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. Including their unique features, advantages, and limitations to help them make an informed decision about which account is best for their financial goals.

CONCEPTS

Use this video lesson on the topic of bank accounts. Learn related concepts of:

• Banking
• Checking accounts
• Savings accounts
• Money Markets
• Certificates of deposits or CDs

GRADE LEVEL

8-12th grades. Middle School. High School. Adult Education.

TIME REQUIRED

45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

Understanding Different Types of Bank Accounts

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on banking:

• Banking Lessons

 

Lesson Plan: Understanding Different Types of Bank Accounts

Objective: By the end of this lesson, students will be able to differentiate between different types of bank accounts and their features and benefits, and make informed decisions about which account is best for them.

Materials:

• Video: Understanding different types of bank accounts
• Whiteboard or blackboard and markers
• Handout: Types of Bank Accounts
• Quiz: Understanding different types of bank accounts

Procedure:

Introduction: Begin by asking students if they have a bank account and what type of account it is. Ask if they know the different types of bank accounts available.

Video: Play the video “Understanding different types of bank accounts” for the class.

Discussion: Use the whiteboard or blackboard to list the four types of bank accounts discussed in the video: checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Discuss each type of account and its features and benefits, using the handout as a reference. Encourage students to ask questions and share their own experiences with different types of accounts.

Comparison: Ask students to compare and contrast the different types of accounts. What are the similarities and differences? Which accounts are best for short-term savings, long-term savings, or day-to-day transactions? Which accounts offer the highest interest rates? Which accounts have the most fees?

Decision-making: Ask students to consider their own financial goals and needs, and to choose the account that best suits them. What are their priorities? Do they need easy access to their money, or are they willing to lock it away for a higher interest rate? Have students share their decisions with the class and explain their reasoning.

Quiz: Distribute the quiz to students to assess their understanding of the material covered in the lesson.

Assessment: The quiz will be used to assess students’ understanding of the different types of bank accounts and their features and benefits. Students who score at least 80% on the quiz will be considered to have mastered the material.

 

Lesson Resources

• Understanding Different Types of Bank Accounts