Mutual savings bank

Okay, kiddo, let me tell you about a Mutual Savings Bank. A Mutual Savings Bank is a special kind of bank where people (like you and me) can save their money and earn interest on it. This is a different type of bank than what you might have seen on your way home from school, where you can also cash your allowance.

In a Mutual Savings Bank, the people who put money into the bank are called members, and they all own a little piece of the bank. It's kind of like if you and your friends wanted to start a club where everyone had a say in what the club did, and you all chipped in some money to get it going. The members of a Mutual Savings Bank get to vote on things like who will be in charge of the bank and what kinds of things the bank can do with its money.

So, when someone saves money in a Mutual Savings Bank, the bank gives them a little bit of extra money called interest. It's like a prize for keeping your money in the bank and not spending it right away. The bank uses all the money it gets from its members to make loans to other people who need to borrow money, like for a house or a car. When those people pay back the loan, they also pay back a little bit of extra money, called interest, which the bank uses to pay its members even more interest.

Mutual Savings Banks have been around for a long time, and they have helped a lot of people save money and buy things they need. They are a good place to keep your money safe and earn a little prize for being responsible with your money.