The following is from Cambridge Savings Bank.
Cambridge Savings Bank (CSB) recently kicked off operations at two elementary school banks in Arlington, including one at the longest-running school bank in Massachusetts. The elementary school banks at the Brackett School and the Peirce School allow volunteer tellers to collect deposits and record these transactions in individual passbooks.
The school bank program allows students at each school to deposit money every Friday while fifth graders manage deposits and accounts. Pooled funds are deposited into Brackett School and Peirce School bank accounts at the Cambridge Savings Bank banking center in Arlington Heights. The Brackett School is celebrating its 27th consecutive year of a student run-bank and the Pierce Pride School Bank began 15 years ago. The school bank program provides Arlington students with lessons about the basics of banking. It helps students hone their math skills and gain first-hand knowledge about the value of saving.
“Financial education has never been more important for young people in local communities,” said Evan Diamond, vice president, financial education program manager with CSB. “The Brackett School and Peirce School banks exemplify best practices by engaging students as both savers and bankers.”
To celebrate the Bracket School program, officials from the school and CSBsmart held a ceremony that was attended by 375 people. During the event, students shared their experiences regarding savings, spending and donating money. At the Peirce School, students shared stories of saving and sharing money.