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Passbook Savings A ccount

Passbook Savings A ccount . Shaudia Egdamin Period 2. What are passbook savings accounts?. A savings account book that hold records of credit, debit, withdrawals, and interest Offered by national and community banks. Limits. Lower interest rates No monthly statements

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Passbook Savings A ccount

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  1. Passbook Savings Account

    ShaudiaEgdamin Period 2
  2. What are passbook savings accounts? A savings account book that hold records of credit, debit, withdrawals, and interest Offered by national and community banks
  3. Limits Lower interest rates No monthly statements Requires you to be organized and keep track of your own records No automatic monitoring of all transactions like online banking Possible minimum balance needed
  4. Who Would Use This? Anyone who likes to be “tangible” Personally wants to write out records Prefers “Old-fashioned” way over online usage Children/Teens Helps them learn to keep track of spending Learn to save at an early age
  5. Benefits Best works in any economic climate Allows you to keep your money secure Helps you save more How do you make money on this investment? Compound interest daily
  6. Get Started Where can you buy a passbook? Bank of America Wells Fargo How much money do you need to invest? Depends on the bank Some don’t require a minimum amount
  7. What are the Risks? Being responsible for own transactions Potentially lower account value in the future Loss of money and interest Could earn a better income in another investment
  8. Investment Returns
  9. Works Cited http://www.wisegeek.com/what-is-a-passbook-savings-account.htm http://www.investmentadvisortips.com/passbook-savings-account-advantages-and-disadvantages/ http://www.ehow.com/info_7747459_advantages-disadvantages-passbook-savings-account.html
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