Wrockwardine Wood C of E Junior School's bank will be run by pupils and will allow them to regularly save a small amount of money each week.
The opening of the bank has coincided with the launch of the school's finance week, with children taking part in a range of lessons to teach them how to be financially responsible.
Shropshire community bank Just Credit Union has been working closely with the school, with the not-for-profit co-operative training children to run the school bank.
Teacher Louise Brindley-Jones said: “We really want children to realise the importance of saving regularly.
“It’s not the amount of money they save that’s important, but the act of saving. A little every week will soon build up.”
The launch assembly included representatives from England’s Illegal Money Lending Team and Just Credit Union.
Steve Barras, Just Credit Union’s development officer said: “We are delighted to be supporting the school which encourages their children to not only learn, but also to develop into good people who are well prepared for their futures.
“The launch assembly also gave the Illegal Money Lending Team the opportunity to raise awareness of the dangers of illegal money lenders and the benefits of saving.”
School head Tracey Cartwright said: “We are very lucky to be able to offer our children this fantastic opportunity and hope that as many as possible sign up to be part of this super financial initiative as well as learning a lot during our finance week.”
Steve Barras added: “It was fantastic to see the passion of the teaching staff and the enthusiasm of both the children and parents. I am really looking forward to returning to see how the savings bank is going.
“If any other schools in Telford & Wrekin and Shropshire are interested in discussing setting up a similar school bank they can contact me at firstname.lastname@example.org”.
For more information visit justcreditunion.org