APY is a disclosure statement.
APY = the rate of interest earned through compounding if you leave all interest accrual in the account.
APR = annual percentage rate, if you were to withdraw your interest earning when paid (monthly).
edit- here, What Is Annual Percentage Yield?
In the example I’ve used, you’ll find that the APY is 6.183%. In other words, if you get 6% annually with daily compounding, your APY = 6.183. Try changing the compounding frequency and you’ll get an idea of how the APY changes. For example, you might show quarterly compounding (4 times per year) or the unfortunate 1 payment per year (which just results in a 6% APY).
for example, with the M&T Bank 4.75% APY I posted,they state APR is 4.63%.