APY stands for Annual Percentage Yield. It’s a way to show the total interest paid on the balances you hold in your Dave Checking and Goals accounts over the course of a year.
How we calculate your interest
We use a daily balance method, meaning your interest is calculated on your balance at the end of each day. Interest is compounded monthly, which means you earn interest on your interest each month, so long as you maintain a balance in your accounts.
The more you keep in your account over each month, the more interest you’ll earn!
You can visit your Account Agreement(s) available on the Dave.com website for more information on how APY impacts your account(s).