A substantially larger proportion of banks and savings associations offer a simple statement account than the equivalent passbook account
For the passbook account
, both the monthly low-balance fee and the minimum balance required to avoid the fee increased significantly and by percentages that exceeded the increase in the CPI during the period.
On their 12th birthday, children with passbook accounts
are being switched to smart- cards that allow them to draw up to pounds 100 a day from cash dispensers.
SAVERS who insist on traditional passbook accounts
could be missing out on many of the best deals on offer.
Throughout the period, savings accounts with this fee structure were more commonly offered by banks and savings associations as statement accounts than as passbook accounts
, and the proportion of savings associations offering the statement account increased significantly during the period (table 2).
It is a passbook account
but children over 11 can opt to have a cashcard and manage their savings online.
A bank passbook account
is a conservative, guaranteed income investment.
The average monthly fee charged passbook account
holders that do not maintain balances sufficient to avoid the fee was about equal at banks and savings associations in 1990 and about 15 percent to 20 percent lower than the fee for the statement savings account.
Even so, not one of the biggest savings groups offers an unrestricted passbook account
paying a decent rate to the small saver.
Just as CF now offers a complete menu of sophisticated eBusiness tools to its smallest customers, a bank offers a full range of online services to customers who may have as little as $100 in a passbook account
Often this is achieved by moving from a passbook account
to one operated over the phone - much cheaper for the Halifax and convenient for those are are content to handle finances this way.
This will enable customers on the move to shift money from their passbook account
to a current account where they can withdraw it through a cash machine.