EAR vs EAY?

what’s the difference between effective annual yield and effective annual rate?

this is the same guys

If you ever hear the term effective, it means that it takes into consideration the compounding effects over the year.

No, EAY can only be used in the fix income market or money market. Just like HPY is the fixed income equivalent of HPR. EAY is the fixed income equivalent of EAR.

Source CFA level 1, reading 6, section 4. Money market yields,

In fixed income markets, this holding period return is also called a holding period yield (HPY).

note 13: Bond-market participants often use the term “yield” when referring to total returns (returns incorporating both price change and income), as in yield to maturity. In other cases, yield refers to returns from income alone (as in current yield, which is annual interest divided by price). As used in this volume and by many writers, holding period yield is a bond market synonym for holding period return, total return, and horizon return.

note 15:Effective annual yield was called the effective annual rate (Equation 5) in the reading on the time value of money

Semantics aside, EAY and EAR mean exactly the same thing.