Learning aim
Pupils can explain what a bank account is, the difference between a current account and a savings account, and at least two reasons why people use banks.
National Curriculum links
- PSHE Association KS2 L17: about the role of money in our lives
- PSHE Association KS2 L18: about different ways money is kept safe
- Citizenship KS2: understanding the role of organisations in everyday life
What you'll need
- Whiteboard for vocabulary
- Bank account flashcards (Current, Savings, Junior ISA, Credit card)
- Scenario cards: "where should this money go?"
- Bank vocabulary glossary
Lesson structure (45 minutes)
HOOK
TEACH
GUIDED
CHALLENGE
PLENARY
Adapting for all learners
Support (working below ARE)
Focus on three vocab words only: Deposit, Withdraw, Balance. Use picture cards. Pair with confident readers.
Stretch (working above ARE)
Introduce one more concept: "interest rate". If you put £100 in a savings account with 5% interest for one year, how much do you have? (£105.) Stretch question: "Why might the bank pay you interest?"
SEND adaptations
For pupils with autism: provide a glossary card they can refer to throughout. For visually impaired pupils: use larger-text printouts and audio descriptions of any diagrams. For pupils with EAL or limited literacy: keep to 3 key terms only.
EAL support
Pre-teach all 6 vocabulary words with visual support. Use a sentence frame: "When you put money in, this is called ___." Use bilingual dictionaries where appropriate. Display vocab words throughout the lesson.
Assessment criteria
Pupils can: (1) define "bank account" in their own words; (2) match 4 of 6 vocabulary words to definitions; (3) explain the difference between a current account and a savings account in one sentence. Exit ticket: "I would use a savings account when ___".
Homework pack
Four activities to understand bank accounts and how money moves. 20-25 minutes total.
Bank vocabulary
What pupils do: Define these 5 words in your own way: account, deposit, withdraw, balance, transfer. Use a sentence to show how each is used.
Expected output: A vocabulary table with 5 words, definitions, and a sentence each.
Marking guidance: 1 mark per accurate definition, 1 mark per usage sentence. 10 marks total.
Account types
What pupils do: Find out the difference between a CURRENT account and a SAVINGS account. Use a parent, a library book, or a child-safe website. Write 2 differences.
Expected output: A 2-difference comparison.
Marking guidance: 2 marks per accurate difference. 4 marks total.
Money flow story
What pupils do: Draw a story-strip with 4 panels showing money moving: (1) money earned, (2) money put into bank, (3) money taken out of bank, (4) money spent in shop.
Expected output: A 4-panel story-strip with captions.
Marking guidance: 1 mark per accurate panel, 2 marks for a clear narrative.
Extension (optional)
What pupils do: Research and write 3 differences between a real bank and a "fake bank" (like a piggy bank). Which one pays interest? Which one keeps money safer? Which one is easier to access?
Expected output: A 3-difference comparison.
Marking guidance: Up to 6 marks for a thorough comparison.
Family discussion prompt (safeguarding-aware)
Ask a grown-up: "When did you open your first bank account? What was the first thing you put in it?"
Classroom safeguarding
Answer key & differentiation
Answer guide
- Guided vocab labels: £1,000 pay going in = deposit; £20 out for a haircut = withdrawal; £5 added to savings by the bank = interest; "how much is there right now" = balance; the list of it all = statement.
- Challenge: weekly pay and bills = current account; holiday next year = savings account (less-needed money, more interest).
- Stretch calculation: £100 at 5% for one year = £105.
- Plenary "useful because…": accept safety from loss or theft, earning interest, paying bills easily, keeping a record. Children's current accounts typically start around age 11, with parental oversight — that's the age-limits discussion point.
- If the Junior ISA flashcard comes up: a long-term account for under-18s; up to £9,000 can be added each tax year (2026/27) and the money stays locked until 18.
Support (scaffold)
- Act it out with a class money-box: physically deposit and withdraw counters, counting the balance aloud after each move.
- Reduce to three words (deposit, withdraw, balance) matched as word-picture dominoes.
- Sentence frame: "When money goes in it is a ___; when it comes out it is a ___."
Stretch (challenge)
- Why does the bank pay you? Introduce the idea that banks lend deposits out and share some of what they earn.
- Compare £100 for a year at 2% vs 5% — how much difference does the rate make? (£102 vs £105.)
- Design a mini-statement with three transactions and a correct running balance for a partner to check.