School Banking

At Roseworth, the Commonwealth School Banking program is used. It teaches kids ‘smart saving habits’ and ‘life-long money skills’.

School Banking Day - Every Friday from 8am in the School Library | School Banking Co-ordinator – Jo Pravdic

How it works

Each child must have a Youthsaver account

They receive a Dollarmites token every time they make a deposit to their savings account at school, regardless of the amount

Once they have 10 tokens, they can redeem them for a variety of reward items, including a handball, scented pencils, swimming bag and sea streamers

The more tokens they save, the more items they can redeem throughout the year

Participating schools benefit by receiving 5% commission on every deposit made at the school and $5 for every Activated Account via the School Banking program (i.e. for each student who banks through the school’s program for the very first time).

If you have any queries, please see Jo on School Banking day. 

To participate in the School Banking program, all your child needs is a Youthsaver account – a savings account that has no monthly account fees or withdrawal fees. This can be done in three ways:

1. Online 

If you’re an existing Commonwealth Bank customer, log on to go to the ‘Offers and Apply’ tab, click ‘Accounts’ and ‘Youthsaver and School Banking’. From there you’ll just need to select your child’s school (birth certificate maybe needed for ID purposes).

2. In Branch 

Download an application form from  and go to the ‘For Parents’ tab; complete the application form and take it into your local Commonwealth Bank Branch. Don’t forget to take identification for you and your child with you.

3.Over the phone 

Simply call 13 2221 to open a Youthsaver account over the phone.