Banking, Bank Accounts, and Earning Interest Lessons
Banking
Teaching Banking Lesson Plans Personal Finance Money Management Worksheet Skills Education 101 Syllabus Tutorial Exercises Classroom Unit Teacher Resources Activity Free Curriculum Basics
Lessons appropriate for: 4th 5th 6th 7th 8th 9th 10th 11th 12th Graders College Adults
Fourth Grade - Fifth Grade - Sixth Grade - Seventh Grade - Eighth Grade - Ninth Grade - Tenth Grade - Eleventh Grade - Twelfth Grade - K12 - Middle School - High School Students - Adults - Teens - Teenagers - Young People - Special Education
Welcome to our Savings and Banking section, where you can find a variety of educational resources to help you master the fundamentals of bank savings accounts and interest rates.
Our lesson plans, worksheets, exercises, and activities are designed to teach learners of all levels about savings, banks, bank accounts, and interest rates. These resources are customizable and can be used in a classroom setting or for independent study.
In addition, our online bank simulator provides a dynamic way to learn about modern online banking and ATM usage. The simulator features interactive exercises that allow you to practice transactions such as deposits, withdrawals, transfers, and more.
Whether you're a beginner looking to learn the basics or an experienced saver looking to enhance your knowledge, our Savings and Banking section has everything you need to manage your finances with confidence. So, start exploring our resources today and take the first step towards financial literacy.
See below for Lessons and Worksheets
SAVINGS ACCOUNTS OVERVIEW
When saving your money, you will be placing money in many different types of savings instruments, including very safe and stable investments vehicles. This is especially true for money that you are going to need in the short-term (as compared to long-term investments, such as buying a house). This category includes bank savings accounts and money market mutual funds, some of the safest short term investments.
When placing your money with a bank or money market fund, you earn interest, or yield, which fluctuates, depending on general rates of interest.
TYPES OF SAVINGS ACCOUNTS
Bank Savings Accounts
When you are beginning to save, you should place your money in investments that are as safe as possible. In addition, you will likely always have at least some of your money in short-term investments. Bank savings accounts are such an investment. The federal government backs these accounts with what is known as Federal Deposit insurance Corporation (FDIC) Insurance.
Money Market Account
These are accounts offered by banks. However, in these accounts the bank typically pays you a higher rate of interest than a savings account.
CD or Certificate of Deposit
The bank holds your money for a set period of time. Usually one to six months, or one to five years. Unlike a normal savings account, you may not withdraw your money at any time. If you do, you will be subject to withdrawal fees.
Money Market Funds
Similar to bank savings accounts are money market funds. Money market accounts are available from mutual fund companies. They are similar, but you usually get a better return with money market funds. Also, since these funds are not held with a bank, they are not FDIC insured. However, they are invested in very short-term bonds, which tend to be less risky than longer-term bonds and invest in safe government investments, corporate commercial paper, and other related investments. In addition, they are regulated by the U.S. Securities and Exchange commission. Money market mutual funds that invest exclusively in U.S. government securities have very little risk, while giving you better rates of return then typical bank savings accounts.
Lessons and Worksheets
WHAT IS A BANK ACCOUNT LESSON |
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This educational lesson on bank accounts introduces students to the fundamental differences between checking and savings accounts, emphasizing their importance in effective money management and financial independence. It covers the safety, convenience, and benefits of using these accounts, including how interest rates can help grow savings. The content is designed to be engaging and accessible, encouraging informed decision-making in selecting a bank account that aligns with individual financial goals, all presented in a student-friendly manner. |
BANK SAVINGS ACCOUNT INTRODUCTION |
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Bank Savings Account Introduction A lesson introducing students to the concept of a bank savings account. Also introduces the concepts of deposit and withdrawal. |
WHAT IS A SAVINGS ACCOUNT LESSON |
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Students learn that savings accounts are essential banking tools for securely storing and growing money via interest, offered by various financial institutions. They are taught how these accounts support saving for different goals and the process of opening one, including the importance of comparing features and understanding any fees or minimum requirements. Additionally, the educational focus includes the incentive of earning interest, encouraging regular savings contributions to meet financial objectives. |
INTRODUCTION TO EARNING INTEREST |
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Introduction to Earning Interest A worksheet introducing students to earning interest. Why should we save our money with someone else instead of keeping it under our mattress? One reason is that we get to earn money, also called interest. Teach and learn interest rate basics. |
WHAT IS INTEREST VIDEO LESSON |
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Learn the basics of interest, how you earn interest, and compound interest. |
CHECKING ACCOUNTS AND CHECK WRITING |
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Checking Accounts and Check Writing Learn how to write a check, make checking account deposits and withdrawals, manage and balance your checkbook, and checkbook reconciliation with your monthly bank checking account statement. |
ONLINE BANKING |
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An introduction to online banking. Students use an online banking simulation to learn how to bank online, create their own online bank account, and use an ATM simulator. |
WHAT IS A BANK STATEMENT |
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What is a Bank Statement - How to Read and Understand Use this lesson on the topic of bank statements, including the various components of a bank statement, such as the bank information, statement period, account number, type of account, summary section, and transaction details, as well as how to check for fees and calculate the ending balance to ensure accuracy. |
USING A BANK ATM |
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In this lesson students will learn how to use and withdraw money from an ATM. This lesson provides a step-by-step guide for using an ATM, beginning with finding an ATM, and inserting your debit or credit card correctly. Learn the importance of being aware of your surroundings, never sharing your PIN with anyone, and taking your receipt to show how much money you withdrew and how much is still in your account.
Learn how to use a bank's ATM, or Automated Teller Machine. Practice banking with an ATM, learn about ATM safety, fees, and types of transactions. Includes deposits and withdrawals.
How to Withdraw Money from an ATM Lesson A lesson for students on the basics of how to withdraw money from the ATM machine. Includes tips to safely and efficiently withdraw money from an ATM, from inserting your debit card correctly to protecting your PIN. Students learn the basics of withdrawing money from an ATM, including how to insert a debit card correctly and protect their Personal Identification Number (PIN). |
DEBIT CARDS |
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A lesson on banking basics and the essentials of debit cards including how they function, their benefits and drawbacks, and tips for wise usage. Students learn how to manage their debit card use responsibly. |
BANK ACCOUNTS |
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A lesson for students on the essentials of opening their first bank account, whether they’re a student, headed to college, or starting a job. This guide offers insights on choosing the right bank, understanding account types, mastering digital banking, and exploring top financial apps for budgeting and investing.
Understanding Different Types of Bank Accounts In this lesson students will learn learn how to choose a bank account. A beginner’s guide to the different types of bank accounts, including checking accounts, savings accounts, money market accounts, and CDs. Learn about their each bank account's features, advantages, and limitations to help make an informed decision about which account is best for your financial goals. |
SAVING MONEY |
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Lessons on saving money. Students learn reasons why they should save money, and how to save. |
SIMPLE INTEREST |
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Understand what simple interest is, and how it is calculated. |
WHAT IS SIMPLE INTEREST VIDEO LESSON |
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Learn the basics of simple interest and how its is calculated using the simple interest formula. |
WHAT INTEREST RATE INCREASES MEAN FOR YOU VIDEO LESSON |
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What Interest Rate Increases Mean for You What to expect as the Federal Reserve (the central bank) increases interest rates and how it affects your finances and your budget. Learn how the rate increases will impact different types of borrowing including credit cards, student loans, auto loans, mortgages, and bank savings accounts. |
COMPOUND INTEREST |
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Understand what compound interest is, how it is calculated, and appreciate the impact it makes on loans and investments. |
WHAT IS COMPOUND INTEREST |
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What is Compound Interest? How to Calculate A lesson on how to calculate and understand the power of compound interest, and also comparing it to simple interest. Students will grasp how money grows over time, especially when interest compounds. The video uses examples to explain the concept, breaks down the formula, and stresses the importance of early investments. It also highlights compound interest's potential to boost savings or amplify debts, emphasizing its cautious use. |
MORTGAGES AND INTEREST |
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Understand the concept of mortgages and compound interest. |
ANNUITIES AND PERPETUITIES |
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Understand, define, and calculate annuities and perpetuities. |
BANK SAVINGS ACCOUNT BOOK |
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Answer random questions related to entering transactions in a bank savings account book. Choose whether or not students calculate balances. |
BANKING WORD PROBLEMS |
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Word problem worksheets on saving money with savings accounts. |
OTHER SAVINGS WORKSHEETS |
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BANKING LESSON IDEAS |
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ADDITIONAL LESSONS |
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Finding Financial Services Tracking Your Money Saving and Investing: Getting Started The Rule of 72 – Simple and Compounded Interest Saving and Investing Tools Time is Money – Saving and Investing Options Managing High Levels of Debt How Money Grows Through Saving and Investing Savvy Savers – Benefits of Interest-Bearing Accounts
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BANKING INFORMATIONAL ARTICLES |
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Student Checking Accounts Identity Theft Prevention Finding the Right Bank Account Finding the Right Bank Account - To Choose a Bank or Not? The Benefits of Online Banking Cutting Banking Fees Important Queries before Opening a Bank Account Bank Accounts and Accounting: A General Overview |
More Saving and Investing Money Lessons
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