Passbook and statement savings rates

Passbook savings accounts allow customers to keep track of deposits, withdrawals and balances in a booklet rather than a more contemporary bank statement.

But opening a new passbook savings account might be challenging because many banks no longer offer them.

“They were the original savings accounts before electronic banking,” says Nessa Feddis, senior vice president at the American Bankers Association. “People made the deposits and withdrew money in person at the bank, and so then it was just easy enough to stamp the passbook so they knew what they had at the bank.”

But with the rise of automated and online banking, passbook savings accounts aren’t as popular as they once were, Feddis says.

Here’s a look at annual percentage yields (APYs) for passbooks and statement savings accounts throughout the U.S. Statement savings accounts usually have a traditional bank statement, either paper or paperless through online banking, generated on a monthly or quarterly basis.