Where banks publish their APY
Your bank publishes the APY in three places: the account disclosure document you received when you opened the account, your online banking dashboard, and the bank's website under the product page for that account type. The disclosure is the most reliable because it shows the rate that was in effect when you opened it, while the website rate changes daily and reflects what new customers see today, not what you earn.
Log into your bank's website or app and look for "Account Details," "Account Summary," or "Interest Rate Information." Most banks display it prominently near the account balance. If you cannot find it online, call the customer service number on the back of your debit card or your monthly statement and ask for your current APY—they will give you the exact rate in seconds.
If you have an old account and never received a disclosure, request one from your bank. They are required to provide it, and it will show the APY that applies to your account right now.
Key Takeaways
- Your current APY appears in your online banking dashboard, on your bank's website product page, and in the account disclosure document you received when you opened the account.
- The rate on the bank's website is what new customers earn today, not necessarily what you earn if you opened your account weeks or months ago.
- Calling your bank's customer service line is the fastest way to confirm your exact APY if you cannot find it online.
- APY includes the effect of compounding, so it is always higher than the base interest rate your bank advertises.
Why the rate on the website may not be your rate
Banks change savings rates frequently—sometimes daily. The APY displayed on the bank's website is the rate they are offering to new customers opening an account today. If you opened your account last month, you may earn a different rate, either higher or lower depending on whether rates have moved up or down since then.
Your account disclosure or your online dashboard shows the rate you actually earn. That rate stays locked in until your bank changes it, which they can do with notice (usually 30 days). Comparing the website rate to your own rate is how you know whether your bank has cut rates recently and whether you should consider moving your money elsewhere.
Understanding APY versus the base interest rate
APY (Annual Percentage Yield) is the total return you earn in a year after compounding is factored in. The base interest rate (sometimes called the nominal rate) is the percentage your bank applies to your balance before compounding happens. APY is always higher than the base rate because it includes the interest you earn on your interest.
For example, if your base rate is 4.00% and interest compounds daily, your APY might be 4.08%. The difference grows larger the more often interest compounds. Your bank is required to show you the APY, not just the base rate, so you can compare accounts fairly across different banks.
How to compare APY across different banks
Write down the APY from each bank you are considering, along with the account type (high-yield savings, money market, regular savings) and any minimum balance requirement. APY alone does not tell the whole story—a 4.50% APY with a $25,000 minimum balance may not be better for you than a 4.40% APY with no minimum.
Also check whether the APY is may provide or promotional. Some banks offer a higher rate for the first three months, then drop it. The disclosure or product page will say "promotional rate" or "introductory rate" if that applies. Compare only the regular, ongoing APY unless you plan to move your money again when the promotion ends.
Use a spreadsheet or a simple calculator to see how much you will earn in a year at each rate. If you have $10,000, a 4.50% APY earns you $450 per year, while 4.00% earns $400—a $50 difference. Over several years, that gap widens.
What to do if your bank will not show you the APY
Banks are required by federal law to disclose the APY before you open an account and to provide it in writing when you request it. If your bank refuses or cannot tell you your current APY, that is a sign to move your account. A bank that will not answer a basic question about your own money is not trustworthy.
Contact the bank's main customer service line and ask for the APY in writing. If they still will not provide it, file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB handles complaints about banks not following disclosure rules.
Tracking APY changes over time
Banks notify you when they change your APY, usually by email or a notice in your online banking portal. Read these notices carefully, because they often include an effective date and a deadline to close your account if you do not want the new rate. Some banks give you 30 days to decide; others do not.
If your bank cuts your APY and you do not want to accept the new rate, you have the right to close the account without penalty during the notice period. Keep a record of the APY you earned each year—it affects how much interest you actually received and is useful if you ever dispute a statement or compare your earnings to what the bank promised.
Frequently Asked Questions
Is the APY on the bank's website the same as what I earn?
Not necessarily. The website shows the rate for new accounts opened today. Your rate depends on when you opened your account and any changes the bank has made since then. Check your online dashboard or account disclosure to see your actual APY.
Can my bank change my APY without telling me?
No. Banks must notify you before changing your APY, usually with at least 30 days' notice. You have the right to close the account during that period if you do not want the new rate. The notice will come by email, mail, or a message in your online banking portal.
Why is APY higher than the interest rate the bank advertises?
APY includes the effect of compounding—you earn interest on your interest. The advertised rate is the base rate before compounding. APY is the true annual return you receive, which is why banks are required to show it to you.
What if I see a promotional APY that is much higher than other banks?
Read the fine print. Promotional rates are temporary and usually apply only to new money or for a limited time. After the promotion ends, your rate drops to the regular APY, which may be lower than competitors. Compare the regular rate, not the promotional one, unless you plan to move your money when the offer expires.
How often does interest compound on a savings account?
Most banks compound daily, some weekly or monthly. Daily compounding earns you slightly more than weekly or monthly, but the difference is small. Your account disclosure will state the compounding frequency. The APY already accounts for it, so you do not need to calculate it yourself.