The eight Bendigo schools who signed up to participate in the Bendigo Marketplace's Money Can Grow On Trees competition were asked to create handmade Christmas decorations to vie for a share of $15,000 worth of cash and prizes.

In second place in the competition was Epsom Primary, who won $2500 and in third place Colbinabbin Primary won $1500.

Bendigo Marketplace centre manager Marc McEnallay said it was the first time the centre had run the competition, which aimed to give back to local schools and ran for about three weeks.

The centre provided each school with a tree to decorate and put it on display in the centre for the public, family and friends to vote on.

He said voting was weighted equally among schools of different sizes.

Mr McEanallay and Bendigo Marketplace marketing manager Dannielle Downs handed Specimen Hill Primary a $10,000 cheque for winning the competition at its school assembly on Thursday. 

The winning handmade decorations were thanks to grade 3/4 students Georgia Warne, Kaitlyn Wild, Taryn Eames and Charlotte Katov, who volunteered to make the decorations under the supervision of teacher Helen Turpie.

School principal Di Craig said it was a wonderful initiative.

She thanked the students, teachers and a strong community for their help getting the school over the line, and Bendigo Marketplace for involving schools in the competition.

"It's an incredible win and it's incredible our community have got behind the school," she said.

"We were actually second last the week before the final day."

She said the school's junior council would decide where most of the funds would go, with the rest going towards a sensory garden frog pond. 

All eight participating schools also received a sporting pack to add to their equipment collection.