Banking CDs

[killaray]

idk if this is the right forum to post it in but i thought i would give it a try... does anyone here have any knowledge on CDs (Certificate of Deposit) and how they work? im interested and havent had a chance of heading to the bank to inquire... but anywho i want to know how the interest works and the APY? I believe some accounts pay out interest daily but wuts the APY for?

[tcpip4lyfe]

Basically if you put in $5000 in a 36 month CD and your APY is 5% (around standard atm) you'll have $5,809 at the end. Its a safe way to save your money. I'm pretty sure it's compounded daily. There is usually a penalty for early withdrawal though so open one and forget and then pretend it doesn't exist.

[killaray]

so wuts the seperate interest rate for? all the cds i checked had an APY and seperate Interest rate