What is the difference between a checking and savings account? In Financial Literacy—Checking and Savings Accounts, your students will learn the basics behind these two accounts and how to manage them. For instance, they will learn that they can transfer money from one to the other and vice versa.
Checking accounts allow us to use debit cards. This means that we can pay with our debit cards, and the money will come out of the checking account. This way, we don't have to go get the money from the bank every time we need to use it. Savings accounts, on the other hand, do not have cards to use. They do, however, gain interest. Interest in additional money that grows over time according to how much money is in the account.
Speaking of money in the account, that number is the balance. Whenever we spend money from our checking account, the balance goes down. When we add money, the balance increases. The same is true for savings accounts as well. When we add money, the balance goes up, and taking money out of savings brings the balance down.
The great thing about these bank accounts is that they can be linked. If you need to put more money into your checking account, you can move it from your savings to your checking. This is helpful if you need to buy something but don't have quite enough to pay for it in your checking account. And of course, you can move money from checking to savings too. The more money in your savings account, the higher the interest!
We hope you and your student(s) enjoyed learning about these important skills! If you want even more information, head over to our website and download one of our many free lesson plans, full of activities, worksheets, and more!
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What you will learn in Financial Literacy—Checking and Savings Accounts:
0:00 Introduction
0:48 Checking accounts and debit cards
1:35 Deposit and direct deposit
2:26 Savings accounts
3:08 Balance
4:04 Linking checking and savings accounts
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