Content Partner

Grade 9-12
,
Activity

Comparing Savings Accounts

Time: 40 mins,
Updated: February 17 2021,
Author: Jared Davidove

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.

Procedure

Prior to introducing students to Mint, we recommend teachers read through the Curriculum Overview (Section 1) to get acquainted with each activity and review the Curriculum Orientation (section 2). The Mint simulation is a hands on activity that lets students analyze and create a budget. Use Mint Answer Keys as a teacher guide.

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.

ReadyAssessments

Assign your students the Comparing Savings Accounts Quiz using ReadyAssessments, a free assessment tool.

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.

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.

Subjects:
Personal Finance