It’s never too early to start saving, and since the 1990s, Martha’s Vineyard Bank has provided this opportunity to K–8 graders across the Island and in Falmouth.
The germ of the idea for the M.V. Bank School Savings program began in 1988 with then bank employee Patti Leighton. On her second day, she put a note in the suggestion box: “Why don’t we have a savings program at school?” She saw many people coming into the bank looking for help with their finances, and thought good financial habits should start early.
According to a 2018 Times article about the program’s origins, Leighton noted how students didn’t truly understand the concept of savings. One little girl told her, “If my mom needs money, she just goes to the wall.” By the wall, Leighton explained, the child meant she went to the ATM.
In 1993, Leighton connected with Save for America, a historic national, federally endorsed school-banking program started in the 1980s to promote thrift and financial literacy among K–8 students. Leighton sold the idea to the Martha’s Vineyard superintendent of schools and the Island principals. She also spoke to the parent-teacher organizations on the Island, because the program relied on volunteers.
The M.V. Bank School Savings program, which officially kicked off in 1995, helps students take a step toward adult responsibility by learning the principles of saving, how to manage money, and the importance of investing money for a return. Joanna Dimmick, the bank’s head of marketing, outlines the program’s details: “At the beginning of each school year, we kick off the program, distribute packets to the schools, and coordinate volunteers for weekly banking days.” The bank also provides an initial deposit of $1 for each participating student.
Dimmick continues, “On Deposit Day, students bring money to school. Parent volunteers enter the deposits in the online platform, School Savings, which is backed by the Department of Education and processed by the Federal Reserve Bank. The program electronically credits the students’ accounts, and the volunteer deposits the funds at the M.V. Bank, which sends out regular bank statements.”
The minimum deposit is 25 cents. School Savings accounts earn a competitive interest rate that compounds monthly. All student deposits are FDIC-insured. There is no fee to participate or cost to open the savings account.
Longtime volunteer at the Oak Bluffs School Susie Wallo says, “Some of the parents are very involved. One dad came every week for all eight years. He would give his kids random handfuls of change, and they would have to figure it out — count the nickels, dimes, pennies, and quarters. It’s all about fiscal literacy. Teaching children how to save. It’s that simple.”
Wallo and fellow volunteer Lynn Blake have initiated a mentorship program at the Oak Bluffs School to create multi-aged learning. “We found eighth graders who come in on our banking day and help the kids fill out their forms and put in their deposits. The eighth graders help teach the younger kids how to write their names and dollar amounts, and input the information into the computer.”
Wallo continues, “The older students also balance and count up the money and alphabetize all the deposit slips. It sounds easy, but these kids are all digital, so when they alphabetize, they sing their ABCs. And they have to count up all the money. Kids don’t deal in money anymore, but they figure it all out. The kids also get community service credit, and are recognized at graduation. It’s been absolutely incredible to watch these eighth graders with the younger kids. They’re lovely with them. They have kindness, patience, and knowledge.”
Students also earn 10 Super Saver points for each deposit they make at school, regardless of the amount. The incentive system uses these points to make students eligible for drawings for rewards, such as the Super-Gross Science Kit. Young participants are rewarded not for the amount they save, but for the number of times they save — encouraging consistent saving habits regardless of a family’s economic circumstances.
Taken together, though, all these children’s pennies and dimes add up. In the 2025–26 school year, Vineyard students saved $116,342.93. But it’s not all about the dollars and cents. Dimmick notes, “We introduce our school banking program to students beginning in kindergarten, because we believe when children practice saving the money they earn or receive toward a clear goal, they develop patience, restraint, and thoughtful decisionmaking. These early habits help build a strong foundation for how they understand and manage money throughout their lives.”
