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School banking programs in Australia

Teach your kids how to save and manage their money through a school banking program.

For thousands of Australians, their first experience of banking was with a Commonwealth Bank Dollarmites account. These days, most Australian banks have dedicated bank accounts for children, designed to help the younger generation start building a bank balance for the future and learn how to manage their money. However, not all of those banks offer programs with incentives for kids to save.

Children’s banking programs can be a great way for your kids to learn about the importance of money and how to save towards a goal. Some of these programs include the CommBank School Banking program, Bendigo Bank’s School Banking program and bcu’s Scoots Zone. You can compare kids bank accounts associated with different children’s banking programs below, and learn more about the different children's banking programs in this guide.

Compare kids bank accounts associated with different school banking programs

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Commonwealth Bank Youthsaver Account
2.30%
0.50%
1.80%
$0
$0 / $0
Associated with the Commonwealth Bank School Banking program. Ongoing, variable 2.30% p.a. when you make at least one deposit with no withdrawals each month. Available on the entire balance.
Hume Bank Clancy Koala Account
2.50%
0.01%
2.49%
$0
$1 / $1
Hume Bank offers the Hume School Banking program, as well as a great account for kids that helps them earn bonus interest if they deposit $10 a month and they don't withdraw it.
BCU Scoot's Super Saver
3.50%
0.75%
2.75%
$0
$0 / $0
Make saving fun with bcu Scoot's Super Saver. Children can access bcu's Scoot Zone and play interactive, educational games. The Super Saver has an ongoing, variable rate of 3.50% p.a. when you deposit at least $20 in the month and withdraw no more than $5.
Bendigo Bank PiggySaver Account
1.25%
1.25%
0.00%
$0
$0 / $1
Children can have a smart start with Bendigo Bank School Banking. Their PiggySaver account offers an ongoing, variable 1.25% p.a. Available on the entire balance. Designed for kids under 12.
Bank of Sydney Student Savings Account
1.85%
1.85%
0.00%
$0
$0 / $1
Associated with Bank of Sydney School Banking Program. Available for students under 18 years of age who wish to earn interest on their transaction account.
IMB Zoo Account
IMB Zoo Account
2.60%
0.10%
2.50%
$0
$50,000 / $0
IMB offers a School Banking program, along with their Zoo Account, specifically designed for kids. Recieve an ongoing, variable 2.60% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.

Compare up to 4 providers

School banking programs in Australia

While most Australian banks, building societies and credit unions offer kids’ bank accounts and savings accounts, only a few run special programs designed to encourage children to save. These are outlined below.

The Commonwealth Bank School Banking program

What's the program?

The dominant player in the kids’ banking world, CommBank’s School Banking program has been teaching kids how to save since 1931. Run in participating primary schools across Australia, the program offers incentives to encourage kids to make regular deposits into a CommBank Youthsaver Account. Children receive a silver token (known as a Dollarmite) every time they make a deposit, and once they've collected 10 tokens they can be exchanged for a variety of toys and games as rewards. The CommBank School Banking program also features a range of other resources, such as classroom activities, online games and puzzles to teach kids about money, and support materials for teachers.

How can I get involved?

You can help your child open a CommBank Youthsaver Account and get involved in this program by:

  • Visiting your nearest bank branch
  • Applying online via NetBank (for existing customers)
  • Filling out a paper application form provided by participating schools

bcu Scoots Zone

What's the program?

Scoots Zone is an online club where children can play a range of interactive games to teach them about saving and managing their money. They can ask money questions, read tips and advice articles, make a savings plan and access special deals and discounts at a number of partner retailers. Membership is available to kids who open a Scoot Super Saver account, which is a bonus saver account that allows them to earn a competitive interest rate of up to 3.50% p.a.

How can I get involved?

If you’re already a bcu member, you can open a Scoot Super Saver account for your child online through the bcu website. If you’re not a member, you’ll need to visit your nearest bcu branch with the necessary ID documents for your child.

Hume School Banking

What's the program?

Hume Bank’s School Banking program is designed to teach children how to save money. Students who open a Clancy Koala savings account are rewarded with bonus interest when they deposit at least $10 per month and do not make any withdrawals. Students also receive an annual Junior Saver Club activity book, and can win a range of prizes each term for saving.

Your child's school is also rewarded through the program. For every account opened at the school, Hume will donate $2 to the school, and an extra $2.50 for every $100 deposited.

How can I get involved?

You can refer your school to the Hume School Banking program through the Hume Bank website. Kids who want to join the Junior Saver Club can fill out an online registration form with their name, their parent’s or guardian’s name, contact details and account number.

Bendigo Bank School Banking

What's the program?

Bendigo Bank runs specific programs to help improve the financial literacy of primary and secondary school students through its local branches. The primary school program is based around the six-week 'Get with the Program' financial literacy initiative, which combines fun activities with information and education. The program for senior students provides money management tips, money quizzes, facts and savings advice.

How can I get involved?

You can open a Bendigo Bank Piggy Saver account for your child by visiting a local branch. If you'd like more information on the school Banking program, the branch staff will be able to help you out with this too.

IMB School Banking

What's the program?

IMB Bank’s School Banking program offers fun activities and information to help kids learn how to save. Kids can access worksheets, savings tips, interactive games, downloadable activities and colouring-in sheets to help them understand the ins-an- outs of money management. Students save their money in an IMB Zoo Account, designed for kids 12 years and under, and get a free gift for every 10 deposits they make. Resources for parents and educational tools for schools are also available online.

How can I get involved?

You can get your child started in the IMB School Banking program during an account-opening session at school, or by visiting your local IMB branch anytime. Local IMB branch staff are available to visit your school and discuss the benefits of the School Banking program and answer any questions from school staff and parents.

The Mutual Bank@School

What's the program?

Run across primary and secondary schools, the Bank@School program sees The Mutual visit each school once a week to provide the banking service. Kids can join the Mighty Mutuals Club and learn more about how to save, plus enter colouring and school banking competitions.

How can I get involved?

Information on how to enroll in the program can be found at participating schools.

Spriggy

What's the program

Spriggy is a bit different to traditional kids banking programs. It's an app to help Aussie kids manage their money, with a linked prepaid card. This allows parents and kids to manage their money together, and track their transactions and deposits via the user-friendly app, just like a regular bank account. The app is attached to a prepaid Visa card which the child can use to make purchases wherever Visa is accepted.

How can I get involved?

Simply download the Spriggy app, register for an account and set up your login details. You'll then be sent a prepaid debit card for your child in the mail, which you can activate within the app.

Benefits of participating in school banking programs

There are several benefits:

  • It teaches them how to save. Saving towards a goal is an important skill for everyone to have, so opening a kids’ bank account will help your child understand just how far their money can go.
  • It teaches them how to manage their money. Learning how to budget, when to spend and when to save are important life skills. When a child has their own bank account and can watch the balance rise and fall in line with their saving and spending habits, they can learn how to responsibly manage their money.
  • It teaches them about digital money. Rather than giving kids pocket money in the form of notes and coins, putting money into their own bank account will teach them how to manage digital money. This is important as we get closer to becoming a cashless society.
  • They can earn interest. Instead of money just sitting in a piggybank at home, funds in a kids’ bank account can earn interest at a high rate. In fact, kids’ bank accounts often have better interest rates than savings accounts for adults.

The latest in kids banking

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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