savings

What is a passbook savings account?

 

What is a passbook savings account?

The Bankrate.com financial term of the day is: "Passbook Savings Account."

If you don't have a passbook savings account, you might consider the concept old-fashioned. If you do have one, you probably think of it as your "old reliable." It's a basic, low-tech savings account that requires the customer to go into the bank branch to make deposits and withdrawals, which are stamped into the account's small, bound passbook. The accounts typically have no minimum balance requirement, pay meager interest and have few fees.

A passbook savings account is a banking throwback that's still just fine for many people.

To find the perfect bank account, visit the Checking & Savings section at Bankrate.com.

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