A Bristol primary school is taking advantage of the credit crunch by getting children to open their own bank handling their classmates' money.

The enterprising pupils, from Waycroft Primary School in Stockwood, hope to learn more about money and commerce through the project.

With the help of volunteers from HSBC, the 16 Year Five pupils began taking deposits this week.

Staff from Bristol HSBC branches are supervising the innovative project by helping the budding bankers, aged between nine and ten, open their branch every other Tuesday morning.

Waycroft Primary's head teacher, Simon Rowe, said the bank was already a roaring success – it took £166 on its first day.

"This is a great opportunity for children to become more aware of how to manage money," he said.

"All 60 Year Five children applied for a job at the bank with a covering letter. They were interviewed by the HSBC volunteers for the 16 positions, which include cashier and bank manager.

"Now every pupil from Year Three upwards can make a deposit at the bank, as long as they have got their parents' permission."

The pupils who work at the bank were taught how to open accounts, handle enquiries and take deposits.

HSBC spokeswoman Sue McMullen said it was a fantastic opportunity to educate children about money.

"The bank idea evolved out of our What Money Means programme, which we started before the economic downturn began, but which has now proved quite timely," she said.

"There has never been a more appropriate time to teach children the importance and value of money."