Introduction to Checking Account for Kids and Teens
This video explains the concept of a Checking Account in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about it, 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 checking account
- Does it pay interest
- Advantages of checking accounts
- Transferring money between accounts
- How to open a checking account
- Charges and fees for checking accounts
I heard that someone opened a checking account. But…
What is a checking account?
A checking account is an account at a bank where you can make day to day transactions.
But do I make any money, like interest, from a checking account?
No, usually checking accounts don’t pay any interest.
But some checking accounts pay a small interest.
What are the benefits of a checking account?
What’s the use of having a checking account anyway if you don’t get any interest?
First of all, the money is safe and it is accessible, which means you can take it out or withdraw it at any time by writing checks.
Are there any other benefits?
Can I deposit money from my piggy bank into my checking account?
Yes, you can do that. It’ll be a lot safer there, and that would be a really good idea!
How many checking accounts can I have?
Like, is there a maximum?
No, you can have any number you want.
But can I move my money from one checking account to another?
Yes, you can transfer money from one checking account to another checking account by writing a check.
Or, you can do an online transfer.
Who needs to have a checking account?
Well, everyone does!
How do I open a checking account?
It’s very easy to open a checking account. You can do it by visiting a bank’s branch or online.
You just need your social security number and a photo ID, like your driver’s license.
Are there any charges or fees for a checking account?
Yes, many banks do have $10-$15 monthly fee.
But that fee could be waived if a minimum balance is maintained in the checking account. It depends on bank, but usually the minimum balance is $1000-$2000.
The fee could also be waived if you make a monthly direct deposit that is set up for that account.
Whoa! That’s a lot of facts about a checking account!
Yes, it is! And one more thing Sooper Coopre. Finance is your friend!
Video Featured in the Below Financial Literacy Course for Kids & Teens
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is a Checking Account
Everything about a checking account: what is a checking account, do you make any money – like interest – from a checking account, why should you have a checking account – the advantages, how many checking accounts can you have, can you move money from one checking account to another, who needs to have a checking account, how can you open a checking account, what are the fees and charges, and more.
Show notes and transcript at: https://easypeasyfinance.com/what-is-a-checking-account/