Introduction to a Bank Account for Kids and Teens
This video explains the concept of a bank account in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about bank accounts, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- What is a bank account
- Why should you have one
- Is the money in a bank account safe
- What are the types of bank accounts
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What is a bank account?
When you want to keep your money in a bank, you open an account in your name with the bank. This way, the bank can tell that the money belongs to you.
You deposit money into the bank account when you want to add money, and withdraw money from the bank account when you need to use it.
Why would I use a bank account?
A bank account is a great place to store your money safely. You can use your bank account for saving money for large purchases, making payments using a debit card or by writing checks, paying bills online, and more.
How safe is the money in a bank account?
Most banks are FDIC insured. If you open a bank account with an FDIC-insured bank, your money is 100% safe up to $250,000 – you would not lose it even if the bank closes down or goes bankrupt.
Are there different types of bank accounts?
There are mainly two types of bank accounts.
- Checking accounts, which pay very little or no interest, and are used for day-to-day transactions like writing checks, bill payments, etc.
- Savings accounts, which pay a higher rate of interest, and are used for saving up money for the future.
Video Featured in the Below Financial Literacy Course for Kids and Teens
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids and Teens
Podcast: What is a Bank Account
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
All you need to know about bank accounts: What is a Bank Account, Why would you use a bank account, How safe is the money in a bank account, Are there different types of bank accounts, and more.
Show notes and transcript at: https://www.easypeasyfinance.com/bank-account-for-kids-financial-literacy/