Your Ledgerline savings account earns 4.10% APY (Annual Percentage Yield). Here's what that actually means for your money.
What is APY?
APY is the real return on your money when you account for compounding interest. At Ledgerline, your interest is compounded daily, which means you earn interest on your interest. The 4.10% rate is guaranteed and never expires.
How much will I earn?
If you deposit $10,000 and don't add or withdraw any money for a year, you'll earn roughly $410 in interest. That's real money for doing nothing. Compare that to most traditional banks offering 0.01% and you can see the difference.
When do I get paid?
Interest compounds daily but is credited to your account monthly. Every month on the 1st, we calculate your interest and add it to your savings account. The next day, that interest starts earning interest too.
Will the rate change?
Your rate is guaranteed at 4.10% for as long as you hold the account. We review rates monthly and adjust based on market conditions, but any changes are always announced in advance and apply to new money, not existing balances. You keep your rate.
Tax implications
Interest income is taxable. We'll send you a 1099-INT at tax time showing exactly how much interest you earned. Consult a tax professional if you have questions about how to report it.