Social Studies
Objective: I can explain what banks do and track deposits and withdrawals in a savings account.
Standards: D2.Eco.9.3-5, D2.Eco.10.3-5
Builds on: Needs Day 1 (income) and Week 25 Day 4 (saving, interest and the interest rate). One-minute check: "What is income?" (Money a person earns by working or selling.)
- deposit – money put into a bank account
- withdrawal – money taken out of a bank account
- balance – how much money is in an account right now
- loan – money a bank lends that must be paid back
Materials: Play money: at least $50 in ones and fives (paper slips work), 9 small paper slips, Notebook, Pencil, A toy or stuffed animal (the borrower)
- Warm-Up · 5 min
Spaced review from Week 25. Ask: "What is barter?" (Trading goods directly, without money.) Then ask the big question: "Where do you keep money you will not spend right away?" (Samples: a jar, a drawer, a parent or a bank.)
- Mini-Lesson · 10–15 min
Say: "A bank keeps money safe. Putting money in is a deposit. Taking money out is a withdrawal. The money in the account right now is the balance." Show what a bank does with savings. Your child deposits $10 of play money with you. Lend $5 of it to the toy. Say: "This is a loan. The bank lends some of the savers' money to people buying homes or starting businesses." The toy pays back the $5 and $1 more. Say: "The extra $1 is interest. Borrowers pay interest to the bank. The bank pays a smaller amount of interest to savers." Say: "Remember the interest rate from Week 25. It tells how much. Suppose a bank pays $2 each year for every $100 saved. Then $200 earns $4 in a year." Ask: "How much would $300 earn?" ($6.) Say: "Rates differ from bank to bank and change over time. A credit union does the same jobs, and its members own it." Ask: "Jamal deposits $20, then $5 each Saturday for 4 weeks. What is his balance?" ($40, because 20 + 5 + 5 + 5 + 5 = 40.) If stuck, say: "Is money going in or coming out? In means add. Out means subtract."
- Activity / Source Work · 15–20 min
Bank Role-Play. You are the teller. Your child is the saver. 1) In the notebook, rule a register with four columns: move, deposit, withdrawal, balance. 2) For each move, your child writes a paper slip and hands it to you with the play money. Then they fill in one row. 3) Make these moves. Start at $0. Deposit $20. Deposit $5. Deposit $5. Withdraw $8 for a book. Deposit $5. 4) Check the last balance together. ($27, because 20 + 5 + 5 - 8 + 5 = 27.) 5) Count the play money in the bank pile. It should match the balance. If not, redo each row together. 6) Swap roles. Start at $12. Deposit $9. Withdraw $6. Deposit $10. Withdraw $7. ($18. The balances are 21, 15, 25 and 18.) 7) Ask: "Could I withdraw $30 now? What is your evidence?" (No. The balance is only $18.)
- Notebook Entry · 10 min
Your child writes deposit, withdrawal, balance and interest with a short meaning for each. Then compare two savers. "$50 in a piggy bank for one year stays $50. $50 in a savings account that pays $1 of interest becomes $51." Your child writes which one grows, and why. Sample: "The bank account grows because the bank pays interest."
- Exit Ticket · 5 min
Read the exit questions aloud. Your child solves questions 1 and 3 on paper and says question 2. Praise your child for showing each step.
Watch for: Thinking interest is a large amount, or that a bank doubles your money.
Try: Show small numbers. Say: "$50 in savings might earn from a few cents to about $1 or $2 in a year. It depends on the bank."
- A bank pays $2 each year for every $100 saved. How much interest does $400 earn in one year?
- Where does a bank get the money to pay interest to savers?
- Ben's register shows: start $30, withdraw $12, deposit $7. Is his balance $25 or $49? Show how you know.
Show answers
- $8.
- From the interest that borrowers pay on their loans.
- $25 (30 - 12 = 18, and 18 + 7 = 25). $49 comes from adding the withdrawal by mistake.
Support: Use deposits only at first. Your child counts the play money after each step and says the balance aloud.
Extend: Your child designs a sign for a pretend bank. It tells kids why the bank pays interest and where that money comes from.
Homework: Your child asks a family member how they keep savings safe, and whether they use a bank or a credit union. Look for one reason your child can retell.
Practice page · Week 30, Day 2
Social Studies
I can track deposits and withdrawals in a savings account.
Look: a bank register
- A deposit puts money in, so add it to the balance.
- A withdrawal takes money out, so subtract it.
- The balance is how much is in the account now.
Fill in the register. Start with $0.
| Move | Deposit | Withdrawal | Balance |
|---|---|---|---|
- 1.
Deposit $15. Balance:
- 2.
Deposit $6. Balance:
- 3.
Withdraw $9 for a book. Balance:
- 4.
Deposit $4. Balance:
Answer each question.
- 5.
Eli has $22 in savings. He withdraws $7 and then deposits $5. What is his balance?
- 6.
Why does a bank pay savers interest?
Challenge: Jo keeps $30 in a piggy bank for a year. Max keeps $30 in a savings account that pays $1 of interest for the year. How much does each have after the year?
Materials: play money · handmade deposit and withdrawal slips