Explain that when people deposit money into a bank (or other financial institution), the bank may pay them interest. Banks attract savings by paying interest. People also deposit money into banks because banks are safe places to keep their savings.
Describe the advantages of saving money in a savings account rather than putting the money into a piggy bank.
Subject Area: Social Studies
Strand: Financial Literacy (Adopted in 2023)
Date Adopted or Revised: 06/14
Status: State Board Approved