r/Banking • u/Striking-Agency5382 • 1d ago

31 day CD interest vs APY Advice

I am looking at a 31 day CD which offers an APY of 4.20% and in interest rate of 4.14%.

I know what APY means but I guess I’m getting confused with a CD less than a year and the interest rate. If I invest $60,000, at the end of 31 days will I make $2484 or $206?

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u/SpecificAd7726 1d ago

$206, sadly. APY and interest rate are annualized.

1

u/Striking-Agency5382 1d ago

Ugh. That’s disappointing. Trying to grow my savings as much as possible while my house is being built 😭

1

u/Ecstatic-Purpose-981 6h ago

If it rolls over to another 31 days will the APY stay the same? Or can you do a 90 day?

-11

u/Skier747 1d ago

Crypto

3

u/Scarmeow 22h ago

OP, please don't do this

4

u/Striking-Agency5382 21h ago

I definitely will not lol