Most banks today offer online and mobile banking services that mean you can effortlessly manage your money from anywhere. It’s easy to see the convenience and appeal, but some customers prefer a more old-school option. That’s what you get with a passbook savings account.

While these accounts aren’t too common today, some banks still offer them. Here’s what it’s essential find out about these accounts and potential alternatives to think about.

A passbook savings account is comparable to other savings accounts — the major difference is that it features a physical record of account transactions, often called a passbook. Inside the passbook, you discover a record of each time money flows into and out of your account. Consider it like a journal with all of the necessary details about your transactions.

Typically, it’s essential visit a bank branch in person to deposit or withdraw money from a passbook savings account so the banker can record the transactions. (They could not make a handwritten note, but as a substitute create an entry on their computer and print the data onto your passbook.)

Passbook savings accounts can have some unexpected benefits. As an illustration, the necessity to physically visit a branch to withdraw creates an additional barrier in comparison with online savings accounts. This might mean money stays in your account longer, while helping you construct savings over time. Passbook savings accounts may pay interest, though the rates are inclined to be lower than alternatives like high-yield savings accounts.

Passbook savings accounts were once commonplace, but nowadays, you won’t encounter passbook savings accounts nearly as often. Nevertheless, some smaller local and regional banks should offer them.

In actual fact, passbook savings accounts have had somewhat of a resurgence despite their overall drop in popularity. For instance, in Britain, some banks reported sharp increases in passbook savings account numbers.

The rationale for the rise is basically attributable to a value of living crisis within the country, in response to a report from The Guardian. Some customers find budgeting easier when using a passbook, as coping with money and in-person withdrawals allows them to higher control their spending. So while they’re less popular today, these accounts still have their place for some banking customers.

Like all banking products, passbook savings accounts have pros and cons. Here’s what to think about before opening an account.

Pros

• Tangible record: Provides a physical record of all transactions, akin to deposits, withdrawals, and interest. This could make it easier to maintain track of your money.

• Encourages savings: These accounts could make it tougher to access your money than typical savings accounts with online banking access, which might encourage savings for some customers.

• Low risk: Passbook savings accounts are often FDIC-insured, providing you with a security net in case your bank fails.

• Easy to make use of: These accounts typically don’t have too many extra features. In other words, they’re an easy, no-frills solution to set money aside.

Cons

• Requires in-person transactions: Although in-person transactions might help encourage saving, they also can make accessing your money inconvenient.

• Withdrawal limits: Like many savings accounts, passbook savings accounts may limit the variety of monthly withdrawals you’re allowed to make without incurring a fee.

• Lower savings rates than some accounts: While these accounts often pay interest, the rates are often lower than high-yield savings rates.

• Fees to switch your passbook: For those who ever lose your passbook, there could be a small fee to switch it.

Some people prefer having tangible items over digital versions, which is why they could prefer reading physical books to e-books. The identical is true for banking, as some customers prefer a physical record of their transactions. Nevertheless, you may find the low rates or the in-person requirement is just too big a trade-off. In that case, there are a number of alternatives to think about.

A high-yield savings account is a form of savings account that pays higher-than-average rates on account balances. Often, there are minimal fees and low or no minimum balance requirements. This implies your money can grow faster than it will in a passbook savings account.

Nevertheless, high-yield savings accounts are sometimes provided by online banks, with no choice to visit a branch for assistance. For some customers, that’s no problem. But those preferring to get assist in person when needed might prefer opening a savings account at their local bank, even when it pays lower rates.

Read more: The ten best high-yield savings accounts available today

A money market account is sort of a cross between a checking account and a savings account. These accounts often pay higher rates of interest than traditional savings accounts, and they generally have check-writing and debit card options. This makes it easier to access your money, letting you easily make a withdrawal whenever you need it.

The downside is that cash market accounts often include higher minimum balance requirements; you could lose out on interest or must pay a fee in case your balance falls below the minimum. Nevertheless, if you might have a considerable amount of savings that it’s essential access frequently, a money market account could enable you to earn the next rate of return.

Read more: The ten best high-yield money market accounts available today

A certificate of deposit is a form of deposit account that usually pays the next rate than traditional savings accounts. To qualify for the upper rate, you need to leave your money within the account for a set time period, often called the CD term, which will be as little as a number of months or so long as several years. CDs with longer terms sometimes pay higher rates to compensate you for keeping your money within the account. Nevertheless, there will be exceptions based on future rate of interest expectations.

The most important strike against CDs is the requirement to maintain your money within the account for your complete term. It’s possible to get your money out sooner, but that typically comes with a penalty. There are no-penalty CDs, too, but they often pay lower rates. Generally, in the event you’re putting your money in a CD, it’s best to expect it to remain within the account until the top of the term.

Read more: The very best CD rates in the marketplace today