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, a real-world personal finance app, to follow Isaiah throughout the year and learn about savings accounts and interest.
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.
Prior to introducing students to Mint, we recommend teachers read through the Curriculum Orientation (Section 1) to get acquainted with each activity and complete the Curriculum Orientation (section 2) before having your students complete Curriculum Orientation and the Intro Activity. This simulation reinforces savings and interest. Before starting the Mint activity, students should know the following:
- The definition and concept of interest when earned from savings account.
- Individuals can benefit from depositing in a higher interest rate account.
- 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:
- Go to Mint.com
- Login using the directions in Curriculum Orientation (section 2) as the fictional user, Isaiah.
Upon logging into Mint:
- 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
- Students will complete questions on the Comparing Savings Account Activity.
- Comparing Savings Accounts
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?
Presenter: Tawni Hunt-Ferrarini