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
- A 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
How to get your school involved
How to introduce School Banking
If you are a Principal and you would like to introduce School Banking to your school, please call our School Banking Helpdesk on 1800 674 496, Monday to Fridays, 9am to 5pm (Sydney/Melbourne time).
A School Banking Specialist will talk you through the steps to get started.
You’ll also need to think about recruiting volunteers, such as parents, carers, grandparents or school employees as School Banking Co-ordinators. The energy and commitment they bring play a vital role in the success of the School Banking program.
School Banking Co-ordinators & Specialists
School Banking Co-ordinators are the volunteers who are vital to the success of the program. Supported by our School Banking Specialists, they facilitate the program, collect and process deposits at CommBank branches or Australia Post Offices, and manage the Rewards Program.
Schools are assigned a School Banking Specialist to assist Principals and Co-ordinators facilitate the program. They provide regular advice and tips on how to encourage participation either over the phone or through in-school visits (for schools in metro locations or major regional centres).
The Victorian Government has announced that banks and financial institutions will no longer be welcome to deliver programs to government schools in Victoria from 2021. This decision affects both Start Smart and our School Banking program. We will continue to offer these programs to schools in other states and territories, and non-government schools in Victoria.
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.