Bank Battle Royale

Chelsea Elliott

Tier 1

Lesson Plan

Bank Battle Royale

Students will be able to compare different types of checking accounts, savings accounts, and credit cards based on key features and fees to make informed financial decisions.

Understanding how to choose the right bank accounts and credit cards is crucial for building a strong financial future. This lesson empowers students with practical knowledge to manage their money effectively and avoid common pitfalls.

Audience

9th Grade

Time

45 minutes

Approach

Interactive comparison activity using a worksheet.

Materials

Bank Battle Royale Slide Deck, Bank Battle Royale Worksheet, Bank Battle Royale Answer Key, and Internet-enabled devices (computers, tablets, or smartphones) for research

Prep

Teacher Preparation

15 minutes

Review the Bank Battle Royale Lesson Plan, Bank Battle Royale Slide Deck, Bank Battle Royale Worksheet, and Bank Battle Royale Answer Key.
- Ensure internet access for all students.
- (Optional) Print copies of the Bank Battle Royale Worksheet if digital completion is not preferred.

Step 1

Introduction & Hook

5 minutes

Display Slide 1 and Slide 2 of the Bank Battle Royale Slide Deck.
- Engage students with questions about banking and financial choices. (Refer to Teacher Script for guiding questions).

Step 2

Comparing Checking Accounts

15 minutes

Present Slide 3 and Slide 4.
- Instruct students to complete the 'Checking Accounts' section of the Bank Battle Royale Worksheet by researching at least three different banks online. (Refer to Teacher Script).

Step 3

Comparing Savings Accounts

10 minutes

Transition to Slide 5.
- Instruct students to complete the 'Savings Accounts' section of the Bank Battle Royale Worksheet by researching at least three different banks online. (Refer to Teacher Script).

Step 4

Comparing Credit Cards

10 minutes

Introduce credit cards using Slide 6.
- Instruct students to complete the 'Credit Cards' section of the Bank Battle Royale Worksheet by researching at least three different credit card offers online. (Refer to Teacher Script).

Step 5

Wrap-up & Discussion

5 minutes

Use Slide 7 to facilitate a brief class discussion on findings and key takeaways.
- Collect Bank Battle Royale Worksheet for assessment.

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Slide Deck

Welcome to the Bank Battle Royale!

⚔️ Today's Mission: Become a Financial Champion!

Welcome students and introduce the concept of financial choices. Ask them what they know about banks or credit cards. Use the Teacher Script for detailed talking points.

Why Does This Matter?

Make smart money choices for your future
Understand how banks work
Avoid hidden fees and traps
Build good financial habits early

Explain why this lesson is important and what students will gain. Use the Teacher Script.

Checking Accounts: Your Everyday Money Hub

Where you keep money for daily spending
Easy access (debit card, checks, online)
What to look for: Monthly fees, minimum balance, ATM access, online features

Introduce checking accounts. Explain what they are and their primary purpose. Guide students to the relevant section of their worksheet. Use the Teacher Script.

Let's Compare Checking Accounts!

On your Bank Battle Royale Worksheet, research at least THREE different banks and compare their checking account features. Look for:

Monthly Fees
Minimum Balance Requirements
ATM Fees
Online Banking Features

Provide instructions for the checking account research part of the worksheet. Emphasize researching at least three different banks. Use the Teacher Script.

Savings Accounts: Growing Your Green!

Where you keep money you want to save
Earn interest on your money
What to look for: Interest rates, withdrawal limits, fees, online features

Transition to savings accounts. Explain their purpose and key features. Guide students to the relevant section of their worksheet. Use the Teacher Script.

Credit Cards: Borrowing Power

A loan you repay, often with interest
Helps build credit history (good or bad!)
What to look for: APR (Annual Percentage Rate), annual fees, rewards, grace period

Introduce credit cards. Briefly explain how they work and what to look for, highlighting the importance of responsible use. Guide students to the relevant section of their worksheet. Use the Teacher Script.

You're a Financial Champion!

You've learned to compare financial products.
Being informed helps you make smart decisions.
What was the most surprising thing you learned today?

Conclude the lesson by summarizing key takeaways and facilitating a brief discussion. Use the Teacher Script.

Script

Bank Battle Royale: Teacher Script

## Introduction & Hook (5 minutes)
(Display Slide 1: Welcome to the Bank Battle Royale!)
"Good morning/afternoon, financial champions! Today, we're diving into the exciting world of personal finance. How many of you have heard of a bank? What do banks do?"

"Have any of you ever thought about getting your own bank account or a credit card when you're older?"

(Display Slide 2: Why Does This Matter?)
"Today, our mission is to become financial champions! We'll learn how to choose the right tools for your money, like checking accounts, savings accounts, and even credit cards. Why is this important? Because making smart money choices now will set you up for success later. You'll understand how banks work, avoid hidden fees, and start building great financial habits!"

"By the end of this lesson, you'll be able to compare different options and pick what's best for you."

## Comparing Checking Accounts (15 minutes)
(Display Slide 3: Checking Accounts: Your Everyday Money Hub)
"First up in our 'Bank Battle Royale' are checking accounts. Think of a checking account as your everyday money hub. It's where you keep the money you use for things like buying lunch, going to the movies, or paying for your phone. You usually access this money with a debit card, checks, or through online banking."

"When you're looking for a checking account, what do you think is important to consider?" (Pause for student responses, guide them to think about fees, access, etc.)

"Exactly! We need to look out for things like monthly fees – nobody likes paying just to have an account, right? Also, if there's a minimum balance you need to keep, ATM access, and how easy it is to manage your money online or with an app."

(Display Slide 4: Let's Compare Checking Accounts!)
"Now it's your turn to be a financial detective! I'm handing out the Bank Battle Royale Worksheet, or you can access it digitally. Your first task is to research at least three different banks and compare their checking account features. You can use your devices to look up local banks or popular online banks. Pay close attention to the monthly fees, any minimum balance requirements, ATM fees, and what online features they offer."

"I'll be circulating to help if you have any questions or need suggestions for banks to look at."

(Allow students to research and fill out the checking account section of the worksheet)

## Comparing Savings Accounts (10 minutes)
(Display Slide 5: Savings Accounts: Growing Your Green!)
"Alright, financial champions, let's move on to the next round: Savings Accounts! While checking accounts are for your everyday spending, savings accounts are for money you want to save and grow over time, like for a new gaming console, college, or even a car!"

"The cool thing about savings accounts is that they usually earn interest. What's interest? It's like the bank paying you a little bit of money just for keeping your money with them!"

"What do you think is important to look for in a savings account?" (Guide them to interest rates, fees, etc.)

"You got it! We'll be looking at the interest rates – higher is better here! Also, check for any fees, how often you can withdraw money, and if it has good online features. Go ahead and fill out the 'Savings Accounts' section of your Bank Battle Royale Worksheet, researching at least three different banks again. Try to find the same banks you looked at for checking accounts, or explore new ones!"

(Allow students to research and fill out the savings account section of the worksheet)

## Comparing Credit Cards (10 minutes)
(Display Slide 6: Credit Cards: Borrowing Power)
"Now for the final and perhaps trickiest part of our battle: Credit Cards. Unlike debit cards, which use money you already have, credit cards allow you to borrow money from the bank. You then have to pay that money back, usually with interest."

"Credit cards are super important for building something called 'credit history,' which affects whether you can get a loan for a car, a house, or even some jobs in the future. But they need to be used responsibly!"

"When comparing credit cards, we're looking at things like the APR, or Annual Percentage Rate – that's the interest rate you pay if you don't pay off your balance in full. Also, look for annual fees, any rewards they offer (like cashback or travel points), and the 'grace period' – how much time you have to pay without incurring interest."

"For the last section of your Bank Battle Royale Worksheet, research at least three different credit card offers. You can look at major credit card companies or offers from banks. Focus on the APR, annual fees, and any rewards or benefits they advertise."

(Allow students to research and fill out the credit card section of the worksheet)

## Wrap-up & Discussion (5 minutes)
(Display Slide 7: You're a Financial Champion!)
"Alright, future financial experts! You've successfully navigated the 'Bank Battle Royale'! Give yourselves a pat on the back. You've just gained some incredibly valuable skills in comparing financial products."

"Based on your research today, what was the most surprising thing you learned about checking accounts, savings accounts, or credit cards?" (Encourage a few students to share).

"Why do you think it's so important to compare these options before choosing one?" (Lead a brief discussion on fees, interest, and personal needs).

"Remember, being informed is key to making smart financial decisions throughout your life. Great job today! Please turn in your Bank Battle Royale Worksheet before you leave."

Worksheet

Bank Battle Royale: Financial Product Comparison

Name: _________________ Date: _

Instructions: Use online resources to research different financial products. For each section, compare at least three different options from various banks or credit card providers. Fill in the details to help you make informed decisions!

## Part 1: Checking Accounts
Research at least three different checking accounts.

### Bank 1: _______
Account Name/Type: _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
ATM Fees (in-network/out-of-network): _
Online/Mobile Banking Features: _
Other Important Notes: _

### Bank 2: _
Account Name/Type: _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
ATM Fees (in-network/out-of-network): _
Online/Mobile Banking Features: _
Other Important Notes: _

### Bank 3: _
Account Name/Type: _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
ATM Fees (in-network/out-of-network): _
Online/Mobile Banking Features: _
Other Important Notes: _

## Part 2: Savings Accounts
Research at least three different savings accounts.

### Bank 1: _
Account Name/Type: _
Interest Rate (APY): _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
Withdrawal Limits/Fees: _
Other Important Notes: _

### Bank 2: _
Account Name/Type: _
Interest Rate (APY): _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
Withdrawal Limits/Fees: _
Other Important Notes: _

### Bank 3: _
Account Name/Type: _
Interest Rate (APY): _
Monthly Fee: _
How to avoid monthly fee (if applicable): _
Minimum Balance Requirement: _
Withdrawal Limits/Fees: _
Other Important Notes: _

## Part 3: Credit Cards
Research at least three different credit card offers.

### Credit Card 1: _
Card Name/Type: _
Issuer: _
Annual Percentage Rate (APR): _
Annual Fee: _
Rewards/Benefits (e.g., cashback, travel points): _
Grace Period (if stated): _
Other Important Notes: _

### Credit Card 2: _
Card Name/Type: _
Issuer: _
Annual Percentage Rate (APR): _
Annual Fee: _
Rewards/Benefits (e.g., cashback, travel points): _
Grace Period (if stated): _
Other Important Notes: _

### Credit Card 3: _
Card Name/Type: _
Issuer: _
Annual Percentage Rate (APR): _
Annual Fee: _
Rewards/Benefits (e.g., cashback, travel points): _
Grace Period (if stated): _
Other Important Notes: _____________

Answer Key

Bank Battle Royale: Financial Product Comparison - Answer Key

Note to Teacher: This answer key provides a guide for what students should be looking for. Actual answers will vary greatly depending on the banks and credit card offers students research. Focus on the process of comparison and the understanding of key terms rather than specific numerical answers.

## Part 1: Checking Accounts
Students should have researched at least three different checking accounts. Evaluate their ability to identify and record the following information for each bank:

### Key Comparison Points:
* Bank Name: The specific bank or credit union.
* Account Name/Type: E.g., 'Free Checking', 'Student Checking', 'Premier Checking'.
* Monthly Fee: Is there one? How much? This is a crucial point for entry-level accounts.
* How to avoid monthly fee: Often requires direct deposit, minimum balance, or a certain number of debit transactions. Students should identify these conditions.
* Minimum Balance Requirement: Is there a minimum daily or monthly balance to avoid fees or to earn interest (less common for checking)?
* ATM Fees (in-network/out-of-network): Do they charge for using their ATMs? What about other banks' ATMs?
* Online/Mobile Banking Features: Does it have a good app? Online bill pay? Mobile check deposit? Zelle/P2P payments?
* Other Important Notes: Any sign-up bonuses, overdraft fees, linked savings options, or other unique features.

### Example Thought Process (for a hypothetical student research):
1. Student selects Bank A: Searches 'Bank A checking account'.
2. Identifies 'Basic Checking': Notes no monthly fee if direct deposit of $500+ or maintain $1,500 average daily balance. Otherwise, $10/month.
3. ATM access: In-network ATMs free, $3 for out-of-network + any fee from other bank.
4. Online features: Mobile app with deposit, bill pay, Zelle.

## Part 2: Savings Accounts
Students should have researched at least three different savings accounts. Evaluate their ability to identify and record the following information for each bank:

### Key Comparison Points:
* Bank Name: The specific bank or credit union.
* Account Name/Type: E.g., 'High-Yield Savings', 'Standard Savings'.
* Interest Rate (APY): This is critical. Higher APY means more money earned. Students should understand what APY stands for (Annual Percentage Yield).
* Monthly Fee: Are there fees? How to waive them?
* Minimum Balance Requirement: Is a minimum balance needed to earn the stated APY or to avoid fees?
* Withdrawal Limits/Fees: Remind students about Regulation D (though it's been suspended, banks may still have their own limits). Are there fees for exceeding withdrawal limits?
* Other Important Notes: Any sign-up bonuses, automatic savings tools, or linking options to checking.

### Example Thought Process:
1. Student selects Bank B: Searches 'Bank B high-yield savings'.
2. Identifies 'Growth Savings': Notes 0.50% APY. No monthly fee if balance over $300, otherwise $5. No minimum to open.
3. Withdrawals: 6 free per month, then $10 per transaction.

## Part 3: Credit Cards
Students should have researched at least three different credit card offers. Evaluate their ability to identify and record the following information for each credit card:

### Key Comparison Points:
* Card Name/Type: E.g., 'Student Rewards Card', 'Cash Back Card', 'Travel Miles Card'.
* Issuer: The bank or financial institution offering the card.
* Annual Percentage Rate (APR): This is the interest rate on borrowed money if not paid in full. Students should look for the purchase APR, which can vary widely.
* Annual Fee: Is there a yearly fee just to have the card?
* Rewards/Benefits: Cashback percentages, travel points, introductory offers (e.g., 0% APR for X months), purchase protection, etc.
* Grace Period: The time between the end of a billing cycle and the date your payment is due, during which no interest is charged on new purchases. (Typically 21-25 days).
* Other Important Notes: Late payment fees, foreign transaction fees, credit limit, balance transfer offers.

### Example Thought Process:
1. Student selects Credit Card X: Searches 'best student credit cards'.
2. Identifies 'Student Discover Card': Notes variable APR 18.99% - 25.99%. No annual fee. 1.5% cashback on all purchases, doubled after first year.
3. Grace Period: 25 days.