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The short version
A savings account's APY expresses the annualized effect of interest and compounding. When comparing accounts, look beyond the headline number and check minimums, fees, access, eligibility and insurance.
What to compare
Check the current APY, whether the rate is variable, minimum balance requirements, monthly fees, transfer access and applicable insurance coverage.
Why rates change
Many savings rates are variable and can move as market conditions and provider pricing change. A rate shown today should not be treated as permanent.
Bottom line
Use the headline APY as a starting point, then compare full account terms and your liquidity needs.