School Banking is run by a small team of volunteer parents in collaboration with the Commonwealth Bank.
The belief of the Commonwealth Bank is that all young Australians should learn about the importance of saving and smart money management. If saving is part of a child’s education, knowing how to manage money is as essential as English, Maths, Science or the Arts.
School Banking is a fun, engaging way for our students to learn lifelong money-management skills.
- Schools receive a commission on every deposit
- Schools receive a commission for every Activated Account via the program
- Students receive a Dollarmites token every time they make a deposit to their savings account at school, regardless of the amount
- Once the student has 10 tokens, they can redeem them for a variety of reward items, including a handball, scented pencils, swimming bag and sea streamers, for example. The rewards vary and will be communicated at the start of each school year
- The more tokens they save, the more items they can redeem throughout the year
- These fun and enjoyable rewards are a great way to keep your kids motivated and to demonstrate the value of saving.
- Participation in the School Banking Rewards Program is not mandatory. If you’re keen for your child to be involved in the Rewards Program, please visit the school banking team.
Taking part in School Banking is easy.
If your child has an existing Commonwealth Bank Youthsaver account they can start banking straight away. They just need to bring their deposit in every week using their Dollarmites deposit wallet. If your child has misplaced their Dollarmites deposit book or deposit wallet, they can request a new one from the local branch.
If your child does not have a Youthsaver account, you can open one at any Commonwealth Bank branch, no forms to fill in! Alternatively, if you are an existing Commonwealth Bank customer with access to NetBank you can apply online. Another option is to download a paper-based application form from commbank.com.au/schoolbanking.
Please note this option may take up to 2 weeks before a Dollarmites wallet and deposit book is sent to your home address to start.
To download a Youth Saver application form click here. Complete the form and take it with the necessary ID to your local Commonwealth Branch to open an account. We are unable to open accounts at the school.
Click this link to go to the Commonwealth Bank School Banking website.
School banking takes place every Wednesday morning in the Parent Room from 8:15-8:30am.
Be sure to read the school newsletter for information about banking including upcoming competitions.