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Lake Arbor Elementary School fifth-grader Khalifa Ndir, 10, of Bowie anxiously waited to open his first bank account at the Mitchellville school with a $5 deposit, standing with other students clutching their bank applications and cash.

"I think it's going to be fun watching the money grow," he said. "I'm saving up for something — when the time comes, I will know [for what]."

On Sept. 23, Lake Arbor Elementary School celebrated the grand opening of the school's student credit union, part of a Prince George's County Public Schools program to give students real-life experience with financial management.

Students tore through a "grand opening" sign in front of the school's media center and filed in to submit their savings account applications and make their deposits of real money, many for the first time.

Lake Arbor Elementary is among eight county schools using the program, facilitated by Greenbelt-based Educational Systems Federal Credit Union, which allows students to open savings accounts and make deposits.

"It helps our children learn about the value of a dollar," said Principal Stephen Green. "It teaches them the power of saving money as opposed to spending it — they can watch their money accumulate."

Parents were given information about the program prior to the grand opening.

Green said he learned about the program during the summer through a partnership the school has with the credit union and decided it was a positive initiative for his students. It's a program he hopes to continue every year.

Green said that when Lake Arbor Elementary opened eight years ago, it had a similar partnership with Bank of America, which only lasted one year, because the parent volunteer's grandson graduated from the school.

Julio Martinez, a bilingual school financial education coordinator for the credit union, said 23 students opened savings accounts Sept. 23, and he was pleased with the turnout. Martinez will go to Lake Arbor Elementary every two weeks to collect student deposits.

Savings accounts require a minimum deposit and minimum balance of $5, and the current interest rate on a savings account is 0.15 percent, said Mary Harris, a credit union spokeswoman.

Fifth-grader Shayla Morton was thrilled to open and deposit $10 into her first savings account.

"You need to save money and stop just buying anything," said Shayla, 9, of Mitchellville.

Fifth-grader Janae Johnson, 10, deposited $31 and is saving up for shoes and toys.

"[Students] will learn to save and what's the value of a dollar," Janae said.

E-mail Liz Skalski at eskalski@gazette.net.