01
A savings account is a deposit account used to set aside money for future needs and ordinarily pays interest.
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02
Compound interest means earning interest on the principal and on interest that has already been credited.
supported03
Annual percentage yield (APY) reflects the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding over a 365-day period.
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Regulation DD requires covered depository institutions to disclose key deposit-account terms such as APY, interest rate, minimum-balance requirements, and fees.