Our response to the Victoria Government’s recent decision on school banking

We’re surprised and disappointed with the decision by the Victorian Government to stop banks from delivering school banking programs in government schools from 2021. This will have an impact on the thousands of children, families, school communities and volunteers that currently participate in our program.

The Australian Securities and Investments Commission (ASIC) has been conducting an industry-wide review into school banking programs, and we’ve been engaging constructively with them throughout. We have refined our program to incorporate or address the regulator’s initial findings, and submissions from communities, schools and individuals right across the country show significant support for our School Banking program.

Of course, we’re supporting our impacted teams and school partners across Victoria, and determining what this means for them going forward.

In Victoria, this decision will mean the loss of around $4 million in financial literacy programs and school contributions, provided by School Banking and Start Smart – our curriculum-aligned financial capability program. These programs support the financial literacy of more than 100,000 Victorian students across more than 500 schools that volunteer to participate annually.

We understand the ban only impacts Victorian Government schools, and we will continue to engage with other state and territory governments and offer our programs in other states.

Recognising the changing needs of youth financial education, we will continue working with ASIC and gaining inputs from academics, behavioural scientists, education experts, parents, students and school communities to evolve our program to focus on supporting youth financial literacy, consistent with the school curriculum. 

If you have any questions, please contact our School Banking Helpdesk on 1800 674 496, Monday to Friday 9am to 5pm (AEDST).

School Banking resuming Term 3, 2020

As coronavirus restrictions begin to ease across each state and territory, we’ve decided to restart the School Banking program from Term 3, 2020 and offer schools the flexibility to choose when it's best for them to begin the program again in their community. Schools should continue to follow their state or territory’s Department of Education guidelines.

Start Smart Parent Resources are always available to assist parents and carers in improving their children’s money management skills. These free, short videos and worksheets can be accessed from home, and are designed to give students the confidence and skills to make smart decisions about money.

Getting started

Find out if your school is participating in School Banking when you apply online, or ask at your school office.

When you open a Youthsaver account, your child will receive a Dollarmites deposit wallet to use for School Banking. If they have an existing Youthsaver account, contact us or visit your nearest branch to receive your Dollarmites wallet.

With a Youthsaver, you can earn bonus interest on balances up to $50,000 when you grow your savings balance each calendar month (this excludes interest and bank-initiated transactions).

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School girl

How School Banking works:

It's easy as 1,2,3:

  1. Bring your deposit to school in your Dollarmites deposit wallet on your weekly ‘School Banking Day’ to collect a silver Dollarmites token
  2. Once you collect 10 tokens (if receiving physical tokens – maximum 1 token per week), you can choose a reward by placing the redemption slip or card and 10 tokens in your Dollarmites deposit wallet and bringing it in on School Banking Day
  3. Kids can track their savings progress in the CommBank Youth app

Information for schools

2020 program and rewards

Treetop Savers

This year, the Dollarmites are in their jungle gear, ready to take kids on a Treetop Savers adventure to the enchanted Treehouse of Savings.

Kids will learn about savings, earning and giving as they explore the environment, reach their saving goals by saving regularly with School Banking, and redeem rewards along the way.

treetop savers

Treetop Savers rewards

Our School Banking program has exciting rewards to encourage children to practice good savings habits. This year, we've include some environmentally friendly and reusable rewards, plus others that encourage creativity, as well as indoor and outdoor play. Two rewards are released each term, and available while stocks last.

Term 1

  • Terry Denton's Activity Book
  • Mini Soccer Ball (size 2)

Term 2

  • Treetop Stationery Set
  • Treetop Handball

Term 3

  • Tomato Seed Kit
  • Magic Mist Drink Bottle

Term 4

  • Snakes & Ladders Game
  • Emoji Wallet

Download your printable Rewards Card


Black and white



Fun saving tools and money activities

Savings tracker

Savings Tracker

Download and print this Savings Tracker for your child to keep track of this year’s School Banking deposits and develop good saving habits.

Download Savings Tracker in colour

Download Savings Tracker in black and white


Treetop Savers Activity

Download and print the Treetop Savers Activity Sheet so your child can explore the Treehouse of Savings

Download in colour

Download in black and white

kids activity sheet

Kids Activity Sheet

Download and print the Kids Activity Sheet so your child can explore tips and fun activities which reinforce the basics of money and savings.

Download in colour

Download in black and white

Enhance the School Banking experience with the CommBank Youth app

The CommBank Youth# app is a fun, secure way for your child to learn digital money skills. They can:

  • Check their Youthsaver account balance
  • View their School Banking deposits in their transaction history
  • Track how many Dollarmites tokens they’ve earned
  • Set savings goals and track progress
  • Create a list of chores/jobs they can do to earn pocket money

Explore more

App screenshots

Related initiatives

The Beanstalk

A one-stop resource that helps you bring money to life for children. Browse tips and advice and download fun activities such as colouring-in sheets, puzzles and budget and chore trackers. 

Visit the Beanstalk


Designed for children under 12 years of age, Dollarmites makes money fun, with online activities and tips to help children save for the things they want sooner.

Explore Dollarmites

Start Smart

Start Smart is Australia’s leading financial education program for students. Our Start Smart workshops make learning about money fun and give students the confidence to make smart decisions about money from a young age.

Start Smart

Things you should know

1 Parents of children participating in CommBank’s School Banking program (n=523), School Banking Research, conducted by Fiftyfive5, May-June 2018.
2 Parents of Australian primary school children (n=1144), School Banking Research, conducted by Fiftyfive5, May-June 2018.

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# The CommBank Youth app is available to download from the App Store on any iOS 9+ device. Your child will need a NetBank client number and password to log on. You can set this up when applying for a new account. Existing customers simply visit a CommBank branch with identification for you and your child's birth certificate, or if you can see your child's account in your NetBank or CommBank app, you can set this up online. The CommBank Youth app is free to download, however your mobile netbank provider may charge you for accessing data on your phone.