You have unlimited deposits and check writing privileges. This is a good place for current cash. Larger balances provide funds for emergencies. The interest rate paid on your account balance is lower than other bank savings options, such as a CD, and is subject to change. Passbook or Statement Savings Accounts should be used for small savings or emergency funds, because the rate of return paid is lower than C Ds or money market accounts.
Funds are usually available at any time.
Immediate withdrawals are usually allowed. Check minimum balance requirements. Funds below the minimum do not earn interest. Furthermore, low balances mean you are charged monthly service fees which, over time, will deplete the account. The rate of return is subject to change.