Compounding means keeps adding to the computation. Daily Compound means the interest is charged as 8/365, daily computed and added to the amount owed. The next day, the balance includes the prior interest, and it keeps getting added as each day is a late day. $100 is $108.33 at year end.

8% compound daily is equivalent to 8.32776% compounded annually.

Straight annual interest would be: $100 ends up at $108 at year end.