|Objective||To introduce children to financial basics and help them to understand how to obtain and use a bank account.|
Take your children to a bank and discuss how banks work, why we need them and help your child to open an account.
1. Inform your children that you will be taking them to the bank to open a bank account.
2. Ask your kids what they know about the bank and ask them if they have any questions about banks. Answer their questions and discuss what people use banks for and why. You will also want to discuss bank accounts with your children. Explain that there are different types of bank accounts and they have different uses.
3. Gather the money that you would like your child to deposit and bring it to your appointment.
4. Arrive at the bank, outside the doors explain what type of behavior is expected in the bank but also encourage your children to ask lots of questions of the teller, if they have them.
5. Open the account and have your child make their first deposit. Get a copy of their bank statement and have your child enter their first deposit in his/her bank book.
6. At home show your child his/her bank card. Explain what a debit card is and how it is used.
7. You may also want to get them to log on to online banking to see how much money is in their account, access it regularly to get them used to keeping track of their deposits and withdrawals.
Mark this activity as complete when your child has a bank account, knows how it works and can access it fairly independently.
Track your progress and earn badges!
This activity is included in the following:
Get Started With Bankaroo|
|Age Range||7 8 9 10 11 12|
|Activity Type||Field Trip|
|Tags||Logical-Mathematical Intelligence Money Banking Saving|
|BMO SmartSteps for Parents||
This is an article about setting up your kids' first bank accounts.
Your Child's First Savings Account
|Home-School: Love to know||
This is an article with useful information on teaching banking to six year olds.