School Banking is closing nationally

Sadly, the CommBank School Banking program will not be returning to schools in 2022.

For 90 years, our School Banking program has helped children learn about money, reinforced the importance of regular savings and provided structure for parents to support their children to save.

We've had strong support from thousands of schools, parents and teachers across the country who choose to run our program. We’re disappointed with the position taken by the Australian Securities and Investments Commission (ASIC) and subsequent decisions by some state and territory governments to take that choice away from individual schools and parents. Because of the ASIC review and these government decisions, we’re unable to continue providing programs in schools, and we’ve had to make a difficult decision to close our School Banking program nationally for all schools, both government and non-government, across the country.

Share your School Banking memories

Even though this is a sad time, School Banking has taught so many young Australians, past and present, the value of money and we believe this should be celebrated.

We've created a place for you to share your stories, fondest memories and lessons learnt through the program. From our iconic moneyboxes to the joy of reaching your savings goal, we’d love you to share your School Banking memories with us.

Tell us your story

"I started the school banking program at my children's school when my eldest started school. Both of my children have learnt how to earn money, to save it and how long it takes to save for that something special.  Last year my son bought a car and my daughter bought one just last week."

- parent and former participant

"I remember enjoying handing in my yellow bank book each week and it being returned with the stub stamped. I found it satisfying to watch my savings grow, and before I got to high school I had over $1000 saved. This started me off on my savings journey where I was able to buy my own car."

- former participant

"Each and every day I wake up with a purpose and drive knowing that we are in a privileged position to provide opportunities for the youth of today to build a better financial future. We genuinely love what we do. We are grieving a program we adore but we are proud."

- current staff member

"I remember in kindergarten when I would put all my silver coins and 5 dollar notes in my Dollarmites banking sleeve. I'm now 18 and have built some great saving habits from the program!"

- former participant

"Without this program being in the school we would have started this conversation [about money] with our children at a much later age. We are grateful to have had it."

- parent

"Started school banking in about 1975 using the passbook. It was a huge deal for me to deposit my 5c and especially 10c coins and watch that money grow. Later on this money helped me fund a deposit for my apartment."

- former participant

"My earliest memory of understanding the value of Money when I was in primary school in 1973 and became a participant in the school banking program. My parents were small business owners and worked tirelessly to make ends meet. I could not wait for every Tuesday which was our school banking day to deposit some coins in my account as it brought me closer to my goal of owning a pair of roller skates. I still have them today and they're hanging in the garage as a reminder of my first taste of 'financial independence!'"

- former participant

"Like many others I started School Banking many years ago, when I was in Kindergarten at Primary School. [Many years later when my son started School Banking, I realised] this is what I want to do! I want to go into schools and teach children and parents about saving and setting Financial goals. I landed a job in School Banking and have loved every day of the last 4 years. Such an amazing team and Program to be part of." 

- parent, staff member and former participant

Thank you for your support

A message from our Group Executive Retail Banking Services, Angus Sullivan.

A look back at our School Banking history

Since our School Banking program was established in 1931, we’ve helped more than 15 million Australians take their first financial steps. This wouldn’t have been possible without the wonderful support we’ve had from the schools and volunteers we’ve partnered with over the journey, and for this we’re deeply grateful.

Our commitment to financial education

While our in-school program will close, we're committed to supporting financial wellbeing and will continue to provide financial education to young Australians. Visit our new CommBank Youth Hub for a range of free resources, including lesson plans, videos and worksheets, for both parents and teachers.

We're also working with a range of experts to evolve our approach to financial education and are excited to launch new digital tools in 2022 to further support young people’s financial wellbeing.

Visit Youth Hub

FAQs

I’m a parent. Can I still access my child's Youthsaver account?

You can continue to make deposits into your child’s Youthsaver account through online transfer or at any CommBank branch.

If you need further information regarding your child’s bank account, please phone 132 221, or visit your local CommBank branch.

I’m a parent. What resources do you have available to help me teach my child about money?

All our youth financial education resources for parents are available in our CommBank Youth Hub, where you can access a range of free resources including videos and worksheets.

I’m a School Banking Coordinator. What do I need to do to wind up the program at my school?

Closer to the end of the year, we’ll provide more information about the next steps required to wind down the program at your school. 

In the meantime, you can also notify your parent community of the update with a newsletter article or a digital notification.

I’m a School Banking Coordinator. Can I still run school banking at my school until the end of the year?

Yes. Please feel free to continue to run the program as you normally would until the end of the school year, in line with the relevant health advice and government directions for your area.

Closer to the end of the year, we’ll provide more information about the next steps required to wind down the program at your school.

I’m a teacher. What resources do you have for me to teach my students about money?

All our youth financial education resources for teachers are available in our CommBank Youth Hub, where you can access a range of free resources, including lesson plans, videos and worksheets.

I’m a parent with a question. How do I contact CommBank?

If you need further information, please phone 132 221, or visit your local CommBank branch.

I’m a School Banking Coordinator or School Principal with a question. How do I contact the School Banking team?

If you have any questions before 25th February 2022, please contact our School Banking Helpdesk on 1800 674 496, Monday to Friday 9am to 5pm (AEDST). After this date, please direct any enquiries to schoolbanking@cba.com.au.