With the release of Apple’s new smartphone this Fall, a lot of consumers have found themselves looking for a new case. It’s not that the handset’s design changed drastically, but the re-positioning of its mute and volume buttons rendered many old cases useless.

If you’re still in the market for a new iPhone case, TUAW has a good suggestion for you: the iPhone Wallet by Waterfield Designs. The accessory doubles as both an iPhone case and a wallet, leaving you with one less thing to carry…

The case is essentially a zip-up wallet with multiple card pockets and—you guessed it—a spot for your iPhone. The handset can be accessed through a touchable plastic window, allowing you to run the device without having to remove it from the zipped pouch.

TUAW‘s TJ Luoma says that the case is extremely well made, but it does have its caveats. For example, it’s fairly bulky, and if you plan on keeping a bumper on your iPhone the problem gets worse. “This isn’t a wallet for slipping into the back pocket of your skinny jeans.”

Although there are other wallet-case combo options, the iPhone Wallet makes a compelling case. And at $41 shipped, it’s nearly $30 cheaper than Twelve South’s BookBook cover. If you’re interested, you can pick one up from Waterfield Design’s online store.

What do you think of the iPhone Wallet?