A penny saved is a penny earned and that's exactly what students at Skinner Magnet Center learned firsthand on Tuesday. U.S. Bank partnered with Skinner to open a new, student-run bank branch inside the school at 33rd Street and Paxton Boulevard.

The bank gives students the chance to learn how banks operate and save money at the same time. The children were encouraged to bring in their money to deposit into their accounts and get the savings started early. Parents can help out, too.

"This really helps them have a further understanding of what saving really means and the importance to saving,” said principal Tony Gunter. “A lot of times this is a great resource for parents to help collaborate with their kids and teach them how to save for the future.”

U.S. Bank matched student deposits with $5 as an incentive to help them get started and they couldn't wait to make a deposit. Each one had a different goal for their savings.

"So then one day you can save up to buy something you want or that you always wanted," said third-grader Cyere Chatmon.

"When I get to sixth grade I can have a lot of money and go to college,” said second-grader Salena Alderson.

The branch will remain open through the rest of the semester and students can deposit money into their accounts once each week.