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Cambridge Savings Bank helps with Arlington student-managed accounts

Posted by Brock Parker  December 18, 2012 04:39 PM

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Student volunteers in the school banking program at Arlington’s Brackett School along with Kim Cayer, parent and Brackett School bank coordinator, and Cambridge Savings Bank representatives Clint Bradford, Kathleen Darcy, and Evan Diamond. Photo submitted by Cambridge Savings Bank

Cambridge Savings Bank recently kicked off operations of school bank programs at Arlington’s Brackett and Peirce schools.

The school bank program allows students to deposit money every Friday and fifth graders manage the deposits and the accounts. The money is pooled and deposited into Brackett School and Peirce School bank accounts at the Cambridge Savings Bank banking center in Arlington Heights. The students can also withdraw their savings, according to Cambridge Savings Bank.

The Brackett School has been using a school bank program for 27 years to teach students the basics of banking, as well as teach them math skills and the value of saving. The Peirce School has had a school bank program for 15 years.

“Financial education has never been more important for young people in local communities,” said Evan Diamond, a vice president and financial education program manager with Cambridge Savings Bank in a press release. “The Brackett School and Peirce School banks exemplify best practices by engaging students as both savers and bankers.”

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Student volunteers in the school banking program at Arlington’s Peirce School, along with Cambridge Savings Bank representatives Clint Bradford and Kathleen Darcy. Photo submitted by Cambridge Savings Bank.

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