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Content Partner

Grade 9-12
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Activity

Comparing Savings Accounts

Time: 40 mins,
Updated: October 17 2019,
Author: Intuit Education

Objective

Students will be able to:

  • Evaluate savings accounts offered by various banks.
  • Calculate interest earned using the simple interest formula.
  • Analyze the return a higher yield savings account.

In this personal finance activity, students will use Mint to learn about savings accounts and interest.

FFFL Connection

Comparing Savings Accounts has been created as a real-world, hands-on technology activity to accompany FFFL 9-12, 3rd Edition lesson 9 called Financial Institutions and Services. If you have not taught this lesson plan, we recommend students are proficient in the credit concepts.

Disclaimer

For students to be able to access Mint successfully, they must use the same computer or device every time they access Mint. Otherwise, they will be forced to re-create a new account.

Paid advertisements appear in Intuit Mint. The Council for Economic Education does not endorse or evaluate the advertised product, service, or company, nor any of the claims made by the advertisement.

Procedure

Prior to introducing students to Mint, follow the steps within the teacher checklist to familiarize yourself with Mint. This simulation reinforces savings and interest. Before starting the Mint activity, students should know the following:

  1. The definition and concept of interest when earned from savings account.
  2. Individuals can benefit from depositing in a higher interest rate account.
  3. Banks compete by offering different terms for their savings accounts. Consumers can evaluate multiple banks to maximize their return.

Students will do the following in this activity:

  1. Go to Mint or Mint.com.
  2. Log on using directions to access Mint as the fictional user Scott.

Upon logging into Mint:

  1. Students navigate from the Dashboard main tab to the following tabs:
    • Savings Account, found by clicking on “My Savings” on the dashboard under Accounts.
    • Ways to Save

Assessment

Students will complete questions on the Comparing Savings Accounts Student Worksheet. Additionally, the following reflection question is given to conclude and assess.

A new bank is opening in your city. On the sign out front, in big letters, it reads:

“New Customers: 3.5% APY on Savings Accounts!Only for the first 6 months, then the APY adjusts to 0.25% APY”

For Scott, who plans to save for many years, is this a good offer? Why or why not?

Subjects:
Personal Finance