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Gloucester Educational Savings Bank

In 2018, the Gloucester Educational Savings Bank graduated its 27th class!

At Cape Ann Savings Bank, we understand that the youth of our communities are the future of our communities. As part of our deep commitment to Cape Ann, we have partnered with Gloucester High School to offer students an extraordinary learning opportunity for the past 27 years.

The Gloucester Educational Savings Bank is a school bank branch that serves the students and staff of Gloucester High School. Run by student tellers and supervised by a Cape Ann Savings Bank employee, this program provides students with firsthand experience working in the banking industry, and seeks to instill professionalism and customer service skills they can use throughout their careers.

In addition to valuable hands-on experience, our partnership with Gloucester High School also offers students an academic component. We recommend that the student tellers take either a full year Banking Theory course or a half year course in Personal Finance. Both offer valuable education in financial literacy, greatly helping students understand important concepts including how to manage a checking account, handle a credit card, establish good credit habits, and important practices in cyber security.

As members of the Massachusetts School Bank Association, Gloucester High School and Cape Ann Savings Bank also team up every Spring to help students compete with twenty-eight other State-chartered school bank programs at the Federal Reserve Bank of Boston. As part of this competition, students create a marketing pitch for bank-related products or services and present their ideas to a panel of judges. This experience not only promotes teamwork among students, but helps them improve their communication and presentation skills in a professional environment.

Chartered by the Commonwealth of Massachusetts in March of 1990, the school bank opened for business in September of that same year. Since our first year, we’ve been gratified to see the number of graduates who have gone on to work at financial institutions while in college, and the many who have built their careers with Cape Ann Savings Bank and other financial institutions.

We couldn’t be more proud of the community partnership that made the Gloucester Educational Savings Bank a reality and the exceptional Cape Ann students and faculty who have made it one of our favorite success stories.

 

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