Plain-English answers to the questions Kansas City savers ask most — APY, CDs, credit unions, and how our rates work.
The interest rate is the base rate a bank pays before compounding; APY is what you actually earn over a year after compounding is applied. APY is always equal to or greater than the interest rate. Compare deposit accounts by APY, never by the interest rate alone.
No — credit unions are insured by the NCUA, not the FDIC. Coverage is identical in practice: up to $250,000 per depositor, per institution, backed by the full faith and credit of the U.S. government. Your money is equally safe at an NCUA-insured credit union.
Credit unions pay "dividends" instead of interest, so they quote a dividend rate — the base rate before compounding — alongside APY, which is your real one-year return after compounding. APY is always ≥ the dividend rate. Compare credit union and bank accounts by APY.
A CD earns compound interest: A = P(1 + r/n)^(nt), where P is your deposit, r the APY as a decimal, n the compounding periods per year, and t the term in years. Because the rate is fixed, you can calculate your exact payout the day you open it.
We refresh rates daily from each institution's published sources. Every listing shows a freshness dot: green means verified within 24 hours, amber 24–48 hours, and red means older than 48 hours. Always confirm the current rate with the institution before opening an account.
A CD (certificate of deposit) is a federally insured deposit that locks your money for a fixed term — months to years — in exchange for a fixed APY that's usually higher than a savings account. Use one for money you won't need until the term ends and want to lock in today's rate.
APY (Annual Percentage Yield) is your real one-year return, including compound interest. The interest rate is the base rate before compounding, so APY is always equal to or higher than the interest rate. When comparing savings, CDs, or money markets, always compare by APY.