There are multiple types of savings accounts that can help you meet your savings goals. In the activity COMPARE: Types of Savings Accounts, students will explore and compare four different types of savings accounts by first researching the basics of the accounts, then comparing those accounts at a specific bank or credit union, and finally applying what they have learned about those accounts to various savings goal scenarios. 

At a time where many schools have transitioned to offering synchronous and asynchronous learning, we’ve listed some adaptation ideas that may work for your current classroom environment. 

Synchronous Environment Ideas:

• As the activity suggests, break students into small groups to research one of the four types of savings accounts. Have students present their information on a shared Google Slide presentation (here is an example). 
• Using the same shared presentation, assign or have each student (or group of students) choose a different bank or credit union to research. Have students insert the name of their chosen bank/credit union at the top of their slide and conduct research to answer the questions about a savings account, CD, and MMA at that financial institution. Completing their work on a shared platform allows the entire class to view and compare/contrast these types of accounts across multiple banks & credit unions. 
• Complete the final section (Part III: Apply Your Knowledge) as a class or as an exit ticket.

Asynchronous Environment Ideas:

• Have students individually research characteristics of all four types of savings account options. Alter the worksheet to include FOUR charts in Part I: Research Savings Accounts (here is an example). 
• Using the same format as above, assign or have students choose a different bank or financial institution to research. Have students add their research to a specific slide in the shared slide deck.
• Note: It is important that each student chooses a different financial institution as all students will have access to the shared slide deck of information. 
• Have students complete the final section (Part III: Apply Your Knowledge) on their worksheet. 

Additional Resources:

Here are a few additional resources to add to your lesson: 

• Two Cents Video: Are Credit Unions Better Than Big Banks? 
• Question of the Day: Which Banks Have Higher Interest Rates on Savings Accounts? 
• Article: What Are Online Banks? Learn the Pros and Cons. 

Looking for more suggestions on how to facilitate an NGPF activity in a virtual environment? View NGPF’s Virtual Adaptation Series!

About the Author

Amanda Volz

Amanda joins the NGPF Team with over 20 years of experience teaching personal finance. During that time, she led her students to hundreds of thousands of dollars in scholarships, won multiple awards, and most importantly, impacted the financial lives of thousands of high school students. Amanda prides herself on being an educational leader and is constantly looking for innovative ways to make the classroom relevant, rigorous, and fun. She is a passionate advocate for financial education and has been a long-time member of the NGPF community. Fun fact - Amanda was NGPF’s first teacher account! When Amanda isn’t working, she enjoys cooking, gardening, and traveling with her husband and two children.