You automatically earn interest on the balance in your savings account.
For BBVA Compass savings accounts, the daily balance method is used to calculate interest on the account. This method applies a daily periodic rate to the daily collected balance in the account each day.
The collected balance is your account balance minus any funds you have deposited that have not been collected from the financial institution on which the deposited funds are drawn.
Accrued interest is credited to your account balance on the first business day of the following statement cycle. Statement cycles are generally quarterly, unless otherwise disclosed.
So, for example, if you opened your account in January and your account’s first statement cycle is January through March, your accrued interest would be credited to your account the first business day in April.
Your tax forms will be mailed to you at the beginning of each year.