Bank Accounts
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Summary:
This module introduces teenagers to bank accounts—what they are, how checking and savings accounts work, and why they matter—then guides you through choosing the right account, setting up online banking, managing your funds wisely, and implementing smart saving strategies to grow your money.
Learning Objectives:
Upon completion of this module, students will:
- Explain the purpose and differences between checking and savings accounts, and the roles of debit versus credit cards.
- Identify the key criteria for selecting a bank account (fees, accessibility, ATM network, customer service) and recognize specialized account types (student, joint, high-interest).
- Demonstrate how to open and set up a bank account, including required documents, initial deposit, and online/mobile banking features.
- Apply best practices for managing your accounts—monitoring balances, avoiding overdrafts, setting up alerts, and using direct deposit.
- Develop and implement savings strategies, from setting SMART goals and automating transfers to exploring high-yield accounts and side hustles.
Curriculum
- 5 Sections
- 5 Lessons
- 10 Weeks
- Bank Accounts IntroductionIntroduction of Bank Accounts1
- Part 1Defines a bank account as a secure digital “piggy bank” and contrasts checking accounts (everyday spending) with savings accounts (long-term goals + interest earnings). Covers debit versus credit cards, explains overdraft fees, and stresses the importance of balance monitoring.2
- Part 2Reviews specialized account options—student, joint, high-interest savings—and outlines selection criteria: fee structures, online/mobile access, ATM availability, and customer support. Walks through the application process (ID, SSN, initial deposit, guardian sign-on) and setting up online banking with secure credentials and balance alerts.2
- Part 3Highlights why bank accounts matter (security, insured deposits, interest, budgeting clarity). Reiterates account types, then shares management tips: regularly monitor balances, understand fee schedules, enable transaction and low-balance alerts, and use direct deposit. Introduces savings-boosting tactics: automating transfers, leveraging interest rates, and making consistent contributions.2
- Part 4Emphasizes goal-setting with SMART short- and long-term targets, outlines creating a savings plan (monthly savings targets, dedicated account, automated transfers), and suggests creative income sources like cutting expenses, side hustles, and rewards programs. Concludes with growth approaches: high-yield accounts, cautious exploration of investments, and continuous financial education.2
Will
With over 10 years of experience in Marketing, starting in the casino industry, Teacher Will has been involved in the creation and management of a financial budget on a corporate level. Most recently, his love of finance led him to work in both the financial and crypto industries respectively, while also working as an educator. Teacher Will is a dynamic financial literacy teacher who uses real-world simulations and hands-on projects to engage his students. He incorporates mock stock markets, budgeting games, and financial planning challenges to make abstract concepts practical and relatable. He emphasizes critical thinking, personal accountability, and real-life application over simple memorization.
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