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Checking & Savings Account Basics

Objectives

  • Develop an understanding of checking and savings accounts and their purpose, including interest
  • Discuss the information provided by checks, different types of checks, and the costs of checking

Suggested Activities

  • Why would someone want to use a bank? Discuss checking, savings, investment accounts, and borrowing.
  • What would you need to open a checking account or a savings account? Money to deposit (there may be a minimum), identification, Social Security number, and a signature.
  • Draw a picture of a check or use a real check to discuss the three types of information on a check:
    • Pre-printed information
    • Information written in
    • Information added when the check is processed
  • Discuss bank fees and the different "costs of doing business"
  • Discuss the importance of keeping records (ATM receipts, a check ledger, bank statements).
  • Introduce special types of checks:
    • Cashier's checks
    • Certified checks
    • Traveler's checks
    • Money orders
  • Go back to discussing savings accounts. What is interest? What is simple interest? What is compound interest? How do you compute it?

Tips for using The Home Zone to discuss checking and saving account basics

    Go to Cool Stories:
  • Watch "Saving & Investing," which discusses why saving is important, what investing is, and ways to save and invest.
  • Watch "Interest" which explains what interest is and how it works.
    Go to Brain Food:
  • Use the "Calculator" to see how interest works first hand.
  • Visit "MindBuilder, Saving & Investing" for a discussion about income, expense, budgeting, and exercises in computing interest.
  • Visit "Cool Facts" for facts about banking.
    Go to Glossary:
  • Terms used in The Home Zone are defined here, including different types of checks.
    Go to Game Center:
  • Play "HomeBuilder," which reinforces a variety of concepts addressed in The Home Zone.

 

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