Quick finance question (bank APY rate)

[lozina]

The Annual Percentage Yield- is that compounded monthly or is that an indication of how much interest you get for the whole year?

So for a quick example if the APY was 2% and I had 1000 dollars for one year, does that mean I get 20 dollars If I kept that money in there the whole year?

 

[DaveSimmons]

APR = rate = not compounded, APY = yield = compounded entire year.

That said:
a. Google or dictionary or the fine print on the bank site.
b. General Hardware is the wrong forum (mods took care of this one for you)