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School banking programs in Australia
Here's a few school banking programs you might be eligible to join in Australia, plus some new alternatives to teach your kids about money.
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What are school banking programs?
Children’s school banking programs can be a good way for your kids to learn about the importance of money and how to save towards a goal. If your school is participating, you can open a bank account for your child with the participating bank and follow along with the savings challenges and lessons. The most well-known school banking program is the CommBank School Banking program. However, there aren't too many school banking programs around anymore and some states have banned them altogether.
School banking programs in Australia
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
Looking for a prepaid card for your kid's pocket money?
Spriggy is a mobile app with a linked prepaid card which helps Australian parents and their kids to manage their money together and track their progress in a fun, interactive app.
- $30 per year for each child
- Pre-paid Visa debit card accepted anywhere
- Cards come in a range of funky, kid-friendly designs
- Keep tabs on your child's spending, saving and chores via the Parent Wallet
Try the app for free for 30 days. Sign up online in 2 minutes or less by clicking the "Go to site" button.
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
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