When we’re out in about in classrooms we often hear about students’ hunger to save and grow their money. Until now they’ve only been able to do this through their savings accounts and KiwiSaver. However as of today, partly due to frequent teacher requests, we’re excited to provide students with another savings tool, Term Deposits!
The new Term Deposits Module will allow students to earn higher rates of interest by locking away their funds for a specified period of time. It naturally builds on what students are already learning through the Interest on Savings Module.
Students will gain an increased comprehension of interest, and the magic of compound interest. While also improving their money management skills by ensuring they can afford to pay bills while their savings are in term deposit. We hope that this module both rewards those who are already super savers, and also provide a little savings rigor to those who frequently dipping into their savings account.
The Term Deposits Module can be found under the banking header on the sidebar. It allows teachers to either select one of our example term deposits, or create their own; nominating the term, interest rate and minimum term deposit. They can also set a maximum number of term deposits per student, to ensure that they remain manageable, and set whether students can break their term deposit early; never, automatically or on application. If students are allowed to break their term deposit early, they’ll just earn the interest they would have earned with the money in their savings account, and will also be hit with the break early fee that the teacher sets.
Whether students are saving towards purchasing their first property in Banqer, a homework discount coupon or a batch of slime at the class auction, we hope that term deposits will see them reaching their savings goals sooner!