · answer #3 · answered by jtcampbell1 2 · 0⤊ 0⤋