What is the advantage of a passbook savings account?

Answer Passbook savings accounts are what many people think of as a "traditional" savings account. The account holder has a passbook, or record book, she brings to the bank in order to conduct transaction... Read More »

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Definition of a Passbook Savings Account?

A passbook savings account specifically refers to the "passbook" that is issued to a saver when opening such an account at a bank or other financial institution. It is a book, the official record o... Read More »

What is a passbook account?

A passbook account is a type of banking product offered at many traditional banks and credit unions. The passbook account is considered a type of savings account. Although features of the account m... Read More »

Is there a difference between the APY on a savings account& a high-yield money market account?

No, the formula for annual percentage yield (APY) is one plus the periodic interest rate. Then raise the sum to the power of the number of periods of investment. Finally, subtract one. The formula ... Read More »

What is the difference between a health savings account&a flexible spending account?

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are ways to put money aside for future heath care costs. Both provide tax advantages, but the qualifications and functions of th... Read More »