What is the difference between the Interest Rate and APY on the statement or deposit certificate?
Interest Rate is a simple rate for calculating interest. Annual Percentage Yield (APY) is a compounded annual rate, the result of interest rolling on top of interest. For example, if the interest on a savings account is added monthly onto the principal and the interest is recalculated every month based on the new balance, then its APY will be greater than its simple interest rate. If the interest is not compounded, i.e. transferred to another account, then the APY will be equal to the simple interest rate. I have not received my statement for a long time. I don’t know why and don’t know how to ask for it. Answer: The statement frequency depends on your account type: If your account is a Money Market Deposit Account (MMDA), NOW Account or Checking Account, the bank statement is sent out at the beginning of every month. If you have not received the statement for a long time, it might be lost in the mail. Please contact an ICFS service assistant. If you have a savings account, FENB will s
