The bank passbook of the good old days has made a comeback, with Maltapost yesterday launching a service through which customers can use such a document to keep track of all their transactions.

The company said customers would have the opportunity to receive funds, pay bills and budget efficiently through this new payment account.

Maltapost chairman Joe Said, who is also the CEO of Lombard Bank, said the service was intended for people of a certain age who felt more at ease keeping record of every transaction in a passbook. It was also useful for household budgeting, company expenses and to keep track of the transactions of clubs and associations, he added.

Launched in collaboration with Lombard Bank, under the EU Payment Services Directive, the passbook marks the entry of the postal company in the financial services sector. Mr Said noted that Maltapost was planning to introduce more financial services and was ready to fill the void left by commercial banks that, nowadays, were less customer oriented and more internet friendly.

A minimum deposit of €50 is needed to open a passbook account and deposits cannot exceed €8,000. Maltapost is pledging that customers will earn some interest on their deposit but no details on rates were announced.

The PostaPay&Save service was rolled out yesterday at the Maltapost branch in Sliema and will also be available free of charge in Birkirkara, Cospicua, Marsa, Mosta, Sliema and Nadur and at the Lombard Bank branch in Qormi.