Money Talks: Where To Keep Your Money

We want to help you start talking to your family about important financial topics! Read on for conversation starters, key words, talking points, and real world applications about bank accounts and how they work! 

Start the Conversation!

What to ask:
• If you received $500, what would you do with it, and why?
• What are you saving up to buy? Why? Do you have a plan for saving up
to buy this item?
• Why might it be a good idea to keep your money in a bank?

When to ask:
• In the car running errands (or making a trip to the bank)
• After birthdays or life events where your child may receive cash as gifts
• When giving money for chores/prior to a child’s first job.

Key words
Checking AccountA deposit account at a financial institution that allows consumers to make deposits, pay bills, and make withdrawals. Money that is in a checking account is very liquid, meaning it can be easily accessed.

Savings Account- A bank account that you can use to set aside money, and that pays you interest.

Keep Talking

How do you open an account?
Whether you’re going into a banking office or opening an account online, you should start the process prepared with what is required. Visit the helpful links below to find out what items you need to bring in to a banking office or have on hand when opening an account online:

What do you need to Open a Checking Account?
What do you need to Open a Savings Account?

How do you put money into an account? How do you take out money?
Putting money into your account is called a deposit. You can deposit checks or cash into your account by going to your bank or credit union or by direct deposit through your employer.

Taking money out of your account is called a withdrawal. You can take your money out by going to your bank or credit union, writing a check, or using your check card (also known as a debit card) at an ATM or store to pay for something.

Walk the Money Talk - Real World Practices 

Practice Using Checks: If you have a checking account, show your child how to write a check and balance a checkbook or view transactions through online banking.

Make a Savings Container: Have your child create and decorate a savings container to keep money in one place until she or he can make a bank deposit.

Use an ATM: Show your child how you use the ATM. Explain that an ATM is not a free money machine—you are actually taking cash out of your own bank account—and that the receipt shows how much cash is deducted.

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