A booklet issued by a bank to an account holder for recording sums deposited and withdrawn.
- Just like a time deposit versus a passbook savings account, there's a trade off: cost-effectiveness versus accessibility.
- If you find an old passbook for a building society no longer on the high street, you can look up where the money has gone on the Association's website here.
- It's like a time-deposit bank account versus a passbook savings account.
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