Banking - how does it all work?

Introduction

It’s impossible to function within Australia’s financial system without having at least one bank account. You need a bank account so that your employer can pay you, so that you can withdraw or transfer money, and so that you can pay your bills.

You have a wide choice when it comes to choosing a bank. There are over 50 Australian Banks, and the features of each of those bank’s range of banking products - transaction accounts and saving accounts are just two examples - will all be different. How do you know which bank account is the right one for you?

Why is this important?

Being aware of your specific banking needs, knowing what to look for in a banking product, and understanding the unique conditions of different bank products will guide you towards making the best possible banking choices.

Task

Your job in this WebQuest is to investigate the features a range of different banking institutions and their products, and use this information to select banking products that meet YOUR needs.

Process

Before you start...

There are several banking product options when it comes to saving your money. Watch the following two video clips to give you the background information you need to complete this WebQuest:

 

Task 1 – What’s the difference between a savings account and transaction account?

Using information from InfoChoice, create a visual display (chart, table, graphic, illustration, poster, etc.) illustrating the differences between SAVINGS and TRANSACTION accounts. 

 

Task 2 – Shop around

Download and complete Task 2 worksheet – Shop around. Save a copy of your completed worksheet.

(Source: https://financialbasics.org.au/wp-content/uploads/2024/10/6_Task_2_Shop__around.docx)
 

Task 3 – Which accounts suit your needs?

Using your Task 2 research on the best TRANSACTION account and the best SAVINGS account to suit your needs, prepare a suitable presentation in the format of your choosing (e.g. speech, email, PowerPoint, video, etc.) to persuade your parents/guardians to help you open the accounts you have chosen.

  • For each account, provide details on the name of the bank and name of the account (e.g. FBF Bank Everyday Savings Account).
  • Be clear about your reasons and thorough with your explanations. 
  • Can you predict any questions or comments they may make on your choices? Include these  questions and your responses in your presentation.
  • Note: No, you don't actually have to present this to your parents - unless you choose to!
Evaluation

SUBMISSION

Submit your completed responses for Tasks 1, 2 & 3 to your teacher. 

Your work will be reviewed by your teacher upon submission of the WebQuest.

Conclusion

Your bank accounts are not going to just look after themselves. What can you do to be a savvy banking customer?

  • Check out the MoneyIQ Banking series on YouTube.
  • When you open your first account, resist going straight to the bank your family or friends use, just “because”.
  • Instead, investigate options for all banks and all types of accounts offered to find the best products for your needs.
  • Continue to review your accounts to make sure that you are getting the best deal, receiving the highest rate of interest, and paying the lowest fees.

Want to learn more about banks and bank accounts? Ask your teacher to download the banking resources from www.financialbasics.org.au & sign you up for the ESSI Money Game.

Credits

This work is adapted, by the content owners, from the Financial Basics Foundation OFL (Operation Financial Literacy) resource Module 7:  Banking - how does it all work?. Check out the original resource for more teaching and learning activities in this content area.

Register your students for the ESSI Money Game to help them experience banking in a real-life gamified personal finance educational simulation.

Financial Basics Foundation resources are free for all Australian educators. You can access these resources here: http://financialbasics.org.au/join.  

 

Other

Financial Basics Foundation Contact information

Connect with Financial Basics Foundation for more great resources and ideas, and become part of the #FinLit community!



YouTube: https://www.youtube.com/@financialbasics

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Twitter: @Financial_Basic



Email: info@financialbasics.org.au



URL: www.financialbasics.org.au   

Teacher Page

Why should your students do this WebQuest? It’s impossible to operate within Australia’s financial system without a bank account. While many of your students may already have a savings or transaction account, they may not have had any input or undertaken research into the choice of account. Learning to navigate and understand information about the structure of different types of banking products sets them up to make considered and informed choices when looking for banking products which meet their individual requirements.

WebQuest Goal: The tasks in this WebQuest are designed to support students to identify and understand the differences between transaction accounts and savings accounts. Researching and analysing features, conditions and costs of different accounts sets up students to make the best banking choices for their future.

Time required to complete this WebQuest:  Approximately 70 minutes.

Solution: The solution for the TASK 2  worksheet – Compare the market -  is available through the Financial Basics Foundation member portal.  Login to your account or sign up here if you’re not already a member. Once you’ve logged in, check out all of our other WebQuests and Resources by clicking on the Teacher Toolkit menu.  

FBF Advice

Standards

The content and tasks in this WebQuest have been mapped to the following Australian Curriculum elements:

  • Consumer and financial literacy - use critical thinking and problem-solving skills to make informed consumer and financial decisions.
  • Economics and Business (Skills) - Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES047).
  • Economics and Business (Skills) - Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES048).