Penny bank acknowledges dedicated penny savers

In the almost four years since the launch of its Junior Penny Savers initiative, the St Vincent Cooperative Bank has welcomed 3,116 new customers to its fold.{{more}}

On Tuesday this week, five of these young clients were recognized by the bank for their loyalty and dedication to saving.

Laverne Velox, manager of the institution affectionately known as “Penny Bank,” said that the young savers being recognized were not necessarily singled out for the amount of money they had accumulated, but also for their consistency.

“They are the ones we see coming on a regular basis, and it is heart-warming to see some of them when they come in, they collect their coins and they deposit or they save from their allowances. Whatever means, we are really happy that they are with us.

“I have received complaints from parents who say they could no longer leave money lying around, even the ‘specs man’ (a $100 bill) gets put into the piggy bank for deposit.”

Velox lauded the parents and guardians for encouraging their children to save, stating that the early habit of saving and spending wisely will carry through to adulthood and would lead to financially responsible citizens.

“While we know that children are enticed by the offerings of the vendors at the school gates… they must be taught about economizing and saving for a rainy day.

“Since inception, the Junior Penny Savers have been offering as an incentive a ten dollar credit for each new account that is opened. It is a gift to our customers and an encouragement to save.

“Each penny saver also receives gifts from the bank, including piggy banks, pencils, pencil cases, lunch kits and backpacks which carry the penny savers logo….We know that they are our children, and they are with us to stay,” Velox added.

Two of the five children; Jolie English, two years old, and Kai Munroe, three, received credits of $250 each to their accounts as their reward for saving, while Nickeisha Lewis, four, Patricia Pitt, four, and Junnell Jackson, six, were rewarded with Kindle Fire tablets.

The presentations were done by Carlita Tyrell of the Junior Penny Savers department.(JJ)