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Learn About Savings And Current Accounts

Team AckoFeb 8, 2024

You can start teaching your child the importance of money. As part of this, you should teach her how to save money and the tools that help in saving money like a bank account. The given activity will help her in understanding the difference between a savings bank account and a current account.

Contents

Requisites: Few currency notes (you can choose any denomination), 1 empty piggy bank, 1 empty plastic box with lid, 1 marker

Steps:

1. With the help of the marker, write ‘savings account’ on the piggy bank and ‘current account’ on the box.

2. Tell your child that if she puts money in the piggy bank then she cannot take it out before the month end. After the month ends, you will double the money and give it back to her.

3. In the plastic box, tell her that if she puts in money, then she is free to take out whenever she needs the money. However, she will not get extra money after the month ends.

In this way, she will learn the basics of savings and current account. As she grows, you can teach her further about bank operations.

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Disclaimer: This content is for informational purposes only, based on industry experience and secondary sources. It is not a substitute for professional advice. Please consult a qualified expert for health or insurance-related decisions. Content is subject to change, refer to current policy wordings for specific ACKO details.

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