School Banking has evolved over the last 80 years, from its beginnings when we encouraged kids to save by giving them a moneybox and a transaction book.
Today, the program still provides an attractive savings account for students with incentives that encourage them to manage and grow their savings.
When a primary school participates in the School Banking program, all students have the opportunity to open a Commonwealth Bank Youthsaver account. There are no monthly account fees with this account and it pays bonus interest to encourage kids to put money away monthly and resist making withdrawals.
We've also introduced a range of activities to encourage saving, including the popular Dollarmites Club and companion Rewards Program, which rewards frequent deposits with tokens that can be redeemed for great rewards.
Today, over 200,000 primary school students are developing more responsibility and confidence with money through the School Banking program.
- Regular savings behaviours
- Stronger financial skills
- Improved financial knowledge
- Independence and confidence with money
The average age children start receiving pocket money is 6 years old.
The national pocket money economy is estimated at $1.4 billion per annum.
Benefits to schools
School Banking delivers excellent benefits to participating schools as well. It provides outstanding support for schools that encourage kids to save by rewarding schools through a commission program. With a commission paid for every new Youthsaver account activated through the program and also for each deposit made, the program can help raise funds for important school initiatives. In 2012 the School Banking program paid over $1.5M in commission to Australian primary schools.
Terms and Conditions for Youthsaver are available by calling 13 2221, from commbank.com.au or from any branch of the Bank. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. If you have a complaint, the Bank's dispute resolution process can be accessed on 13 2221.