When buying Certificates of deposit, should I look for the highest APY rate?

Question

does it makes the interest go up faster if i get a high APY rate?

Answer 1

yes

Answer 2

yes, the higher the better. Also you can use the rule of 72 to find out how fast your money will grow. Divide 72 by the % of interest you are getting and that will tell you how many years it will take to double your money. ie. 72/8% = 9. If you got 8% on $1000.00 in 9 years you will have $2000.00.