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Using Bank Accounts Wisely

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Using Bank Accounts Wisely

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📚 Part 1: Multiple Choice

Success Criteria

I can explain how to use a bank account to track and manage my money.

I can describe the different types of bank accounts and their uses.

1. What is a primary purpose of keeping a bank account?

To track and manage money

To increase your credit score instantly

To avoid paying taxes

To purchase property directly

2. Which account is best for everyday payments (deposits, withdrawals, card purchases)?

Savings account

Transaction (everyday) account

Term deposit

Mortgage account

3. Which type of account typically offers the highest interest for money you plan to leave alone?

Transaction account

Savings account

Term deposit / investment account

Credit card

4. Which feature helps most when you want to build an emergency fund automatically?

Overdraft facility

Automatic transfers to a savings account

No-access lock on the account

Increasing your daily withdrawal limit

5. Check all that apply: A bank account can help you manage money by:

Allowing automatic bill payments

Tracking spending with statements

Hiding income from view

Making it easier to save for specific goals

✏️ Part 2: Short Answers & Activity

6. In one sentence, explain how regularly checking your bank account helps you reach financial goals.
7. Describe two clear differences between a savings account and a transaction (everyday) account.
8. Mock budget task: Starting balance on 01/05/2026 is $1,200. During May you have these transactions:

- Salary deposit: +$1,500 (02/05/2026)

- Rent: -$700 (03/05/2026)

- Groceries: -$150 (10/05/2026)

- Utilities: -$120 (15/05/2026)

- Transfer to savings: -$200 (20/05/2026)

- Coffee & small purchases: -$30 (22/05/2026)

Calculate the closing balance for 31/05/2026. Show your working below.
9. After reviewing the mock budget above, list two changes you could make to save an extra $100 next month.
10. Reflection: What is one question you would ask your bank about account features to better manage your money? (e.g., fees, interest, automatic transfers)
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