Simple offers a 2.02 percent Annual Percentage Yield on Protected Goals accounts available to current account owners. APY is the actual percentage a customer will earn in one year.
After you open a Simple checking or shared account, you can open a Protected Goals account as an Emergency Fund and set a savings goal. Simple will transfer funds every day from your Safe-to-Spend balance or other Goals to your Emergency Fund. Simple applies a daily periodic rate in calculating your interest on a compounding basis. Your daily interest calculations are added and credited to your Emergency Fund at the end of each month. The more frequently you apply cash to your Emergency Fund, the more frequently compounding occurs and higher the APY.