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What is a Passbook Savings Account?

Saving up for the future is a great and safe way for you to be prepared financially. Getting a Passbook Savings Account would be a great way for you to start your saving mode. A passbook savings account is simply a record book where all of your deposits and withdrawals, as well as all transactions including interests incurred are recorded. Using this passbook savings account requires you to deal directly with the bank teller and not like an ATM or automated teller machine, where you only need a machine (same bank or not) and you are all set. It may also be a little limited as you can only transact business when the bank is open and within the same bank name. That would mean less time and freedom in terms of bank transaction opportunities.

Now, here is where it gets interesting and convenient. You may be limited to bank transactions offline with a Passbook Savings Account, but with the advent of the internet, not anymore. You won't be able to deposit or withdraw directly, but you can do other transactions over the web. This passbook savings account is updated regularly and is a great way for you to monitor your own savings account. If the pages are all used up, you can just request for another passbook savings account and the recording of transaction continues. The account holder, that is you, keeps and ensures the safety of the passbook savings account.

Ask the bank you chose to open your passbook savings account with so that you will have an idea as to how you will be able to manage your money. Learn how much is the minimum amount required for you to keep the account active. Ask for the interest rate or percentage earnings that you would get as offered by the bank. And you may also ask for the benefits and other things accessible for you once you open up the passbook savings account. There are different kinds of passbook savings account that you need to be clear as to what you really want. You may want to ask many banks, although the interest rate for savings are usually standard, there are some banks that offers more benefits than most.

Having a savings account may not be enough to keep you afloat during economic crisis, but it will surely help you a lot. You may need to have other investments and perhaps a business to help you, but opening a savings account for future or a definite need is one way to help you get along financially. Ask an expert, a businessman, a financial advisor or a banker for ideas and tips as to how you can maximize your savings. In these current times, having a job or a single source of income may not be enough anymore. Keeping a savings account, actually, multiple savings accounts, each having their own purpose (i.e. future investments, emergency fund, children's education, etc.), can help you manage your finances well and not leave you surprised and taken aback. You do have to divide them as having only one may be a little risky.

Lacey
I always hated those things as a kid. They led me to have a new habit (always being paranoid of money). Thanks Mom and Dad!
Lacey at at 03:25AM, 2011/09/02.

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