After multiple announcements over the last year, we have not found parent volunteers to manage and oversee the Brackett School Savings Program. Right now, that means this would be the final year of Brackett Bank, which started in 1985 and is believed to be the longest-running school banking program in Massachusetts.
Last year, the parent volunteer managing Brackett Bank came to the school every Friday, even though her child had graduated. That parent and the PTO put out multiple requests for volunteers to step up. Managing the program requires at least two parents. The time commitment is 2-3 hours a week: at least 1 hour at the school to oversee the student withdrawals and deposits and 1-2 hours of administrative work.
Because there is not enough parent volunteer support, we will have to close and disburse payments for all student accounts in June 2026. If you would like to keep Brackett Bank open, let us know by Oct. 9th and we can talk you through the commitment.
The PTO Board would like to better understand how Brackett families feel about financial literacy programs. Please fill out the survey by Sept. 19 and join the PTO Community Meeting on October 9. Contact brackettbank@gmail.com with any feedback/questions.
Q&A About Brackett Bank
When: We are aiming to open the Brackett Bank every Friday from 8 – 9 a.m. in the Brackett entrance hall, starting October 17. A date for training fifth grade tellers
How: The program simulates the banking experience for young students. Fifth graders act as tellers helping students deposit or withdraw their own money from a joint Brackett account at Cambridge Savings Bank maintained by parent volunteers. Participants can learn how to track credits, debits and interest that the joint account earns each quarter.
Transactions: Each withdrawal, deposit and interest accrual is tracked by the student in their banking books, by 5th grade tellers on paper records, and parent volunteers in an excel spreadsheet.
- Deposits of $1 or more earn a prize.
- There is no minimum to keep the account active.
- Balances of $5 or more for 90 days accrue 0.5% interest.
- Withdrawals larger than $3 must have a signed note from a parent or guardian.
- Withdrawals of $20 or more and can only be requested by email from the parent or guardian, and are sent by check.
Closing: You may choose to close your child’s account at any time. Email brackettbank@gmail.com if you would like to end your child’s participation. You will get a confirmation email and an e-check will be sent to the parent email address we have on file.