School Banking is a fun, interactive and engaging way for young Australians to learn about money and develop good savings habits.
Children who deposit money into their Youthsaver account through School Banking earn Dollarmites tokens which they can redeem for exciting rewards.
It’s also a great fundraising activity, with our school receiving $5 for each new account and 5% of every individual deposit made at school (up to $10), along with other benefits.
School banking is collected and processed on Mondays, with deposit books being returned to classrooms on Tuesday mornings. (With note bags for Kindy to be distributed on Wednesdays).
Please ensure that the student name, student number and deposit amount are clearly written on the inside of the Dollarmites deposit book. The deposit amount also needs to be recorded on the receipt butt. This helps return books quickly if they are not received in the class banking satchels.
Fill in the deposit slip and place money inside the Velcro pocket of the deposit wallet. This includes writing the deposit amount on the stub.
Student numbers are allocated at the commencement of banking with the school and remain the same throughout the time the student attends St Anthony’s.
On Monday mornings please give the yellow deposit wallet to the classroom teacher, who will then in turn send it to the office where it will be collected and processed.
Each deposit earns a silver token (10 silver are then swapped for 1 Gold). For this purpose tokens must remain within the wallets.
Any cheques that are made out to the account holder’s name may be banked via school banking
Bonus interest is earned for Dollarmite accounts. These are available on the Commonwealth Bank website and on your bank statement.
As the system is completely online, rewards can only be ordered when a student reaches 10 tokens. It can take up to 4 weeks for rewards to arrive and tokens are removed once the reward has arrived.
Opening an account
You can apply for a Youthsaver account at any branch of the Commonwealth Bank or online. If you currently do Netbanking with the CBA, you can link your child’s account directly to your own and be issued an account number instantly. Please send in a note with your child stating full name, branch and complete account number and a deposit book can be issued.
Hard copy information packs are available in the foyer of the office or online at www.commbank.com.au/personal/youth-students/school-banking-program.html
If you have any queries please contact me via the school office or the P&F Facebook page (please private message for privacy).
Remember to pop a reminder in your phone/calendar/diary for Sunday evenings to get your banking ready for Monday morning!!
Happy Banking Everyone!!