F1.6 Compare interest rates and fees for different accounts and loans offered by various financial institutions, and determine the best option for different scenarios.
Activity 1: Account Selection
Have students conduct research using the Internet to determine the monthly fees charged and interest rates offered for two savings and two chequing accounts at a financial institution in the community. Have them create a profile of a person for whom each of the accounts would be a good fit based on the information provided. Ask students to explain their reasoning.
Activity 2: Best Option
Have students research interest rates on savings and checking accounts at five different financial institutions, using the same fictitious amount ($200, $1000, or other).
Ask the following questions:
- Are the interest rates and service fees the same for both types of accounts? From institution to institution? Justify your answer.
- What factors may influence the service fees and interest rates offered by these financial institutions?
- Why is there a financial inequality at the bank level when it comes to comparing the system between people with more money and people with less money in the province?