Banking · Guide
How to Use MI Bank
A step-by-step guide to the Money Instructor classroom banking simulator — for teachers setting up a class and for students using their account. MI Bank uses pretend money in a safe, privacy-first, teacher-managed environment, so students can practice real banking skills with nothing at risk.
Before you start
- MI Bank lives inside Money Instructor Classroom at classroom.moneyinstructor.com — a separate, privacy-first app from the main website.
- Teachers sign in with “Sign in with Money Instructor” — the same account you use here on moneyinstructor.com. A teacher Full Membership is required to create and run the class; there is no separate classroom password.
- Students never need an email address. Each student signs in with a class code, a username, and a 4-digit PIN you hand out.
- It’s a simulation — every balance is pretend money for practice. No real cash is ever involved, and the student portal carries no ads or trackers.
For Teachers
Set up and run your class
You are the administrator of your own class. Nothing moves money on its own — you review and approve every payday, charge, and purchase, and any action can be reversed.
Sign in & create a class
Choose “Sign in with Money Instructor.” From your teacher dashboard, select “+ Create class” and give it a name. MI Bank generates a class code (it looks like MIB-AB12) that students use to find your class.
Add your students
Add students one at a time with “Add student,” or bring in a whole roster with “Import CSV.” You only need a name or label — a first name, initials, or a nickname is fine (no full legal names needed).
Hand out sign-in slips PINs show once
Each student gets a 4-digit PIN that is shown to you only once. Use “Print sign-in slips” right after adding students so every child receives their class code, username, and PIN. Later you can Edit, Reset PIN, Unlock, or Archive a student from the roster.
Set your bank rules (optional)
Open Bank for the class, then Bank settings, to choose how the bank behaves — for example, whether students may overdraw a checking account. Sensible defaults are set for you, so you can skip this and change it anytime.
Run the bank
Students do most of the banking themselves once they sign in. To move money for the class, you have two tools:
- Transfer lists — pay or charge the whole class at once with a reusable template you edit and post each pay period (a deposit list to pay everyone, or a withdrawal list to charge everyone).
- Assist a student — for someone absent or needing help, use “Assist student” on their bank page to deposit, withdraw, or pay a bill for them. Every entry is labeled “Teacher-entered” — it is not signing in as the student.
Review & correct anything
Open Bank to see every student’s balances, then click a student for a full drill-down of their accounts, transactions, and monthly statements. Made a mistake? Use “Reverse” on any transaction — a reversal posts a labeled correcting entry rather than deleting history, so your records always add up.
Export or delete class data
Export class records (CSV or JSON) from the class bank page; your downloads live under Exports and stay available even after a class is removed. To remove data for good, archive a class or student, then choose “Permanently delete & erase data” — you’ll re-enter your password to confirm, and a backup export is made automatically first.
A teacher Full Membership is required to create and run the class. A built-in help guide is also available inside the app on your teacher dashboard.
For Students
Using your classroom bank
MI Bank gives you a Checking account for everyday money and a Savings account for money you want to keep. Here’s how to use it.
Sign in
Go to classroom.moneyinstructor.com and choose student sign-in. Enter the class code, your username, and your PIN from your teacher. Keep your PIN secret — you can change it any time on your Account page.
Check your money
Open MI Bank to see how much money you have. Each account shows your balance and a list of recent activity. Tap “View all transactions” to see everything.
Put money in or take it out
Deposit puts money into an account. Withdraw takes money out. Just pick the account and type the amount.
Move your money
Transfer moves money between your own Checking and Savings. Send to a classmate lets you give some of your money to another student in your class.
Pay a bill
Choose Pay a bill, pick who you’re paying, and type the amount. The money comes out of your account and the bill is marked paid.
Read your statement
A statement is a summary of one month — money in, money out, and your balance at the end. Open any account and choose “Statement (this month)” to see it, just like a real bank. Depending on your class, you might also see a class store, checks to write, or a My Money page.
Go Further
More to explore with MI Bank
MI Bank works great on its own. When you’re ready, these build on the same platform.
Online Banking Lessons
The MI Bank overview, lesson plans, and classroom resources for online banking.
Overview →Classroom Economy
Turn MI Bank into a full economy — jobs, paydays, a class store, rent, and rewards.
Learn more →Banking Simulator
The Checking Account Challenge — practice a real checking account, register, and reconciliation.
Explore →Budget Simulator
The Paycheck to Paycheck Challenge — a full simulated month in one class period.
Explore →Ready to run your classroom bank?
Money Instructor members get MI Bank plus every teaching resource, worksheet, and lesson plan on the site — banking, budgeting, taxes, credit, and more.
More Banking resources
Browse all Banking resources →
Welcome to MI Bank — Teacher Lesson Plan
MI Banking Simulator: Checking Account Challenge
What Is a Check? — Lesson for Teachers
Printables & worksheet tools