Sep 11

What Is A Statement Savings Account?

Statement Savings Accounts

These are much like passbook accounts, the difference being that customers keep track of their own deposits and withdrawals on a form provided by the bank. The customer, however, receives a periodic statement from the bank, which includes accrued interest as well as the bank’s own records of deposits and withdrawals. Because they involve slightly less work for a bank, a few pay a slightly higher rate of interest for statement savings than for passbook accounts.

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