Choosing a savings account is an important financial decision that can help people achieve their financial goals. Banks offer customers a variety of options when it comes to savings accounts. This lesson focuses on the following three types of savings accounts: traditional, money market, and certificate of deposit. Students will learn the characteristics of each type of account and participate in two activities to review and develop an informative brochure utilizing what they have learned.
Please note that this lesson assumes students have prior knowledge about interest rates. We suggest It’s Your Paycheck Lesson 5: Savvy Savers (pdf) to teach students about the different types of interest and other concepts about saving. Savvy Savers is a lesson in our award-winning It's Your Paycheck! Curriculum Unit.
This lesson plan is designed for teaching grades 6, 7, 8, 9, 10, 11, and 12.