Established in 1931, School Banking has been teaching money-management skills to generations of primary school Australians.
Students participating in School Banking will get weekly hands-on saving practice, when they bring their deposit to school in their Dollarmites deposit wallet on School Banking day. They’ll also receive a silver Dollarmites token each time they make a deposit, which they can redeem for a Polar Savers reward. Not only does it teach important money skills, it’s also a great way for schools to engage with parents and the broader school community.
Under the School Banking Contributions Program, schools receive an Annual Contribution each calendar year when their first School Banking deposit is processed. The amount paid is based on the number of students who made at least one School Banking deposit in the prior year. There are two types of yearly contributions. The number of students contribution, which could be up to $600 if there were 501+ individual students who banked one or more times the previous year. The regular contribution is where Commonwealth Bank donates $5 for every 10 school banking deposits per student. That means for as little as $2 a year from each student (5c a week) Commonwealth Bank will donate $20 to the P&C.
Currently banking runs on Thursday mornings from 9 am in our secondary pathways building. Our Banking co-ordinator is Nikki Kelly and she is always happy to welcome new volunteers. You can contact her on 0415448304 or look for weekly posts in our Facebook group Team Woodcrest. Banking requires an hour to an hour and a half and small children are welcome to come along as the room is secure. People are needed to both help collect the booklets from classrooms and to count the takings.