Peoples Bank Branches Into Biloxi School - WLOX.com - The News for South Mississippi

LEARNING THE VAULE OF MONEY

Peoples Bank Branches Into Biloxi School

Some Biloxi students will soon learn they're never too young to start pinching pennies. The Peoples Bank and the Biloxi School District have teamed up to build a Little People's Bank at North Bay Elementary.

The bank is located in the Kids Museum. Parents can sign-up their kids for the free "Save for America" Program.

Each Friday, the students can deposit any amount of money they want into their savings account. That money earns 2.75 percent interest. Students get to fill out deposit slips, and they get receipts and monthly statements to keep track of their accounts.

The program teaches children math skills, money management, and the benefits of saving.

"We want to teach the children that saving is an important thing for them to participate in," People's Bank Assistant Vice President Jennifer Crane said. "It's not the amount that they save, but the frequency. We'd rather children deposit 10 cents a week, and learn that that's an important lesson in life, and learn how money, how interest works."

The bank will open for business in early September. Peoples Bank plans to start a similar program at Beauvoir Elementary in Biloxi. Any school interested in opening a bank can call Crane at 435-8643.

By: Trang Pham-Bui

Powered by Frankly