If you apply them you'll improve your financial lot. It's always better to compound more frequently. Daily compounding is better than monthly or quarterly. You'll begin earning interest on interest on the second day, not the second month. So you want to always choose the shortest compounding period offered to you.
More time magnifies the effects of compounding.
Let's say you put some money away today at 10 percent interest. That money will double in about seven years. If you left the interest in the account you'd have twice as much money earning interest in years eight through fourteen. It's like you were getting 20 percent interest on your original savings. The rest of the account will earn less depending upon how long it's been in the account.