Introduction to Banks and Banking for Kids and Teens
This video explains the concept of banks and banking in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about banks, 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:
I heard my parents talk about putting their money in a bank. But…
What is a bank anyway?
A bank is the type of financial institution that gives loans, which is money that they lend you which over certain amount of time, you pay them back with interest.
Banks also issue checks and debit cards so that you can access your money.
Well, is there anything else that banks do?
Well, how do banks even make money?
The difference between the interest that they charge on the loans that they give you, and the interest that they pay on deposits that you make in a checking account, saving account or CD, is one of the ways that they make money.
They also make money by fees that are charged for services like issuing banker’s checks.
Well, are there different types of banks?
Yes, there are.
There are traditional banks with branches that you could visit, or you can visit them online at their website.
But there also internet only banks, where all of the transactions are made completely online and they do not have any physical presence.
I keep hearing about investment banks. Well, what are they?
Investment banks are banks that work mainly with companies. But that’s a topic for another time.
Thank you very much for telling me about a bank, Wall Street Willy.
You’re welcome, Sooper Cooper. Remember, finance is your friend!
Video Featured in the Below Financial Literacy Courses 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?
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/