CNBC Select will update as changes are made public. While a 5% annual percentage yield (APY) seems to be the highest offered among savings accounts with no minimums, caps, fees or membership ...

Here’s how the math looks: APY = (1 + r/n)n – 1 The r in the equation refers to the rate, or interest rate, and the n refers to the number of compounding periods within a year. So if you ...

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The more often interest is compounded, the faster your savings grow. It’s an easier calculation when you use APY. However, if you don’t know the APY, you can use the pure interest rate and ...