What is the difference between APY and interest?

Annual Percentage Yield (APY)

The annual percentage yield (APY) is the rate you can earn on your account over a year and includes the effects of compounded interest.

Interest

We apply a periodic rate to your account’s principal balance each day to calculate the interest earned, also known as the daily balance method. Tiered rate accounts earn interest on the entire account balance each day at the interest rate and annual percentage yield (APY) in effect for the appropriate balance tier.

Accrued interest is credited to the account balance on the last business day of the statement cycle. Statements run on monthly cycles. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.

Your interest rate and APY are both disclosed in the Product Terms & Conditions, provided at the time of account opening and are available to view anytime on our website. Because the APY for a Certificate of Deposit (CD) may vary, you can find the APY for your CD in the Account Details section of your account online or in the app, as well as at account opening.

Additional Account Details FAQ

Happen Bank Resources

Best personal loan rates in 2026: How to compare lenders accurately

The best personal loan rate in 2026 isn't the one with the lowest advertised interest rate: it's the one with the lowest APR, which includes additional finance charges. APR (Annual Percentage Rate) is the only apples-to-apples comparison figure because it includes both the interest rate and any origination fee.

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Credit card consolidation loans: How to pay off multiple cards with one fixed rate

A credit card consolidation loan replaces multiple high-interest card balances with a single fixed-rate personal loan – one monthly payment, one interest rate, and a defined payoff date. For borrowers carrying balances at 21.39% APR or higher, the interest savings are often substantial1. The math works for the same term when your consolidation loan APR is lower than your current weighted average card APR and the fixed monthly payment fits your budget.

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Home improvement loans: How to finance your next project

The best home improvement loan depends on two things: how much equity you have and how quickly you need the funds. Homeowners with significant equity can access lower starting rates through a Home Equity Line of Credit (HELOC) or home equity loan, but closing costs and appraisal fees may narrow that advantage on mid-size projects. An unsecured personal loan requires no equity, no appraisal, and can be funded in days1 – at a fixed rate that won't move over the life of the project. Happen Bank offers eligible applicants a 1% interest rate discount on personal loans used for home improvement.

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HYSA vs CD: Which is right for your savings?

Both a high-yield savings account (HYSA) and a certificate of deposit (CD) outperform a traditional savings account.

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The unsecured personal loan market continues to hit record highs, and despite challenging macroeconomic conditions, shows few signs of slowing down.

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Related Impact

It's Official—Radius Joins Happen Bank!

Today, we are thrilled to announce the completion of our acquisition of Radius Bancorp, Inc. (“Radius”). In February 2020, we announced our intent to acquire Radius and shared how we can grow and deepen our customer relationships with a marketplace bank.

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Related FAQ's

Where do I find the ATM locator?

You can find the ATM locator in the Happen Bank app

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How can I report a lost or stolen card?

You can report a lost or stolen card by calling 800-754-4128.

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How do I view my interest rate, APY, and interest earned?

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How can I check if I've made a deposit for the month in my LevelUp Savings?

You can check your account activity online or in the app to see whether you've met the required deposit for the month.

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How do I manage alerts?

How to manage your alerts.

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Related Glossary

Revolving Credit

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

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Accrued Interest

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.

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Annual Percentage Rate (APR)

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

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Charge-Off

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

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Fixed Interest Rate

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.

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