Banks & Saving · seed 1 · A4, ink-friendly. The answer key prints on its own page for grown-ups.
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Banks and savings accounts

Life Skills · Money & Finance · ages 7-9
Name ______________________   Date ____________

  1. Every bank account pays interest.

    Circle one:   True   False

  2. What does a bank do when you put money into your account?

    • It records how much money is in your account
    • It locks your notes away forever
    • It erases every record of your saved money

  3. What is interest on savings?

    • Money paid to the bank as an account fee
    • Money you take out of your account to buy something
    • Money added by the bank to savings that earn it

  4. Nina wants to avoid keeping all her savings as coins that could get lost at home. How can a bank account help?

    • It watches her coins at home
    • It records her savings in an account
    • It stops all cash at home getting lost

  5. Sam has $7 in his savings account before the bank adds interest and $9 afterward. There are no deposits, withdrawals or fees between these totals. How many dollars of interest did the bank add?

    Answer: ______________

  6. Ravi has $10 in his savings account. The bank adds $1 in interest. There are no fees or other changes. How many dollars does he have now?

    Answer: ______________

  7. Zoe wants to open a savings account for children. What should she do before opening one?

    • Open any account alone without checking its age rules
    • Assume every account has the same rules for children
    • Ask a trusted grown-up to check the account rules

  8. Priya has $15 in her account. The bank adds $2 in interest. She then deposits a $3 gift. There are no fees or other changes. How many dollars are in her account?

    Answer: ______________

  9. Ben says putting money in an account means he can never use it again. Which reply fits?

    • He can take money out by following the account rules
    • He must leave his money there forever
    • He can take money out with no account rules
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Answer key

For grown-ups. Fold this page away before handing over the rest.

Banks and savings accounts W1-mt_uSUqTjOl8m-s1

  1. False · Some savings accounts pay interest, but not every bank account does.
  2. It records how much money is in your account · A deposit adds money to an account. The bank records the amount in that account.
  3. Money added by the bank to savings that earn it · Interest on savings is extra money added by the bank under the account rules.
  4. It records her savings in an account · Nina can keep her savings recorded in an account without storing all of them as coins at home.
  5. 2 · Count up from $7 to $9: two one-dollar steps. The bank added $2 in interest.
  6. 11 · Add the $1 interest to Ravi's $10: $10 plus $1 equals $11.
  7. Ask a trusted grown-up to check the account rules · Children's accounts have rules. A parent or guardian may need to help open and use the account.
  8. 20 · Add both changes: $15 plus $2 is $17, then $17 plus $3 is $20.
  9. He can take money out by following the account rules · Taking money out is a withdrawal. The account rules explain how and when Ben can do this.
Worksheet · LightMySky