About the School Banking program

Program information

We’re sad to announce that 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.

Tools for Co-ordinators

  • The last day for rewards for your students will be up to and including Friday 19th November 2021
  • The last School Banking day for deposits will be Friday 10th December 2021
  • You will continue to have access to the School Banking portal until Friday 17th December 2021

School Banking Portal

Support materials for School Banking Co-ordinators

Newsletters and communications

Notify your parent community of the School Banking closure update with a newsletter article or a digital notification.

Personalise these School Banking 2021 newsletter and website communications (DOC), to help you promote and support School Banking in your school.

Class activities

For more activity sheets visit the Beanstalk activity centre

Dollarmites wallet inserts

Varied Dollarmites wallet inserts are used to place a School Banking message inside students’ Dollarmites wallets.

  • There are two general wallet inserts; one to be used for managing a student’s recent School Banking deposit and another to be used for managing rewards. Pads of both inserts are available to order from the School Banking Portal
  • Use this Reward redemption slip to inform students of School Banking rewards currently available to order

Financial support for schools

To assist with and recognise the School Banking program administration required, financial support is provided to participating schools through the School Banking Contributions Program. This can be spent on anything your school needs like books, technology and sports equipment.

Under the School Banking Contributions Program, schools receive:

  • An Establishment Contribution of $200 when their first ever School Banking deposit is processed, or if a school re-joins after 12+ months
  • An Annual Contribution each calendar year when their first School Banking deposit is processed. The amount paid is based on the number of students who made at least one School Banking deposit in the prior year
Number of students
Contribution
0 - 100
$100
101 - 200
$200
201 - 300
$300
301 - 400
$400
401 - 500
$500
501+
$600
  • Regular Savers Contribution of $5 for every 10 School Banking deposits processed per student, in line with the existing School Banking Rewards Program for students

View the School Banking Contributions Program prior to 1/1/18

In FY2019-20 School Banking schools were paid a total contribution of $1,281,915.50, with the average payment $358.08.

Below is a table that shows the contribution payments* in a state-by-state breakdown. 

State / territory
Amount
ACT
$28,966.50
NSW
$415,244.50
NT
$3,591.50 
QLD
$334,260.00 
VIC
$239,253.50
SA
$53,690.50
TAS
$53,972.50
WA
$152,936.50

 *All payments are indicative of the total annual contribution, regular savers contribution and establishment contribution. Payments may include GST based on each school's requirement.

School Banking Contributions Program prior to 1 January 2018

Under the School Banking Contributions Program prior to 1 January 2018, schools received:

  • $5 when a student made their first School Banking deposit
  • 5% paid on every deposit made (up to $10 paid per individual deposit); or
  • Minimum payment of $25 per quarter provided at least one School Banking deposit was received by the school per quarter

Payments were paid quarterly in April, July, October and January each year, and  deposited directly into a bank account nominated on the registration forms and could be spent by the School as they wished.