"Maximize Your Savings: Check Out Passbook and Statement Rates"

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Passbook savings accounts provide a historical method of tracking your deposits, withdrawals, and balances. Unlike contemporary bank statements, these are recorded in a booklet.

Yet, one may encounter difficulty in opening a new passbook savings account, as many banks have discontinued this classic option. "They were the original savings accounts before electronic banking," clarified Nessa Feddis, Senior Vice President at the American Bankers Association. In-person deposits and withdrawals at the bank's counter made it effortless for banks to mark the passbook, letting account holders track their balance.

But with automated and online banking's rise to prominence, passbook savings accounts are no longer as ubiquitous, says Feddis.

We conducted a comprehensive rate comparison of passbook savings accounts and statement savings accounts across the United States. For the latter, a traditional bank statement generates monthly or quarterly, either in physical or digital form.

INSTITUTIONS

Passbook 10/26/2022

Statement 10/26/2022

Rate

APY

Rate

APY

Total bank average

1.29

1.30

0.05

0.05

Total thrift average

0.27

0.27

0.26

0.26

National average

0.48

0.48

0.16

0.16

New York metro

Several renowned banks in the New York metropolitan region, such as Bank of America and Chase Bank, do not offer passbook savings accounts. Meanwhile, Citibank provides an APY of 0.05, and TD Bank offers 0.02.

Wells Fargo comes in last at 0.01. The New York Metro bank average APY is 0.02. Apple Bank of Savings provides an APY of 0.01.

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Columbia Bank, Provident Bank, Queens County Savings Bank, and Ridgewood Savings Bank Have Varied Rates

Columbia Bank

Columbia Bank's interest rates are undisclosed at this time.

Provident Bank

Provident Bank has not revealed their interest rates in the recent period.

Queens County Savings Bank

Queens County Savings Bank is offering an interest rate of 0.03.

Ridgewood Savings Bank

Ridgewood Savings Bank's interest rate stands at 0.25, which matches the New York metro thrift average.

Los Angeles Banks Also Have Diverse Rates

Bank of America, Chase Bank, First Citizens Bank, Union Bank, and Wells Fargo

These banks have an interest rate of 0.01.

Beal Bank

Beal Bank has a higher rate at 0.21.

Malaga Bank

Malaga Bank's rate of interest is 0.05.

MidFirst Bank – Los Angeles

MidFirst Bank in Los Angeles is offering a rate of 0.15.

Sterling Bank & Trust

Sterling Bank & Trust's rate of interest is 0.10.

Universal Bank

Universal Bank's rate of interest is 0.04, and the Los Angeles thrift average stands at 0.11. The Los Angeles average is 0.06.

The Only Bank Mentioned in Chicago is Bank of America

Bank of America

The interest rate offered by Bank of America remains undisclosed.

Banks in Chicago and San Francisco Offer Different Savings Account Options

Chicago

BMO Harris Bank, Chase Bank, Fifth Third Bank, and Northern Trust Co. offer a low-interest rate of 0.01%. First Savings Bank of Hegewisch offers a slightly higher interest rate of 0.02%, and Hoyne Savings Bank and Liberty Bank for Savings offer a more substantial rate of 0.10%. Lisle Savings Bank offers no interest on savings, while The Federal Savings Bank offers a higher rate of 0.25%. The Chicago thrift average is 0.04%, and the Chicago average is 0.06%.

San Francisco

Bank of America, Bank of the West, Chase Bank, and Wells Fargo offer a low-interest rate of 0.01%, while Citibank offers a higher 0.05% rate. First Republic Bank offers the highest rate of 1.29%-1.30%. The San Francisco bank average is 1.29%-1.30%. Finally, Beal Bank and First Federal Savings & Loan Association of San Rafael offer higher rates of 0.21%.

Note: Interest rates are subject to change and may vary based on location and account type. It is important to research and compare options before choosing a savings account.

Bank Interest Rates in Major U.S. Cities

San Francisco

• Gateway Bank - 0.10%
• Sterling Bank & Trust - 0.10%
• San Francisco thrift average - 0.13%
• San Francisco average - 1.29%

Philadelphia

• Bank of America - 0.01%
• Citizens Bank - 0.01%
• PNC Bank - 0.01%
• TD Bank - 0.02%
• Wells Fargo - 0.01%
• Philadelphia bank average - 0.01%
• Firstrust Bank - 0.05%
• Harleysville Bank - 0.02%
• Penn Community Bank - 0.05%
• Prudential Bank - 0.01%
• Wilmington Savings Fund Society - 0.05%
• Philadelphia thrift average - 0.04%
• Philadelphia average - N/A

Detroit

• Bank of America - 0.01%
• Chase Bank - 0.01%
• Comerica Bank - N/A

Note: N/A indicates unavailable data.

Banks in Detroit and Boston: A Comparative Gauge of Interest Rates

Detroit Banks

The following table highlights the interest rates for various banks in Detroit. Please note that N/A values indicate that rates could not be ascertained at the time of tabulation.

Boston Banks

The following table highlights the interest rates for various banks in Boston. Please note that N/A values indicate that rates could not be ascertained at the time of tabulation.

Heading 2: Comparing Average Interest Rates for Houston, Dallas, and Washington, D.C. Banks and Thrifts

Heading 3: Analysis of Interest Rates for Major Banks in Houston, Dallas, and Washington, D.C.

In an effort to help consumers make informed decisions when selecting banking services, we have gathered information about average interest rates for Houston, Dallas, and Washington, D.C. banks and thrifts. Our data shows a notable difference in rates between these cities.

Taking a closer look at Houston, we found that Frost Bank offers the highest interest rate at 0.28%, while the average interest rate for Houston banks is 0.05%. Beal Bank and SouthStar Bank are in the lead among Houston thrifts with an interest rate of 0.21% and 0.30%, respectively, while the Houston thrift average is 0.25%.

Moving on to Dallas, Texas Capital Bank takes the lead with an interest rate of 0.20%, while the Dallas bank average is 0.05%. Among Dallas thrifts, Providence Bank of Texas has the highest interest rate at 0.40%, while the Dallas thrift average is 0.20%.

In Washington, D.C., Morgan Stanley Private Bank stands out with a substantial interest rate of 2.75%. The average interest rate for banks in the Washington metro area is 0.31%, with Capital One offering the highest rate at 2.35%. On the thrift side, Presidential Bank offers a competitive interest rate of 0.15%, while the average interest rate for Washington metro thrifts is 1.45%.

We hope this information helps consumers make informed decisions when choosing banking services. Remember to consider other factors, such as customer service, before making a final decision.