Frequently asked questions

Earning Interest on a Savings Account

 

How do I earn interest on my savings account?

You automatically earn interest on the balance in your savings account.

How do I calculate interest on my savings account?

For BBVA 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.

When is interest paid on my savings account?

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.

How do I get my savings account tax forms?

Your tax forms will be mailed to you at the beginning of each year.

 

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