‘Your Wallet’: Bank and elementary school teach Nebraska kids how to save money

LINCOLN, Neb. (KLKN) – Many people learn the value of saving later on in life, but a partnership between a local bank and an elementary school is teaching kids the importance of saving early and saving often.

In the small town of Hebron – 50 miles west of Beatrice – kids at Thayer Central Elementary School have been depositing in their own bank branch for 15 years.

“There’s a lot of research out there that shows children as young as 6 years old can grasp and understand the concepts of deposits and withdrawals,” said Danielle Larson, an employee at Thayer County Bank and the supervisor of the project.

Every Tuesday morning, Larson and another Thayer County Bank employee set up shop at school.

Starting in kindergarten, students can bring in $1 or more to deposit at the branch, called the Titan Branch Bank.

Over their time in elementary school, the bank saves their money, and it accrues interest.

And at the end of sixth grade – or when they leave the school – students can cash out their savings.

“Nowadays, kids need to know more than just your basic math and reading and those types of things to survive in the real world as they enter out on their own and have that fiscal responsibility,” said Becky Hulse, a fourth grade teacher at Thayer Central.

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Larson trains sixth graders in bank teller basics.

The young tellers fill out deposit slips for the other students and organize the money.

“My favorite part is that I get to teach kids about how to save money,” said Tenley Lanham, a sixth grade bank teller.

Another teller said he chose to join Titan Branch Bank for a different reason.

“I didn’t know what I was going to do when I grow up, so I knew that if I was a bank teller, I would already have experience banking,” Laiden Heinrichs said.

And to keep kids motivated, prizes are handed out to consistent depositors.

But the big incentive is the weekly trophy, which is given to the class with the highest percentage of customers.

Mrs. Hulse’s class has won the trophy several weeks in a row.

“It’s fun because it’s kind of a contest, and the kids always cheer when they bring in that trophy,” Hulse said. “It’s just good energy.”

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Beyond the trophy, the goal is for this program is to set these kids up for financial success in the future.

When Channel 8 asked the tellers if they’ll keep saving once they get their money back, they had a unanimous answer:

“Yep,” Lanham said.

“Yeah, I think so,” Leah Marsh said.

“Yeah,” Heinrichs said.

“Yeah, because since we already have a bank account, it’s showing us that we can make our own bank account when we get older,” Nora Peithmann said.

And for Larson, knowing she’s helping them is an added bonus.

“That’s the best part of it, is seeing the kids and their excitement,” she said. “Then you really get to form a relationship with them because they start in kindergarten and go all the way up through sixth grade.”

Editor’s note: This report is part of a weekly series Channel 8 is airing, called “Your Wallet.”  We’ll be looking into any topics that deal with your money. The reports air every Monday during the Channel 8 News at 6 p.m.