Learn How Banks Keep Your Money Safe!

A bank is a safe place where you can keep your money. You can learn about Introduction to Money to understand why keeping money safe matters. Banks are found in towns and cities all across Canada.

When you put your money in a bank, it stays safe until you need it. Banks help families and communities every day.

Banks help people save money, borrow money, and manage money. You already know that families work to meet their needs, just like you learned in Working to Meet Needs and Wants in Families and Communities. Banks make it easier to pay for needs like food and shelter.

You can also use a bank to get a loan. A loan is money the bank lets you borrow that you must pay back later.

Banks also give you interest when you save. Interest is a little extra money the bank adds to your savings as a reward for keeping your money there.

A bank teller works at the counter and helps you put money in or take money out. The bank manager is in charge of the whole bank. You are called a customer when you use the bank.

You can also get money from an ATM, which is a machine outside or inside the bank. Banks use a big vault to keep all the money very safe.

In Canada, people use Canadian dollars to buy things. A coin worth one dollar is called a loonie because it shows a loon bird. A coin worth two dollars is called a toonie.

Paper money is called a bill. Canada's five-dollar bill shows Wilfrid Laurier. The Canadian nickel shows a beaver on it.

You can also save coins at home in a piggy bank before taking them to a real bank.

Bank: A bank is a safe place where you keep your money so it is protected and ready to use when you need it.

Savings: Savings is money you set aside to use later instead of spending it right away.

Deposit: A deposit is when you add money to your bank account. You are putting money in.

Loan: A loan is money the bank lets you borrow. You must pay it back over time.

Bank Account: A bank account is the bank's record of how much money you have saved there.

Bank Teller: A bank teller works at the counter to help you put money in or take money out.

Bank Manager: The bank manager is the person in charge of the whole bank.

Customer: A customer is anyone who uses the bank, including you and your family.

Withdrawal: A withdrawal is when you take money out of your bank account.

Interest: Interest is a little extra money the bank gives you for keeping your savings there.

Debit Card: A debit card lets you pay for things using money from your bank account without using cash.

ATM: An ATM is a machine where you can take out money from your bank account.

Vault: A vault is a very strong safe room inside a bank that protects all the money.

Piggy Bank: A piggy bank is a small container you use to save coins at home.

Canadian Dollars: Canadian dollars are the money people in Canada use to buy things.

Loonie: A loonie is the Canadian coin worth one dollar. It shows a loon bird.

Toonie: A toonie is the Canadian coin worth two dollars.

Bill: A bill is paper money. Canada has five-dollar, ten-dollar, and other bills.

Credit Union: A credit union is a type of bank owned by the people in a community.

Bank of Canada: The Bank of Canada is Canada's national bank. It manages money for the whole country and prints Canadian paper money.

Budget: A budget is a plan for how you will spend and save your money.

Income: Income is the money you earn from working or doing jobs.

Wage: A wage is money you earn by doing a job for someone.

Think about what you would do with money you earn. Would you save it in a bank or spend it? You can practice making a simple budget by listing what you need and what you want, just like you learned in Discretionary Spending: Toys, Entertainment, and Dining Out.

You can also think about the difference between a need and a want. Food and shelter are needs. A new toy is a want. Banks help you save money for both. This connects to what you learned about Human Basic Needs: Water, Food, Shelter, and Emotional Security.

You already know that people work to earn money to meet their needs and wants. That knowledge from Working to Meet Needs and Wants in Families and Communities helps you understand why saving money at a bank is so important.

You also know about basic needs like food, water, and shelter from Human Basic Needs. Banks help families pay for those needs. And you know that some things are wants, not needs, from Discretionary Spending. Banks help you save so you can choose wisely.

Learning about banks connects to many other topics you will explore. You learned about Introduction to Money to understand what money is and how it works. Banks are where that money is kept safe.

You will also learn about Types of Businesses in your community. A bank is one type of business that provides a special service. Making smart money choices connects to Making Simple Decisions and Making Choices.

Banks are part of how your community is organized, just like Functions and Services of Local Government and Basic Government Functions help keep communities running. You can also explore Essential Community Services and Public Services, Utilities, Emergency Response, and Policing to see how banks fit alongside other helpers.

Banks are part of your community's resources, which you can explore in Community Resources and Urban Infrastructure: Transportation, Stores, and Parks. You will also learn how communities grow and change in Community Development: Founding, Business Changes, and Construction Milestones.

The people who make decisions about money and communities are explored in Decision Makers and the Impact of Their Choices. After learning about banks, you will be ready for Goods and Services, Acquiring Goods and Services: Buying, Renting, and Public Funding, Community Services for Basic Needs, Jobs in Communities, and Community Support for Basic Needs: Food, Shelter, and Healthcare Access.