Narration: Shareville is as peaceful as always. But wait, what's this loud noise? Aha! It's the famous tomboy!
Se-Na: I'm home! Mom! Mom!
Se-Na's mom: What is it? Gosh, I could hear you a mile away!
Se-Na: I've been looking for you.
Se-Na's mom: How was school? And what are you all excited about?
Se-Na: Mom, the ice cream man is here! Can you give me some money?
Se-Na's mom: What is it with you and asking for money these days? With all the money you've spent, we could buy a new car and still have money left over!
Se-Na: Hahaha! Mom, don't be silly! I don't use that much...
Se-Na's mom: A bit here, a bit there... Saving just a little at a time can give you quite a large amount after awhile.
Se-Na: Aha! Okay Mom, then I won't have any ice cream. I'll use the money you give me to buy a piano!
Se-Na's mom: Well, how are you going to do that?
Se-Na: I'll save!
Se-Na's mom: Save? Haha, really? You? Oh, that reminds me. I have to pay the bills today. Did you say you want to start saving?
Se-Na's mom: Then come to the bank with me and open an account there to save your money in. You'd better start right away!
Narration: So Se-Na has decided to open an account! She has a big plan to buy a piano with her savings! Let's go with them and see what happens. When you go to a bank, you have to first get a queue ticket and wait your turn. It can be boring waiting, but Se-Na doesn't seem to mind, since she doesn't come to the bank often. And then Se-Na's mom sees something.
Se-Na's mom: Look at the interest rate! Wow! On installment savings, it's 5%! If we save \30,000 a month, after a year, that will be... Or after three years... Hey! That's quite a bit!
Se-Na: Mom, what are you talking about?
Se-Na's mom: Se-Na, I'm going to increase your allowance! Now that we're here you might as well make an installment savings account and earn some interest.
Se-Na: Wow! Really? You're going to give me a bigger allowance?
Se-Na's mom: Yes! But you have to put more than 10% of it into your account every month!
Se-Na: Alright! Deal! Hahaha! But, Mom, what's an installment savings account?
Se-Na's mom: With an installment savings account, you can save a certain amount of your money every month. It has a quite high interest rate.
Se-Na: Lots of interest?
Se-Na's mom: It's our turn!
Se-Na: Mom, wait!
Song-I's aunty: Hi! How can I help you?
Se-Na's mom: Hi, I want to open an installment savings account for my daughter, so she can save some of her allowance.
Narration: So Se-Na's got her own bank account now, thanks to her mom. Can she save up enough money to buy herself a piano?
Teacher: That will be the end of this morning's assembly! Oh, and there's one more thing. To prevent you from wasting too much money, we are asking all students in our school to open their own bank accounts. They're for you to deposit your money in and withdraw it so you can learn how to save. Go to a bank and ask to have an 'ordinary deposit account' opened in your name. You should all open one!
Se-Na: What about those of us who already have an account?
Teacher: Well, then you won't need to make one. Do you have an account?
Se-Na: Yeah! I went to the bank with my mom and opened an account in my name!
Se-Na: Huh? Haha! It's no biggie...
Teacher: Well, those of you who don't have accounts should be sure to open them!
Narration: Se-Na has really impressed the kids by already having her own account! She seems happy all day because of that. And later in the day, after school...
Kang-Ho: Se-Na, what bank did you open your account at?
Se-Na: The bank at the intersection near the school gate. Why? Are you going to open yours today?
Kang-Ho: Well, I don't have any money on me right now. I'll open one tomorrow or the day after, when I get my allowance. And get an account book.
Jae-Min: What's an account book?
Kang-Ho: Haven't you ever seen an account book?
Jae-Min: Well, actually... (What is this account book thingy?)
Narration: It's obvious why Jae-Min doesn't know what an account book is. He's from the Magic World!
Se-Na: Tada! It's one of these! Look. Here's my name, and here's how much I put into my account yesterday. This is the kind of account with the highest interest rate!
Jae-Min: Hmmm... So this is an account book?
Kang-Ho: Hey, you've got quite a bit in there!
Se-Na: I'm going to save up my money and get a piano some day!
Song-I: Wow! That's a great idea, Se-Na!
Se-Na: Hey! Thanks, you guys! Ah, what the heck! Let's go get some ice cream! It's on me!
Song-I: But you don't have any money, Se-Na!
Se-Na: I have some in my account! I'll just go and take out a little!
Kang-Ho: Yeah, but what about your plan?
Se-Na: Don't worry! This is a special occasion. We need to celebrate. You guys wait at the ice cream shop. I'll go get some money.
All: Huh? Se-Na! Wait!
Se-Na: Huff... Puff
Song-I's aunty: Hi! How can I help you?
Se-Na: I want to withdraw \3,000 from my account.
Song-I's aunty: I'm sorry, but you can't take out just a part of the balance on this particular account.
Se-Na: Huh? Why? If I open an account, can't I put my money in and take it out whenever I want to?
Song-I's aunty: That's how an ordinary deposit account works. But you have an installment savings account. If you want to take money out, you'll have to cancel your account.
Se-Na: What's an installment savings account? I put my money in it because it has the highest interest rate.
Song-I's aunty: With an installment savings account, you decide on a savings period of 1 year, 2 years or 3 years. You make regular deposits once a month or on a set date. During the savings period, you can't take any money out of your account. That's why the interest rate is so high!
Narration: Aha! So an account that allows you to put in money and take it out whenever you went is called an ordinary deposit account! An installment savings account is one where you only make a fixed amount of deposit once a month, for a certain period of time!
Se-Na: So that means I can't take out \3,000.
Song-I's aunty: No, That’s the rule! If you want to take out some money, you have to cancel the whole account.
Se-Na: But I just need \3,000...
Song-I's aunty: Then would you like to cancel your account?
Se-Na: No, no, no. Mom would be really mad at me if I did that. I'll just leave it.
Song-I's aunty: Ok, that's fine. See you!
Se-Na: (So that's why Mom decided to give me more allowance. Bah! What am I going to tell the other guys? Oh, no...)
Narration: Oh, no! Se-Na's made a fool of herself because she didn't know what type of account she had. The misunderstanding at the bank might have been no big deal, but what is she going to tell her friends?
Kang-Ho: What's going on? Why is Se-Na taking so long?
Song-I: I'm getting worried.
Jae-Min: Me, too. (I think I'll just use my magic to see where Se-Na is.)
Narration: Whoops, Jae-Min's forgotten all about that promise he made to his dad, not to use his magic in the human world.
Jae-Min: (Hmm... Looks like something's happened to Se-Na.)
Jae-Min: Don't worry, guys! Se-Na's on her way. She's probably just coming around that corner over there.
Kang-Ho: What? How do you know that?
Song-I: Hey! There's Se-Na! Jae-Min was right! Se-Na, over here! Come on!
Song-I: Wow, how did you know, Jae-Min? Huh? That's so weird!
Jae-Min: Hehe, it was nothing.
Kang-Ho: Just a lucky guess, I bet.
Se-Na: Hey guys, sorry to keep you waiting.
Song-I: Where were you? Is something wrong?
Se-Na: I went to the bank to get some money, but they told me I have an installment savings account, so I can only take my money out when I cancel the whole account. I couldn't cancel it, my mom opened it for me... So here I am... with no money...
Kang-Ho: Really? Well, That's okay. We don't have to get any ice cream.
Song-I: Yeah, it's fine. Don't worry about it.
Jae-Min: Actually, I was looking forward to having some ice cream... Hehehe....
Se-Na: Sorry, I'll get you some next time.
Jae-Min: It's alright, I was kidding.
Kang-Ho: It's getting late, we should go home. Se-Na, don't worry about it. Let's go home!
Se-Na: Sorry, guys...
All: It's okay!
Narration: Wow! Se-Na has some really good friends!
Song-I's aunty: Song-I! Song-I!
Song-I: Huh? Aunty! When did you get here?
Song-I's aunty: Just now. Are you doing your homework?
Song-I: Yeah, how was your day?
Song-I's aunty: Not too bad. It was pretty easy, because I didn't have many customers. I'm just going to get changed... Well, how was your day?
Song-I: it had its ups and downs, actually! By the way, our teacher wants us all to open an ordinary deposit account. Can you open one for me?
Song-I's aunty: Sure, that's no problem! Hey, speaking of bank accounts, do you remember the savings account your mom opened for you when you were in 3rd Grade?
Song-I: Of course! I've been putting the \10,000 I get from Mom in it every month.
Song-I's aunty: Well, it's expiring tomorrow. Do you know what you want to do with the money in there?
Song-I: Actually, I don't have anything to spend it on.
Song-I's aunty: Well, it's built up to be quite a bit now.
So look: the bank has this time deposit account with a high interest rate. If you put your money in there for the next 3 years, you should earn quite a bit extra.
Song-I: Okay, that sounds good. By then I'll be in the 3rd year of middle school, and I can use it to buy a computer.
Song-I: Who is it?
Se-Na: It's me!
Song-I: Hey, Se-Na! What's up?
Se-Na: Well, I was just so sorry about what happened, so I brought some fruit over. We've got a lot at home. Have some.
Song-I's aunty: Who is it?
Se-Na: Hi, I'm Song-I's friend, Se-Na. Hey, aren't you...
Song-I's aunty: Huh? you're Song-I's friend?
Song-I: Aunty, do you know Se-Na? Se-Na, do you know my aunty?
Se-Na: Yeah, she was the one at the bank today. She told me I couldn't take any money out of my account.
Song-I: Hahaha! Yeah, she works at that bank!
Song-I's aunty: Yes! I'm Song-I's aunty! What a coincidence!
Narration: What a strange day! So many interesting things happened to them today. Shall we go over our 4 friends' day and review the types of savings accounts once more? An installment savings account is one in which you regularly deposit a set amount of money until the expiry date. It has a high interest rate! With an ordinary deposit account, you can put your money in and take it out freely! So it has a low interest rate! A time deposit account is one in which you deposit a certain amount of money when you open it, and keep it there until the expiry date. It also has a high interest rate! These are the different types of savings accounts! Do you understand now?