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Passbook savings

Passbook savings. Michael Mahuka. Definition. The Passbook Savings Account gives the owner a higher compounded interest. But they can only withdraw a number of times a month, depending on the bank. It is also very safe. Limits & Making Money.

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Passbook savings

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  1. Passbook savings Michael Mahuka

  2. Definition • The Passbook Savings Account gives the owner a higher compounded interest. But they can only withdraw a number of times a month, depending on the bank. It is also very safe.

  3. Limits & Making Money • There are only a certain number of times you can withdraw from this account each month. The investor can also make money by just letting the interest and his money work for him.

  4. Type of Investor • I think people that are trying to gain money by not doing anything will use this fund. Since it has a higher interest rate and it is a savings account there isn’t that much risk. They also don’t need a lot of checks.

  5. Economic Climate • If the bank is offering a high rate of interest it will work better for the investor.

  6. Citizens Bank • The State Bank Group

  7. Amount • Every bank is different so the amount that is needed can range from $25-$100. There is really about no risk to the investor. Not unless the balance goes under a certain amount. • If I were to invest $100 the Citizens Bank will give me a 0.01% interest. So the next year I will have $101 and the interest will go off of my new balance.

  8. http://www.citizensbank.com/savings-and-cds/passbook-savings.aspxhttp://www.citizensbank.com/savings-and-cds/passbook-savings.aspx • http://www.thestatebankgroup.com/passbook-savings • https://www.firstrepublic.com/personal/checking-money-market-savings-cds-and-iras/passbook-savings

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