Passbook and statement savings rates

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Passbook savings accounts allow customers to keep track of deposits, withdrawals and their balance in a book that’s generally much smaller than a bank statement.

“They were the original savings accounts before electronic banking,” says Nessa Feddis, senior vice president at the American Bankers Association. “People made the deposits and withdrew money in person at the bank, and so then it was just easy enough to stamp the passbook so they knew what they had at the bank.”

But with the rise of automated and online banking, these accounts aren’t as popular as they once were, Feddis says.

Here’s a look at rates and annual percentage yields (APYs) for passbooks and statement savings accounts throughout the U.S. Statement savings accounts usually have a traditional bank statement, either paper or paperless through online banking, generated on a monthly or quarterly basis.

INSTITUTIONS Passbook 4/14/2021 Statement 4/14/2021
Rate APY Rate APY
Total Bank Average 0.04 0.04 0.02 0.02
Total Thrift Average 0.09 0.09 0.11 0.11
National Average 0.08 0.08 0.07 0.07
New York Metro
Bank of America N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
Citibank N/A N/A 0.04 0.04
HSBC Bank USA, N.A. N/A N/A 0.01 0.01
TD Bank, NA N/A N/A 0.02 0.02
New York Metro Bank Average N/A N/A 0.02 0.02
Apple Bank for Savings 0.05 0.05 0.05 0.05
Columbia Bank 0.10 0.10 0.10 0.10
Provident Bank N/A N/A  0.05  0.05
Queens County Savings Bank N/A N/A 0.03 0.03
Ridgewood Savings Bank  0.25  0.25  0.25  0.25
New York Metro Thrift Average 0.13 0.13 0.13 0.13
New York Metro Average 0.13 0.13 0.06 0.06
Los Angeles
Bank of America N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
OneWest Bank N/A N/A 0.05 0.05
Union Bank N/A N/A 0.01 0.01
Wells Fargo N/A N/A 0.01 0.01
Los Angeles Bank Average N/A N/A 0.02 0.02
Beal Bank N/A N/A 0.21 0.21
Broadway Federal Bank, F.S.B. 0.25 0.25 0.25 0.25
Malaga Bank F.S.B. N/A N/A 0.05 0.05
MidFirst Bank – Los Angeles N/A N/A 0.10 0.10
Sterling Bank and Trust N/A N/A 0.10 0.10
Universal Bank N/A N/A 0.04 0.04
Los Angeles Thrift Average N/A N/A 0.10 0.10
Los Angeles Average N/A N/A 0.06 0.06
Chicago
Bank of America N/A N/A 0.01 0.01
BMO Harris Bank, N.A. N/A N/A 0.03 0.03
Chase Bank N/A N/A 0.01 0.01
Fifth Third Bank N/A N/A 0.01 0.01
Northern Trust Co N/A N/A 0.05 0.05
Chicago Bank Average N/A N/A 0.02 0.02
First Savings Bank of Hegewisch 0.02 0.02 0.02 0.02
Hoyne Savings Bank 0.05 0.05 0.05 0.05
Liberty Bank for Savings 0.01 0.01 0.01 0.01
Lisle Savings Bank N/A N/A 0.15 0.15
The Federal Savings Bank 0.05 0.05 0.25 0.25
Chicago Thrift Average 0.03 0.03 0.10 0.10
Chicago Average 0.03 0.03 0.06 0.06
San Francisco
Bank of America N/A N/A 0.01 0.01
Bank of the West N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
Citibank N/A N/A 0.04 0.04
First Republic Bank 0.05 0.05 N/A N/A
Wells Fargo N/A N/A 0.01 0.01
San Francisco Bank Average 0.05 0.05 0.02 0.02
Beal Bank, SSB N/A N/A 0.21 0.21
First Federal Savings & Loan Association of San Rafael N/A N/A 0.10 0.10
Gateway Bank, FSB 0.15 0.15 N/A N/A
Sterling Bank and Trust N/A N/A 0.10 0.10
San Francisco Thrift Average 0.15 0.15 0.14 0.14
San Francisco Average 0.10 0.10 0.08 0.08
Philadelphia
Bank of America N/A N/A 0.01 0.01
Citizens Bank, NA N/A N/A 0.01 0.01
PNC Bank N/A N/A 0.01 0.01
TD Bank, NA 0.02 0.02 0.02 0.02
Wells Fargo N/A N/A 0.01 0.01
Philadelphia Bank Average 0.02 0.02 0.01 0.01
Firstrust Bank N/A N/A 0.05 0.05
Harleysville Bank N/A N/A 0.05 0.05
Penn Community Bank N/A N/A 0.05 0.05
Prudential Bank N/A N/A 0.01 0.01
Wilmington Savings Fund Society, FSB N/A N/A 0.01 0.01
Philadelphia Thrift Average N/A N/A 0.03 0.03
Philadelphia Average 0.02 0.02 0.02 0.02
Detroit
Bank of America N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
Comerica Bank N/A N/A 0.01 0.01
Fifth Third Bank N/A N/A 0.01 0.01
PNC Bank, NA N/A N/A 0.01 0.01
Detroit Bank Average N/A N/A 0.01 0.01
Auto Club Trust, FSB N/A N/A 0.05 0.05
Dearborn Federal Svgs Bk 0.10 0.10 0.10 0.10
Eaton Federal Savings Bank N/A N/A 0.20 0.20
Flagstar Bank N/A N/A 0.03 0.03
Sterling Bank and Trust N/A N/A 0.10 0.10
Detroit Thrift Average 0.10 0.10 0.10 0.10
Detroit Average 0.10 0.10 0.05 0.05
Boston
Bank of America N/A N/A 0.01 0.01
Citizens Bank, NA N/A N/A 0.01 0.01
Eastern Bank N/A N/A 0.02 0.02
Santander Bank, N.A. N/A N/A 0.03 0.03
TD Bank, NA 0.05 0.05 0.02 0.02
Boston Bank Average 0.05 0.05 0.05 0.05
Cambridge Savings Bank N/A N/A 0.03 0.03
East Boston Savings Bank N/A N/A 0.08 0.08
Institution for Savings in Newburyport N/A N/A 0.25 0.25
Middlesex Savings Bank 0.05 0.05 0.05 0.05
Salem Five N/A N/A 0.01 0.01
Boston Thrift Average 0.05 0.05 0.08 0.08
Boston Average 0.05 0.05 0.05 0.05
Houston
Amegy Bank N/A N/A 0.01 0.01
Bank of America N/A N/A 0.01 0.01
BBVA N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
Frost Bank N/A N/A 0.01 0.01
Wells Fargo Bank N/A N/A 0.01 0.01
Houston Bank Average N/A N/A 0.01 0.01
Beal Bank, SSB  N/A N/A 0.21 0.21
Pioneer Bank, SSB N/A N/A 0.05 0.05
SouthStar Bank N/A N/A 0.25 0.25
Third Coast Bank, SSB N/A N/A 0.25 0.25
Houston Thrift Average  N/A N/A 0.19 0.19
Houston Average N/A N/A 0.10 0.10
Dallas
Bank of America N/A N/A 0.01 0.01
BBVA N/A N/A 0.01 0.01
Chase Bank N/A N/A 0.01 0.01
Texas Capital Bank, NA N/A N/A 0.05 0.05
Wells Fargo Bank N/A N/A 0.01 0.01
Dallas Bank Average N/A N/A 0.02 0.02
Beal Bank, SSB N/A N/A 0.21 0.21
Colonial Savings, FA N/A N/A 0.05 0.05
First Command Bank N/A N/A N/A N/A
TBK Bank, SSB N/A N/A 0.25 0.25
Dallas Thrift Average N/A N/A 0.17 0.17
Dallas Average N/A N/A 0.09 0.09
DC Metro
Bank of America N/A N/A 0.01 0.01
BB&T N/A N/A 0.01 0.01
Capital One, NA N/A N/A 0.40 0.40
Citibank N/A N/A 0.04 0.04
PNC Bank, NA N/A N/A 0.01 0.01
SunTrust Bank N/A N/A 0.01 0.01
United Bank N/A N/A 0.05 0.05
Wells Fargo N/A N/A 0.01 0.01
DC Metro Bank Average N/A N/A 0.07 0.07
E-Trade Savings Bank N/A N/A 0.05 0.05
Presidential Bank, FSB N/A N/A 0.15 0.15
DC Metro Thrift Average N/A N/A 0.10 0.10
DC Metro Average N/A N/A 0.08 0.08

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Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Senior wealth editor