Please explain any differences. I’m sorry if this is a stupid question.
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Yes they do if the APY is the same. However if the interest alone is considered, the APY can be different depending on how the interest is compounded.
Yes they do. But the diffference is that a savings account allows you to withdraw money (or add money for that matter) without any penalty. With a CD, you will need to keep your money in the CD until the end of the term of the CD, or you will be penalized.