Editor’s. Note: The Martha’s Vineyard Savings Bank recently sponsored an essay contest for school children in grades five, six and seven, in honor of national Teach Children to Save Day. What follows is the winning essay. The writer is a sixth grade student at the Martha’s Vineyard Public Charter School.

As an individual, you probably don’t think you need a bank, but look at it from a global aspect. Many businesses work for a major producer of goods that are sold around the world. Let’s say that a store on Martha’s Vineyard deposits their nightly earnings. Later the next day a larger Boston store needs to see how much was deposited so that they can buy more items to sell. On Wednesday, the New York headquarters needs to figure out the paychecks and borrow money from the bank. Now you can begin to see how the bank and the company affect the economy of our country and the world.

You still might not be convinced about needing a bank. But after working all week, you are going to get a paycheck on Friday. How will you cash the check into money without a bank? Yes, you can lend money from person to person, but what if people are greedy, or people don’t know anyone who will lend them money (and people don’t trust easily nowadays)? Once again, the answer is the bank. It starts with ourselves and then we decide to make it bigger, into a company and then an international corporation.

The bank on its own is not able to find all of the money it will need to cash checks and lend money. It relies on people to invest their money with the bank at a rate that is profitable for them. Now the money can be circulated to people and companies. When an investor wishes to take his money back, other investments will allow you to get your money back. By generating money, the bank is able to cash your check, pay your interest on your savings, loan money to the local company and donate some profit to good causes in the community that will make our lives better.

So now do you think that you need the bank? I do!

Second place winner was Nathaniel Horwitz, a seventh grade student at the Tisbury School; third place winner was Eli Hanschka, also a sixth grade student at the charter school. All three winners were awarded savings bonds by the bank.