Our Students - Banking - Money Smart

Carlton South Public School has participated in the Commonwealth Bank School Banking program since 2013. It’s a great way to give your child a financial head start by helping them to learn about good money management and the importance of saving.

What is School Banking?

School Banking is a program designed to help your child develop strong financial literacy skills for the future. With the help of the School Banking Co-ordinators, students can start saving regularly through the school. School banking gives students hands-on experience at handling money and seeing it grow. The program helps them develop the knowledge, independence and confidence they need to manage their finances successfully as they get older.



Earning Fun Rewards

Best of all, the School Banking program makes saving fun with an exciting Rewards Program that encourages regular participation. Every time your child makes a deposit through the School Banking program, they will receive a cool Dollarmites token. Once they have saved 10 tokens they can swap them for fun Dollarmites rewards. There is a great range of rewards available.


How Does Your Child Get Involved?

In order to participate in the School Banking program, your child will need a Commonwealth Bank Youthsaver account which can be opened at ANY branch of the Commonwealth Bank. You will need to have your child’s birth certificate and your driver’s licence for identification. If you are an existing customer with NetBank access, you can open an account online. Simply logon as usual, click the ‘offers and apply’ tab, then select ‘accounts’ and ‘Youthsaver’. If your child already has an existing Commonwealth Bank Youthsaver / Dollarmites account, they are ready to participate in school banking!


Benefits To Our School

When your child completes their first deposit at school on Banking Day, our school receives $5.00 commission. A further 5% commission will be paid on all deposits made at the school. It is a great way for our school to raise funds while your child learns all the important lessons of saving money on a regular basis.


Tips for School Banking

School Banking is every Thursday and is coordinated by parent volunteers.

Please complete the deposit slip including the date, name, Account Number and amount to be deposited – don’t detach the slip. The Student Identification Number will be issued on the first banking day.

Remember to send the whole deposit book with the yellow Dollarmite wallet, so the receipt can be stamped and you have a record of the deposit. The amount being deposited can be placed inside the pocket of the wallet with the velcro seal. Dollarmite tokens can be kept in a safe place at home. When your child has saved 10 tokens, they can be sent to school inside the wallet with the coupon displaying the reward item to be redeemed.


Where Is My Reward?

We have had a number of students and parents worried about how long it takes to receive their reward. When we receive your request, we send this to the Commonwealth Bank through their online system and they then ship the reward to us. This usually takes 1-2 weeks. We then pass on the reward to the class teacher who distributes them to the students. So rest assured, you will get your reward soon.


How To Redeem Rewards

Please use the following steps to redeem your reward

  • Select the reward item. There is an exciting new range of rewards available each year. In addition, a number of previous years rewards are still available while stocks last.
  • Using the Rewards Card, record your child's name, class and student ID on the coupon, which corresponds with the selected item.
  • Tear off the coupon and place it inside the pouch of the deposit wallet with the 10 tokens.
  • Bring the wallet to school with your banking on Thursday and the reward item will be ordered for you (delivery will take 1-2 weeks).
  • If you don’t have a Rewards Card or have misplaced it, please place a note in your deposit wallet with the above information.


For more information, visit the Commonwealth Bank's School Banking program