School Banking Program with the Commonwealth Bank

Supported by the Roseworth P & C Association

At Roseworth Primary School we encourage our students to become financially literate as soon as possible.   One way that we can do this is to help students understand the value of saving money by supporting a school banking program.  By offering this service we hope to develop in our students an ongoing awareness of the benefits of a regular saving plan.  The Roseworth P & C Association manage this service on behalf of the Commonwealth Bank and both Paula Green and Gail Congdon are there to assist with school banking on Fridays from 8.35am – 9.00am from the Child and Parent Centre.

How do I start School Banking?

It’s easy to get started.  To get your child started on their savings adventure, you’ll need to set them up with a Commonwealth Bank Youthsaver Account.  You can do this in a number of ways:

  1. In Branch – You can visit any Commonwealth Bank branch with identification for you and your child.
  2. Online – If you’re an existing Commonwealth Bank customer, log in to NetBank, go to the “Offers and Apply” tab, then click “Accounts” and “Youthsaver School Banking”.  From there you’ll just need to select your child’s school and have their birth certificate on hand for ID purposes. 
  3. Over the phone – Call the Commonwealth Bank on 13 2221 to open an account over the phone.
  4. Application Form – Download an application form from: www.commbank.com.au/schoolbanking, complete it in full and take the form to your local branch with the appropriate ID.  The staff from the Newpark Commonwealth Bank Branch,  Shop 13, Newpark Shopping Centre, Marangaroo Drv Girrawheen, WA 6064. Tel: 08 9342 3283 have been working closely with our school and would be a good place to start.

 B.    Why do School Banking?

The main purpose of the School Banking Program is to give children a basic understanding of core financial values and money management skills – to help them take their first few steps towards the end goal of money management. The emphasis of the program is on regular savings, not the value of each deposit.

In addition, every time you make a deposit into your account the Commonwealth Bank pays us commission.  Roseworth Primary School gets $5 per new application (make sure you nominate Roseworth when you apply for your new account) and 5% of every deposit made through the school. 

 C.     How school banking works.

Students bring in their weekly deposit to school on Friday mornings.  Students will need to have completed the deposit slip and butt, including student name, student ID and amount to be banked.  The school banking coordinators appreciate the correct completion of the deposit slip and butt as it speeds up the processing.

There is no minimum deposit required for weekly banking.

 D.     Rewards.

Every time you make a deposit through the school, you will receive a silver token.  When you have collected 10 tokens, you can claim a reward.  Each school banker receives a pack annually which includes a page of redemption cards.  Click on the link below to print a copy of the cards or see the front office for another copy of the school banking pack if you have lost your copy. 

The Gold Dollamites token is a keepsake and a symbol of the student's achievement for having made ten deposits.  Gold tokens are not exchanged for rewards, 10 silver tokens are eligible for rewards.  Tokens can be kept in your banking wallet, which we are phasing out and replacing with cloth wallets which are more sturdy.

Please note that each reward will only be available to order during the dates listed on the rewards card.  There may be some stocks available after the dates listed, if you wish to try your luck! 

Download Redemption Card 

E.     How to claim my Rewards.

Once a student has collected 10 tokens and would like to redeem them for a reward, they should:

  • Tear off the reward item coupon from their redemption card and write their name, class and student ID on the coupon.
  • Insert the completed coupon and their 10 silver tokens or 1 gold token in their deposit wallet and return it to school on Friday (school banking day)

F.    Questions?
 

If you have any questions regarding the School Banking Program, please see one of our banking co-ordinators or go to the Commonwealth Bank website for School Banking – www.commbank.com.au/schoolbanking.

 

Fun Stuff for Kids

Visit the following Commonwealth Bank kid’s websites for games and educational information:

 www.coinland.com.au

www.commbank.com.au/dollarmites 

 

 

School Banking Coordinator

Gayle Congdon

 

Happy School Banking Everyone!