How do I open a School Banking Account?
Last updated 13 January 2016
Youthsaver accounts for School Banking
Opening a Youthsaver account to participate in School Banking is easy. To get started the parent/guardian can open an account:
- In person at any Commonwealth Bank branch;
- Online via NetBank (existing Commonwealth Bank customers);
- Through participating schools using a paper application form.
Paper application forms are for those parents who have no means to access a branch or NetBank. Completed paper forms should be returned to the School Banking Co-ordinator at your Child's school. Paper forms may take up to 10 days to process, whilst Branch applications are able to participate in School Banking immediately.
The best way to open an account
Opening your account through a Branch is the fastest way to open Youthsaver accounts as they are opened on the spot. Youthsaver accounts opened via NetBank will be visible on the parent/guardian's NetBank within 3 working days. Accounts opened using account application forms will take 8 -10 working days with the details mailed to the parent/guardian not the school.
Existing Youthsaver accounts
Children who have an existing Youthsaver account can use their Dollarmites deposit book and deposit wallet to participate in the School Banking program. If the child has misplaced their Dollarmites deposit book or deposit wallet they can either request a new one from their local branch or contact their School Banking Co-ordinator.
Both the parent/guardian and the child must have their identification verified. The Bank is required by law to verify identification before a new account can be fully operational (i.e. able to deposit and withdraw). If the parent/guardian is an existing Commonwealth Bank customer they only need to provide their existing account number as identification.