Cambridge Savings Bank and the Brackett School in Arlington recently kicked off operations at the oldest elementary school bank in Massachusetts.

For the 27th consecutive year, the Brackett School’s student run-bank will collect deposits through volunteer tellers in the fifth grade and record these transactions in individual passbooks. The pooled funds are later deposited into a Brackett School account at the Cambridge Savings Bank banking center in Arlington Heights.

With the assistance of teachers and financial educators, Brackett School students learn about the basics of banking, hone their math skills, and gain first-hand knowledge about the value of saving. The student-run bank attracted a record high 26 fifth grade volunteer tellers.

 "The Brackett School Bank is a significant tool that, year after year, teaches young students about the importance of saving money and the role that banking plays in the community," said Kim Cayer, the Bracket School Bank Coordinator. "From first graders who deposit their coins at the bank every Friday to the fifth graders who manage the account, Brackett School students are developing strong financial habits and money smarts."