Annual Percentage Yield (APY)

An annual percentage yield (APY) is a figure which indicates the rate at which interest is credited or debited when the compounding interest effect is accounted for.

While an APY rate includes both interest and compound interest, it does not include fees and charges.

APY rates are commonly used in the United States, typically as an indicator of the credit interest earned on bank account balances.

In Switzerland, effective annual interest rates are more widely used. These account for interest, compound interest and fees. The Swiss consumer credit law requires lenders (including credit card issuers) to use effective annual interest rates for personal loans and credit card loans.

See also: Annual percentage rate (APR)

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