Celebrating 80 years of School Banking

Commonwealth Bank helps primary schools kick start their fundraising for 2011

Sydney, 6 December 2010:  The Commonwealth Bank today announced the launch of its School Banking Fundraising Kickstart for primary schools to mark the 80th anniversary of School Banking in 2011.

The Bank is contributing $1.5 million to primary schools across the country to kick start their fundraising for the new school year.

Active School Banking schools will receive a fundraising contribution of $300 through their local Commonwealth Bank branch manager in term 1, while 80 Fundraising Kickstart’s of $8,000 are open to all active and newly registered (by Tuesday, 1 March 2011) School Banking schools who transmit before Thursday, 31 March 2011.  

According to Ross McEwan, Group Executive Retail Banking Services for the Commonwealth Bank, generations of Australians – children, parents and grandparents still fondly remember their first saving account with the Commonwealth Bank and School Banking experience. 

“School Banking first launched in 1931.  A lot has changed in that time from the end of the Australian pound and advent of the Australian dollar, to the introduction of ATMs, credit cards, and online banking; but what underpins School Banking is establishing and building good savings habits that will stay with students for life.

“2011 marks our eightieth anniversary of School Banking, so to honour this significant milestone we are launching the School Banking Fundraising Kickstart initiative which will help primary schools launch their 2011 fundraising for important school initiatives,” said Mr McEwan.

To be eligible for the $8,000 Kickstart, schools need to:

  1. participate in the School Banking program or join before 1 March 2011;
  2. answer the question: “In 80 words or less, how you would spend $8,000 to make the biggest difference at your school?”; and
  3. submit their response at www.commbank.com.au/schoolbanking by Thursday, 31 March 2011.

Last year the Bank reinvigorated its School Banking program with a $40 million investment over five years to reach more children and schools.  40 School Banking Specialists were also introduced to work with branch managers to become more involved with schools in their community and support volunteers and primary school staff who run School Banking every week. 

Lisa Cartwright, Head of School Banking for the Commonwealth Bank, said, “During 2010 we have seen a major uplift in the number of students and schools involved in the program. 

“We now have almost 100,000 students and close to 2,800 primary schools actively involved in School Banking.  But most importantly, the introduction of our Rewards Program this year has resulted in a significant increase in the frequency of deposits children made with more than a million deposits received this school year, establishing important saving skills with children early on.”

Ongoing fundraising opportunities

Commonwealth Bank’s School Banking program also provides ongoing fundraising for schools.  Each participating school receives a $5 commission for every new Youthsaver account opened and a five per cent commission for each deposit made (with a maximum of $10 per individual deposit). 

“Last financial year almost 2,500 schools benefitted from School Banking commissions and more than $620,000 was paid to schools,” added Ms Cartwright.

For more information visit: www.commbank.com.au/schoolbanking.  Schools can also contact the School Banking Helpdesk on 1800 674 496 (Monday to Friday, 9am – 4pm, Sydney time).

Media contact:

Sarah Gibbons

Commonwealth Bank

P: (02) 9118 1706 | M: 0403 681 515

E: sarah.gibbons@cba.com.au