Compound Interest

Here’s something that shocked me: the difference between earning $1 versus $375 on a $10,000 deposit comes down to understanding one simple acronym. Most traditional banks pay you basically nothing—we’re talking 0.01% at institutions like Bank of America and Chase. Meanwhile, some accounts offer 3.75% or more. I’ll be honest. I watched my savings sit there for years before I actually understood what annual percentage yield meant. It sounded complicated, like something only finance professionals needed to know. But here’s… Read More »APY Meaning: What Annual Percentage Yield Really Means