Deposit Rates

Checking & Savings

Certificates

What Is the Difference Between Dividend Rate, Annual Percentage Yield (APY), and Annual Percentage Yield Earned (APYE) On a Savings or Deposit Account?

  • Dividend Rate: The quoted rate applied to the balance in a savings account and paid to the account owner periodically, monthly, quarterly, semi-annually, or annually depending on the specific savings account’s terms.
  • APY: The annualized rate for a savings account that considers compounding dividends paid to the account owner for a period. The APY assumes no withdrawals or deposits other than the dividends paid to the account. Truth-In-Savings (TIS) regulations require this disclosure to help people compare savings products across multiple financial institutions.
  • APYE: The annualized rate for a savings account considers both the dollar amount of dividends paid for that period and the average balance of the account for that period.  APYE takes into account the savings account's actual balance and dividends paid. Suppose an account’s balance decreases during the period because of a withdrawal. In that case, the APYE may be a lesser amount than the quoted rate, but this does not mean that the account was not paid the correct dividend rate. The APYE calculation is also required by TIS and reported on members’ statements.

Please refer to our Truth-In-Savings Disclosure for more information. Unless otherwise noted, our quoted deposit rates are effective as of October 31, 2022. Fees and withdrawals may reduce earnings.

 

Loan Rates

What Is the Difference Between an Interst Rate and the Annual Percentage Rate (APR) On a Loan?

  • Interest Rate: The quoted rate applied to the balance of a loan and paid to the lender monthly. The interest rate does not include fees charged for the loan.
  • APR: The annualized rate paid each year for a loan. The APR includes fees charged for the loan. The APR considers both the interest rate and fees paid to get the loan. The higher the APR, the higher the cost of borrowing over the life of the loan. Lenders are required to provide the APR to help people compare the full cost of borrowing across mulitple lenders.

Please refer to your specific loan's disclosure for more information. Unless otherwise noted, our quoted loan rates are effective as of November 1, 2022.