Dean Bank Helps Students Save Through Award- Winning Program

School Savings℠, the nation’s only U.S. Department of Education-evaluated and approved in-school banking program, has announced that more than 3,000 K–8 students across Massachusetts saved over $131,000 during the 2025–2026 school year — a 8% increase over the previous school year.

The achievement is the result of a collaborative effort by two Massachusetts community banks: Dean Bank (headquartered in Franklin) and Martha’s Vineyard Bank (headquartered in Edgartown). Together, these institutions bring the School Savings℠ program directly into the schools in the communities they serve, making banking convenient, accessible, and educational for students from kindergarten through eighth grade.

How It Works

Banking takes place once a week at school, coordinated by dedicated parent volunteers. Students are rewarded not for the amount they save, but for the number of times they save — instilling consistent saving habits regardless of a family’s economic circumstances. All student deposits are FDIC-insured through School SavingsS℠, which has served as a processor for the Federal Reserve Bank since 1996. In 2026, School Savings is adding FedNow® Instant Payments to its school banking options.

The commitment of Dean Bank and Martha’s Vineyard Bank to their communities is making a real and measurable difference for thousands of Massachusetts families.

“Participating in the School Savings℠ program is one of the most rewarding partnerships a bank can form. We see the excitement on students’ faces every Bank Day, and we know we are planting seeds of financial responsibility that will grow for generations. The $131,000 saved last year is more than a number — it represents thousands of individual decisions by young people to choose saving,” said Sherry Avena, CEO of School Savings.

"The program began for us in the Franklin School system in 1994 at the old Brick School," explained Michael Carroll, Sr. Vice President, Marketing and Communications at Dean Bank.

  Over the past 32 years we’ve grown the program and we now serve almost 1,200 student accounts in the Franklin, Bellingham, Blackstone and Mendon school systems, he said.. "Student account balances at Dean Bank surpass $1.5 million currently, a testament to the importance of starting the healthy habit of saving money as early as possible."

According to Carroll, the bank is currently in discussions with the Franklin School Department to expand students’ ability to bank conveniently while at school from elementary school through high school. The bank is working closely with the individual schools to recruit and coordinate banking days with a School Savings parent-volunteer who would work closely with the bank. Interested parents may reach out to the bank directly or their school for complete details. The schools and the bank hope to offer this service throughout the school system by October of this year.

Last fall the bank completely revamped its student account and launched The Dean’s List Student Account in September of 2025. This fee-free account offers an industry-leading student account interest rate of 4.07% APY on balances up to $3,000 and the bank’s prevailing statement savings rate on balances above $3,000. As students approach the $3,000 threshold, they’re in a strong financial condition and may be ready to learn about other products such as a Certificate of Deposit, reinforcing the concepts of saving for long term goals such as college, their first vehicle, etc. The Dean’s List can be opened by students from elementary school through college and may remain open until the student turns 23, giving them a safe product to transition to adult life with.

Interested parents, grandparents or students themselves who are interested in opening a Dean’s List account may visit the bank’s website at
www.deanbank.com and select “I want to open a deposit account” from the dropdown menu on the Home Page. Complete details about the product can be found by visiting
Checking - Dean Bank.

Founded in 1982, School Savings℠ has partnered with 300+ banks and credit unions, reached 7,000+ schools, and helped more than 3,000,000 students learn to save. The program is the only school banking initiative evaluated and approved by the U.S. Department of Education for use in grades K–8 public and private schools across the United States. School Savings℠ processes student deposits electronically through the Federal Reserve Bank, ensuring accuracy, security, and FDIC insurance for every student account.