Learn how Truss calculates and credits interest on your account balance, how your rate is determined, and what to expect for your 1099-INT tax form — including when and how you'll receive it.
How Truss Calculates Your Interest
Your account earns interest every day
Every day your money sits in your Truss account, it earns interest. Truss uses the Daily Balance method — which means interest is calculated each night based on the balance in your account at the end of that day.
That interest accrues quietly in the background. You won't see it hit your account daily. Instead, Truss adds it all up and pays you once at the start of each month in a single deposit.
No setup required. It just happens.
How the daily calculation works
Truss takes your annual interest rate, multiplies it by your end of day balance, and divides by 365 to get your daily accrual.
With $100,000 at a 2% annual rate, that looks like this:
0.02 × $100,000 ÷ 365 = $5.48 accrued per day
That $5.48 is recorded every night — weekends and holidays included — and paid out to you at the start of the following month.
How it adds up over time
Period | Amount |
Each day accrued | $5.48 |
Each week accrued | $38.36 |
Each month paid out | $164.38 |
Full year with daily compounding | $2,020.10 |
💡 Good to Know
Your balance changes your accrual immediately. Deposit money and you earn more starting that night. Withdraw money and your daily accrual adjusts the same day.
You won't see daily changes in your balance. Interest accrues behind the scenes and shows up as one monthly deposit — not 30 small ones.
Your rate can change. Truss will notify you of any rate changes in advance. Your current rate is always visible in Account Settings.
Tax Forms & Your 1099-INT
Will I receive a tax document for the interest I earn?
Yes. If your account earns $10 or more in interest during the calendar year, you'll receive a 1099-INT tax form. Truss's banking partner will automatically mail the appropriate tax forms to the address on file in your account each year.
To make sure you receive your tax documents without issue, if you need to update your mailing address, please contact our support team. Address updates require identity verification and cannot be made directly in the dashboard.
Can I receive my tax forms electronically?
We're working on an option to receive tax documents electronically in the future. For now, tax forms are mailed to the address associated with your account. We'll let you know when electronic delivery becomes available.
What if I don't receive my tax form?
If you believe you should have received a tax form but haven't by mid-February, please reach out to our support team at [email protected] or via chat, and we'll help track it down.
Common Questions
Why does my balance not change every day if interest is calculated daily?
Truss calculates and accrues your interest every day but holds it until the end of the month. Think of it like a paycheck — your employer tracks your hours daily but pays you every two weeks. You will see one interest deposit at the start of each month covering all the daily accruals from the previous month.
What happens if I add more money mid-month?
Your daily accrual increases immediately from that night. If you deposit $10,000 on the 15th, starting that night your interest is calculated on $110,000 — accruing $6.03 per day instead of $5.48. Your monthly payment will reflect the mix of both amounts.
What happens if I withdraw money?
Your daily accrual decreases from that same night. If you withdraw $20,000 and your balance drops to $80,000, your daily accrual drops from $5.48 to $4.38. The calculation always uses the balance at the end of that specific day.
What is the difference between the 1.98% rate and the 2.00% yield?
The 1.98% is the base rate used in the daily calculation. The 2.00% Annual Percentage Yield is what you actually earn after a full year of daily compounding — because each day's accrued interest earns a little more interest the next day, your effective yearly return ends up slightly higher than the base rate.
Truss is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank; Member FDIC. FDIC deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
The interest rate on your account is 1.98% with an Annual Percentage Yield (APY) of 2.00%, effective as of 12/12/2025. Rate is variable and is subject to change after account opening. Fees may reduce earnings.