Savings Question

jaxrabbit | Mar 1, 2018 | 2 posts since 2018

I have a somewhat embarrassing newb question that I can't find the answer for. With APY, is it calculated on the **initial** deposit only? In other words, if I open an account and deposit $1,000, then deposit $10,000 the next day, is my APY calculated on $1,000 in perpetuity? I know this is really basic, but I'm new to all of this. Thanks.

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Answers

Kaight | Mar 1, 2018 | 1,192 posts since 2011

It is not just your initial deposit that matters. You would receive credit for, and interest on, the $10,000, as well as on the initial $1000.

jaxrabbit | Mar 2, 2018 | 2 posts since 2018

Thanks much, Kaight.

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