How exactly does APY work? Is the interest paid on a yearly basis or a quarterly basis? Also how exactly does APY on a CD certificate I deposit work? How often is interest given?

APY stands for ANNUAL percentage rate. CD interest rates are always stated on an annual basis. Bank CDs usually credit interest quarterly.

How exactly does APY work? Is the interest paid on a yearly basis or a quarterly basis? Also how exactly does APY on a CD certificate I deposit work? How often is interest given?