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SAVINGS ACCOUNTS 1. STUDENTS WILL DEFINE AND DISCUSS THE PROS AND CONS OF A SAVINGS ACCOUNT, MONEY MARKET ACCOUNT, AND CERTIFICATE OF DEPOSIT. STUDENTS.

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Presentation on theme: "SAVINGS ACCOUNTS 1. STUDENTS WILL DEFINE AND DISCUSS THE PROS AND CONS OF A SAVINGS ACCOUNT, MONEY MARKET ACCOUNT, AND CERTIFICATE OF DEPOSIT. STUDENTS."— Presentation transcript:

1 SAVINGS ACCOUNTS 1

2 STUDENTS WILL DEFINE AND DISCUSS THE PROS AND CONS OF A SAVINGS ACCOUNT, MONEY MARKET ACCOUNT, AND CERTIFICATE OF DEPOSIT. STUDENTS WILL DEFINE, CALCULATE, AND COMPARE REGULAR AND COMPOUND INTEREST. STUDENTS WILL USE AN ATM SIMULATOR AND DISCUSS BEST PRACTICES FOR MANAGING AN ATM CARD. Lesson Objectives 2

3 Breakout 1: Recap and Selecting a Savings Account (15 minutes) 3 Directions: Spend 5 minutes completing the “Types of Savings Account” handout. Then select a savings account to put your funds in according to the following scenario below. SCENARIO: Students have been granted $1,000 as a graduation gift. Which of the three accounts would they put their money in and why?

4 Breakout 1: Recap and Selecting a Savings Account (15 minutes) 4 “LIFE HAPPENS” SITUATION: A financial emergency has occurred and you need to access $400. You can withdraw $200 from your savings and checking account, but still have a balance of $200. You must withdraw a portion of your graduation gift. What are the consequences of withdrawing these funds?

5 Breakout 2: Interest- Good or Bad? (15 minutes) 5 Directions: Work in small groups to complete the “Interest- Good or Bad?” handout.

6 Breakout 3: Using an ATM Card (15 minutes) 6 Directions: Complete the “Using an ATM Card” handout. If time permits, go to www.handsonbanking.com and play with the ATM simulator. www.handsonbanking.com

7 Reflect and Review (5 minutes) 7 Individually complete your “Student Reflection” handout. Then spend 2-3 minutes in your small group sharing what you learned or how you can apply today’s workshop content. Think about: What information resonated with you about today’s workshop? What information was new to you? What information was most helpful to learn about? Why? What knowledge can you pass on or share with family members? Be ready to share your key learnings with the class.

8 Closing (2 minutes) 8 HOMEWORK: Share the takeaways from today’s workshop with your family including types of savings account and interest rates. PRE-WORK FOR THE NEXT WORKSHOP:

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