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What bank account is needed for School Banking?

See all School banking FAQs

Last updated 10 January 2017


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:

  • Online by visiting commbank.com.au/schoolbanking and clicking on the link to open a Youthsaver account; or
  • In person at any Commonwealth Bank branch.

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.

Identification requirements
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.

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