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Lesson plan · Money After High School · Lesson 3

Banking on Your Own

Opening your own accounts and choosing where to bank.

  • 45 minutes
  • Grades 9–12
  • Beginner
  • Activity: pairs
Present slidesWorksheet + keyStudent lesson

Objectives

Students will be able to:

  • Compare banks, credit unions, and online banks
  • Set up direct deposit and automatic savings
  • Recognize common banking scams

Materials

  • Slide deck and a projector
  • Worksheet (one per student)
  • The lesson's interactive (projected, or on student devices)
  • Exit ticket slips (bottom of the worksheet)

45-minute agenda

  1. 0–5 min

    Warm-up

    Post: “What would make you trust a bank with your first paycheck?”

  2. 5–12 min

    Direct instruction

    Present the lesson slides. Make sure students leave with these points:

    • Compare fees, overdraft rules, ATMs, rates, and apps.
    • Credit unions and online banks often cost less.
    • Direct deposit + automatic savings.
    • Banks never ask for your security codes.

    Use the “See it” slide (Where to bank) to make the idea visual.

  3. 12–17 min

    Worked example

    Walk through “Sofia sets up her accounts” on the slides. Pause before the result and ask students to predict it.

  4. 17–22 min

    Live demo

    Project does the savings rate matter? from the slides. Change one input at a time and have students call out what they think will happen.

  5. 22–32 min

    Pick a Bank

    Format: pairs · 10 minutes

    1. Three made-up options: Big Bank charges $12 a month unless you keep $1,500, has ATMs everywhere, and pays 0.01% on savings. Local Credit Union has no monthly fee, a shared ATM network, and pays 1.5%. Online Bank has no monthly fee, reimburses some ATM fees, and pays 4%.
    2. Persona 1: a student who keeps about $300 and often uses cash. Persona 2: a new graduate who wants to grow a $3,000 emergency fund.
    3. Pairs choose an option for each persona and list two reasons.

    What to look for: Big Bank would cost Persona 1 $144 a year in fees. The credit union or online bank fits Persona 1; the online bank's 4% suits Persona 2's emergency fund (about $120 a year on $3,000).

  6. 32–37 min

    Check for understanding

    Use the question slides — or run them as a Four Corners game. Answers:

    1. What should you do? — B. Hang up and call your bank using the number on its website or card
    2. Credit unions are member-owned nonprofits that often charge lower fees. — True
    3. Which is usually the cheapest way to receive your paycheck? — C. Direct deposit into a free checking account
  7. 37–42 min

    Discussion

    • What matters most to you in a bank: branches, rates, or the app?
    • Why do you think check-cashing stores still exist?
  8. 42–45 min

    Exit ticket

    Prompt: Name two things to compare when choosing where to bank.

    Answer: Fees, overdraft rules, ATM access, interest rates, and app features.

Differentiation

Common misconception

“All banks are basically the same.” Fees and rates can differ by hundreds of dollars a year.

Support

Provide a comparison chart with rows for each feature.

Extension

Research one real credit union and one online bank near you and compare them using the same chart.

Homework or make-up work

Students can complete the full interactive lesson — including its knowledge check — at learnwithflc.org/courses/money-after-high-school/banking-on-your-own. No account needed; progress saves on their device.