School Principals

 

Any child’s education should include money management skills, laying the foundation to achieve financial independence as an adult. In addition to the many benefits a child will enjoy from learning these vital skills, participating schools also benefit in a number of ways.

 

• The program is a great fundraising activity because participating schools receive a $5 commission for every new Youthsaver account opened, and a 5% commission for each deposit made, up to a maximum of $10 per individual deposit. Schools will receive a minimum commission payment of $25 per quarter (provided at least one deposit or new account is received from the school per quarter). Last year alone, participating schools collectively made over $620,000 in commission.
  
  
• School Banking actively engages parents with the school community, as they help their children grow their savings and raise funds for the school at the same time.
  
  
• It helps develop stronger financial skills, giving students more knowledge, independence and confidence when it comes to decisions about money.

 

Through the program, primary school kids can bank at school, giving them hands-on banking experience in a fun and interactive peer-to-peer environment.

 

Processing the deposits is also quick and convenient. A volunteer from the school, which can be a parent, grandparent, teacher or member of your administration staff, acts as the School Banking Co-ordinator. Their role is to collect the money and enter each deposit into the School Banking Web Based System. It’s easy to use and can be accessed from any computer with an internet connection using a major operating system and browser. They then just make a single deposit each week at the nearest Commonwealth Bank branch or Australia Post outlet.

 

Our School Banking program has been reinvigorated so it’s now even more exciting for your students. We’ve introduced a great Rewards Program that makes it even more fun for students to participate in the School Banking program – and encourages them to save even more. Every time a student makes a deposit they receive a Dollarmites token and a sticker to place next to their name on a wall chart so they can track their progress. The tokens can then be redeemed for a range of great gifts.

 

We have also introduced 45 School Liaison Officers to provide advice and support to School Banking Co-ordinators.

 

• For more information
  To find out more about getting involved schools can call our School Banking Helpdesk on 1800 674 496 (Monday to Friday, 9am – 4pm, Sydney time).