A savings account that's
habit forming.
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A Passbook Savings Account is still the easiest way to get
in the habit of saving. All you need to open a Passbook Account
is $50.
All accounts that maintain a minimum daily balance
of $100 earn a variable rate of interest, which may adjust
daily, on the entire balance. Balances below $100 do not
earn interest.
Interest is compounded and credited quarterly and accrues from the day of deposit to the day of withdrawal. There is a service charge of $1 per month whenever the account has been dormant for one year or the minimum daily balance falls below $100 in any given month.
Unlike many savings accounts which are purchased and monitored electronically, you can hold a passbook and open it up and see how much money you have in the account. The simplicity of it all makes a Passbook Savings Account perfect for people of all ages, including teenagers who want to get into the habit of saving.
Depositor accounts are fully insured to at least $250,000 by the FDIC. For more information, go to www.fdic.gov.
