True to its name, Collinsville Savings Society in Canton, Connecticut is teaching the value of saving money to the students at Cherry Brook Primary School and Canton Intermediate School through its "School Savings Program". Elizabeth Kelly, Collinsville branch manager and Treasurer of the Valley Chapter of Business Network International, together with her fellow bankers, Casey Cahill and Tanya Barry, brought new life to an existing program. It is meant to encourage students to open savings accounts and learn some basic banking procedures.
Every Wednesday, participating students deposit their savings in sealed, labeled envelopes which are collected at their schools and deposited at Collinsville Savings Society. Receiving 0.54% interest, they learn the concept of interest rates and watch their savings grow over time. Their parents are the custodians of the accounts for the children's benefit. No minimum deposit is necessary, and so, the children are encouraged to save what they can.
It has been a resounding success. Parents approve of the program as a way to establish good savings habits at a young age, and teachers can integrate a real-life application into their arithmetic lessons. To date, 56 new savings accounts have been established. "Customers, who we have served for a very long time, remember when they first opened their savings accounts," commented Ms. Kelly, "Many have been with our bank for over sixty years, and started saving as children."
At the end of the school year, participants of the program will be eligible for a drawing to win a teddy bear. New accounts are still being accepted at Collinsville Savings Society. For more information, please contact Casey Cahill, the School Savings Program Coordinator, at 860-693-5912. To learn more about Collinsville Savings Society, established in 1853 with branches located at 277 Albany Turnpike or 136 Main Street, Collinsville, visit the website at www.CollinsvilleSavings.com.
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