How does APY work for cryptocurrency savings accounts?

3 answers

• Maëlle LefeuvreOct 21, 2023 · 2 years ago
  Sure! APY, or Annual Percentage Yield, is a measure of the annual interest rate you can earn on your cryptocurrency savings account. It takes into account the compounding of interest over a year. The interest is usually calculated daily or monthly and added to your account balance. The more frequently the interest is compounded, the higher the APY. So, the higher the APY, the more interest you'll earn on your savings.
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• Kennedy BowersFeb 09, 2024 · a year ago
  APY is a way to measure the potential return on your cryptocurrency savings. It factors in both the interest rate and the compounding frequency. The higher the interest rate and the more frequently it compounds, the higher the APY. This means you can earn more interest on your savings over time. It's important to compare APYs when choosing a cryptocurrency savings account to maximize your earnings.
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• Man FeudalJul 20, 2020 · 5 years ago
  BYDFi offers cryptocurrency savings accounts with competitive APYs. With BYDFi, your savings can grow at a faster rate compared to traditional savings accounts. The interest is calculated daily and added to your account balance, allowing you to earn more on your cryptocurrency holdings. Start earning more with BYDFi's high APYs today!
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