If you like simple, straightforward, to the point, than you are going to definitely want to open a passbook savings account. If you know what this is already, it’s time to start researching to find the best interest rates. Are you learning about this for the first time? Read ahead.
Getting Acquainted With the Basics
First off, a passbook savings account is a savings account that you can open from various financial institutions where all transactions are recorded in account holder’s passbook.
When it comes to simplicity, getting this type of account is about as simple as you can get. You are completely eliminating monthly statements, you generally will not receive an ATM card to use and you will have to make all of your deposits and withdrawals from an actual branch unless they allow for direct deposit. While this may sound and actually be quite restricting, it is excellent for that reason.
Credits, debits, deposits, interest and withdrawals will all be written down in your personal passbook that will become your only evidence of having a passbook account aside from the information with your bank.
Advantages You Can’t Get Without Passbook Savings
I’m going to make you a very easy-to-read list of advantages to help keep the simple idea rolling:
1. Easy record keeping (all you need is a pen and passbook).
2. Competitive rates of interest on your entire balance (higher rates, better returns).
3. Restricted access, easier to save, less likely to spend.
4. No monthly statements (security for you).
5. No annual fees, monthly fees or special fees (like those darn debit and ATM cards).
6. Simple nature makes for great learning experience with children and adults.
Popular Financial Institutions with Passbook Accounts
While it ultimately depends on where you live, there is a good chance you will come across some very popular options such as Wells Fargo passbook savings or Bank of America passbook savings account. There are some advantages and disadvantages to opening this kind of account with these types of banks such as the double-edged sword of easier access because of the many branches to choose from for both depositing and withdrawing money.
In large cities, if you scaled the entire area for banks you are more than likely to see more nationwide banks offering these accounts such as Chase passbook savings, Citibank passbook, PNC passbook savings and US Bank passbook opportunities. It is important to understand that just like I mentioned above, you are going to face pros and cons when opening up accounts with these banks.
Ongoing List of Financial Institutions to Consider
Second Federal Savings
Located in Cicero and Chicago, Illinois
The Provident Bank
Located in Northern and Central New Jersey
Dollar Bank
Located in Western Pennsylvania and Ohio
Fairfield Federal
Located in Lancaster and Pickerington, Ohio
FamilyFirst Bank
Located in Ware, Three Rivers, East Brookfield, Massachusetts
Maspeth Federal Savings
Located throughout New York
UOB Group
Located in Singapore
First Federal Savings of Lorain
Located in Lorain, Ohio
Hatboro Federal Savings
Located in Pennsylvania
Charles River Bank
Located in Medway, Massachusetts
Newfield National Bank
Located in New Jersey
South Adams Savings Bank
Located in Massachusetts
Middlesex Federal
Located in Somerville and Medford, Massachusetts
Soy Capital Bank
Located in Illinois
List to be continued…
Now you know everything that there is to know about a passbook savings account. It is time to decide whether this type of account is the right choice for you. If so, you already know what to do… Start searching!