Banking Regulation DD, section §230.4 requires a bank to disclose the interest rate and the APY on a new account. There is no requirement to state a depositaccounts' APY in an advertisement.
The reason this rule exists is so that a consumer can comparison shop and compare apples to apples. The main difference between an interest rate and an APY is the compounding, or the payment of interest on interest. This is influenced by how often interest is paid. Because this can vary from bank to bank, the APY helps you get the best deal for your money, but don't look at just the APY as that is but one indicator. Consider the fees charged as well and any account restrictions.
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Banking Regulation DD, section 