School Banking Day at Richmond Primary is
How the School Banking Program works
- Parents open a Youthsaver account for their children. You can open an account at any Commonwealth Bank branch (please note – you will need to take your child’s birth certificate and some photo ID for yourself if you do not have a CBA account), online if you are an existing Commonwealth Bank customer, or by calling 13 22 21. Kids who already have a Youthsaver account can join the program straight away by simply bringing in their deposits on banking day each week.
- Once the account has been opened, kids can participate in the weekly School Banking Program by bringing their deposits into school once a week. Each class has a banking bag where the kids place their books. The banking team collects the bags from each classroom.
- Deposits are processed on banking day at RPS by a group of parents who volunteer their time – your child’s book will be processed and returned to their classroom on the same day
- Kids receive a Dollarmites token every time they make a deposit to their savings account at school. Deposits can be a little as 5 cents – the most important part of this program is regular deposits, not the amount.
- Once they have 10 tokens, they can redeem them for a variety of reward items. 2015 rewards include items such as a handball, an eraser pen, a bag tag, a writing set and a skipping rope. The more tokens they save, the more items kids can redeem throughout the year
- Richmond Primary School benefits by receiving a 5% commission on every deposit made at the school and $5 for every Activated Account via the program (be sure to let the CBA know when opening the account that you want to participate in the RPS School Banking Program).
- Accounts can also be opened for siblings who are not yet of school age and/or older siblings who are no longer at RPS – they participate in the program via their sibling/friends bringing their deposits in to school on banking days
- There are NO account fees
- Bonus interest – make just one deposit and no withdrawals each calendar month and you’ll earn bonus interest on top of your standard interest
Participation in the School Banking Rewards Program is not mandatory.
If you’re keen for your child to be involved in the School Banking Program, please contact the Commonwealth Bank or the School Banking Team (via the school office.)
Download and print the Youthsaver account application form (pdf format)