2017 RANKING & REVIEWS
BEST APY CALCULATORS
Introduction: Annual Percentage Yield Calculators for Your Financial Well-Being
When it comes to your savings or financial investments, one of the most important aspects of financial responsibility is staying on top of the annual percentage yield (APY) that you receive. One of the easiest ways to calculate APY is with the help of an APY calculator, or annual percentage yield calculator.
These simple tools can be found online and are a lot easier than trying to use a complicated APY formula.
Award Emblem: Best APY Calculators
In this brief article, AdvisoryHQ will review some of the top APY calculators that you can find for free online. We will begin by explaining what an APY interest calculator is as well as offering a simple APY definition. We then offer a simple comparative table of the top features of the top APY calculators available today.
In our FAQ section we look at how an APY formula can help you to calculate APY without the help of an annual yield calculator. Additionally, we look at what features and characteristics you should be looking for in the best effective annual yield calculator. Finally, we offer a complete review of each APY savings calculator on our list of the top APY calculators for 2017.
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AdvisoryHQ’s List of the Top 6 APY Calculators
List is sorted alphabetically (click any APY calculator below to go directly to the detailed review section for each effective annual yield calculator):
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Top 6 Best APY Calculators | Brief Comparison & Ranking
Top APY Calculators | Allows for variable APY rate? | Allows for variable interest compounding options? | Free or paid? |
| Bank of Internet USA | Yes | Yes | Free |
| Bankrate | Yes | Yes | Free |
| Calc XML | Yes | Yes | Free |
| Finance Formulas | Yes | Yes | Free |
| Mini Web Tool | Yes | Yes | Free |
| Net Bank | Yes | Yes | Free |
Table: Top 6 APY Calculators | Above list is sorted alphabetically
What Is an APY Interest Calculator & What Is an APY Definition?
Most of us simply let the banks take care of calculating the interest we earn on our savings account, checking account, money market account, or other investments. However, an essential part of responsible money management is learning how to calculate APY so that you can make the best decision for how your money can best work for you.
APY stands for “annual percentage yield,” and a simple APY definition is offered by Investopedia: “the effective annual rate of return taking into account the effect of compounding interest.”
Another APY definition that helps to differentiate APY from the more commonly heard APR is offered by Ally Bank: “APY, or annual percentage yield, is a term that applies to deposit accounts. APY is a percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period.”
An APY calculator is simply a free, online tool offered by a number of financial institutions and other websites that will help you stay on top of the interest you earn from your different types of savings accounts.
How Can an APY Formula Help You Calculate APY without an Annual Yield Calculator?
For those math whizzes out there who feel that using any sort of calculator is a form of cheating, it is entirely possible to use a simple APY formula in order to calculate the APY that you will earn through your compounded interest.
This APY formula is offered by Ally Bank:
APY = (1 + periodic rate as a decimal) the number of periods in a year – 1
Compound interest allows you to continue to earn interest on interest that you have already earned. While some banks only compound interest yearly, others will compound your interest on a monthly, weekly, or even daily basis. Especially for people with large savings, the quicker the interest is compounded, the more you stand to earn.
While an APY interest calculator will do these calculations for you, you can also find how much you stand to earn through different compounded interest rates using this APY formula.
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What Features to Look for in an APY Savings Calculator
When looking for the top annual percentage yield calculator, it is important to know what features to look for. Not every APY interest calculator is made the same, and it’s important to find the savings APY calculator that is the best fit for your needs. Below you will find a list of some of the top features that you should look for in the savings account APY calculator that you choose.
- Different Compounding Options: The best savings account APY calculator should allow you the option to choose between different compounding interest options. While many banks may only offer an annual option, you should search for banks that will more frequently compound your interest. The APY interest calculator you choose should come with this option so that you can run different calculations in order to compare and see how much you stand to make from the different available savings options.
- Variable Monthly Deposit Options: The best annual percentage yield calculator should also allow you to vary the amount you plan to deposit monthly. Since not all savings are static, this option offered by the different APY calculators reviewed below will allow you to develop a savings plan and see how your savings grow over time.
- Variable Annual Interest Rate: A quality annual percentage yield calculator should also allow you to change the different annual interest rate you receive. The interest rates offered by financial institutions does widely vary, and it is important to find the options that gives you the most favorable rate. An APY interest calculator shouldn’t give you a predetermined interest rate but allow you to input the value according to what you are offered by the banks you research.
- Information on the Top APY Rates: Another feature that an annual percentage yield calculator should offer is information on the current best APY rates on the market. Since these rates are continually changing, and since even a small percentage change can mean significant gains or losses on your interest, a good APY interest calculator should let you know what to look for when choosing a financial institution for your savings.
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AdvisoryHQ’s Selection Methodology
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Detailed Review—Top Ranking APY Calculators
Below, please find the detailed review of each savings APY calculator. We have highlighted some of the factors that allowed each savings account APY calculator to score so high in our selection ranking.
Bank of Internet USA Review
The Bank of Internet USA offers a quality annual percentage yield calculator to help you stay on top of your potential compounded interest earnings. This top online bank not only offers you an easy-to-use effective annual yield calculator, but it also offers you quality information on the top APY rates that they offer for the different types of accounts they manage.
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Bankrate Review
Bankrate also offers a quality APY interest calculator that is both easy to use and practical. This Bankrate annual percentage yield calculator is actually meant to help you discover your potential earnings on a certificate of deposit (CD), but it can also help you calculate APY.
You only need to include information for your initial deposit, the months you’ll be saving, the interest rate, and how your interest will be compounded, and this APY interest calculator will calculate the APY and the overall ending balance.
Image Source: Bankrate
Calc XML Review
The Calc XML APY savings calculator is another of the top APY calculators online today. This top savings APY calculator allows you to decide between several compounding interest options including daily, monthly, quarterly, semi-annually, and annually.
Since differences in compounding interest options can drastically change how much you earn on your investments or savings, this top savings account APY calculator allows you to check different options to see which option will be best for you. In this way, you can then be better prepared to choose the bank that offers you the best option.
Image Source: Calc XML
Finance Formulas Review
Among the best APY calculators, the Finance Formulas annual percentage yield calculator is a great option for people who are interested in both a great APY calculator and an APY formula.
This APY interest calculator is a little bit more difficult to use since it asks for the number of compounding periods instead of offering you simpler options from a drop-down menu. However, this calculator does a great job explaining how the mathematical APY formula works for those who are interested in understanding the math behind the APY they earn.
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Mini Web Tool Review
The Mini Web Tool also offers a quality annual percentage yield calculator to help you find out how much interest you stand to earn on an investment or a savings account. This online calculator offers a simple APY definition along with an easy-to-use tool that will quickly calculate your APY.
You only have to input data for the nominal interest rate and the number of compounding periods, and this APY interest calculator will let you know how much interest you stand to earn.
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Net Bank Review
Among APY calculators, the Net Bank calculator offers a quality option that is both easy to use and practical. Furthermore, the Net Bank calculator offers up-to-date information on the current APY and interest rates that they offer.
Another quality feature of this annual percentage yield calculator is that it offers a definition for each piece of data that you are asked to input, making this calculator one of the easiest to use and most useful.
Conclusion—How an Annual Percentage Yield Calculator Can Help You Better Prepare for Your Financial Future
Finding the right annual yield calculator is an important and necessary step toward taking better control of your money management. An APY savings calculator can easily allow you to compare the different options that are available to you and choose the financial institution that will allow you to make the most interest on your savings or investment.
Additionally, a savings APY calculator or an effective annual yield calculator can allow you to explore how different compounding interest options can work for your greater financial gain.
There are a number of different APY calculators on the Internet, but choosing the right APY calculator for you will depend on what types of savings or investment plan you have for your money. Whichever option you eventually choose, a quality APY interest calculator or annual percentage yield calculator will help you take better control of your money and make it work for you.
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