How do i compare bank interest rates?

To compare bank interest rates, begin by identifying the type of account or loan you are considering. For savings accounts, look at the annual percentage yield (APY), which includes compounding effects. For loans, focus on the annual percentage rate (APR), which reflects both the interest rate and any additional fees. Compare these rates across different banks using online tools or by visiting their websites. Consider other factors such as minimum balance requirements, withdrawal limits, or early repayment penalties. A higher rate may be less beneficial if it comes with restrictive terms.