What is a bank passbook?

What is a passbook? A bank passbook is a physical notebook held by bank account holders. It records on paper the details of all banking transactions, including elements such as: While most banks now offer paperless alternatives to the old-fashioned passbook, you can still find some accounts with a passbook attached.

What is a passbook savings account?

Passbook savings accounts provide an alternative to digital accounts by offering hands-on record-keeping and account management. These accounts are not very common or good for maximizing interest. However, if you like the idea of banking in person and keeping a book of your transactions, a passbook savings account could be for you.

Should you consider a passbook savings account?

A passbook savings account might be worth considering. What is a passbook? A bank passbook is a physical notebook held by bank account holders. It records on paper the details of all banking transactions, including elements such as:

Can I Check my passbook savings account details online?

You may be able to check passbook savings account details online, depending on your bank, and will receive account statements when you make electronic transfers. You can’t make ATM withdrawals from a passbook savings account or spend with a physical card. Passbook savings accounts share a few similarities with regular savings accounts.