What Is a Passbook Savings Account?

A passbook savings account is a more traditional way of saving. Today's modern banking offers many types of savings accounts with on line features and on line banking. But if you want to keep it simple, or if you like to stick with traditional methods, a passbook savings account could be right for you.

What Is a Passbook Savings Account?

A passbook savings account is an account that comes with a ledger where you record every transaction. You would write down every deposit, withdrawal and interest accrual in the ledger and balance it it to see how much money is in the account. A passbook savings account allows to always know your balance and compare your notes with your statement to ensure accuracy.

Who Should Have a Passbook Savings Account?

A passbook savings account is great for young people who are getting their first savings account. This teaches them how to balance the account and not rely on internet banking. It is also a good choice for those who are not computer savvy and like a traditional method of banking, or for anyone who wants to keep their savings account simple.


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