Banking

Bank accounts are where most people hold the money they use day to day. A checking account is built for frequent transactions; a savings account is built to hold a balance and pay interest, quoted as an annual percentage yield (APY). High-yield savings accounts, money market accounts, and certificates of deposit (CDs) are variations that trade some access for a higher rate.

The guides here explain how interest is credited, how APY differs from a simple interest rate, how CDs and their early-withdrawal terms work, and how deposit insurance protects balances at member banks and credit unions up to legal limits.

The Savings calculator uses the same APY math described in these guides to estimate how a balance grows over time.