passbook savings account
Definition
Noun A type of savings account where all transactions (deposits and withdrawals) are recorded in a physical booklet, called a passbook, which is held by the account holder.
Usage
This term refers specifically to a traditional, book-based method of tracking a savings account balance and history. The passbook must be presented to a bank teller to update the record during a transaction.
Examples
Advanced Usage
- The term is often used in contrast to modern, electronic statement savings accounts.
- It can imply a certain level of formality, tradition, or a lower-tech approach to banking.
Variants and Related Words
- Passbook (n): The physical booklet in which the transactions are recorded.
- Savings account (n): The general category of bank account for storing money and earning interest, of which a passbook savings account is one type.
Synonyms
- Passbook account (n)
- Bank book account (n)
Noun
-
a savings account in which deposits and withdrawals are recorded in the depositor's passbook
