In today’s world, when we pay for our shopping with a piece of plastic and pay our bills over the phone or online, it can be hard for kids to understand the basic concepts of money. IMB Bank School Banking is a fun and easy way for kids to learn about money.

Regular saving offers the chance for the next generation to build a life-long habit of saving money in a savings account
Participation in the school banking program opens the doors for discussions about money; where we get it, how we use it and why it’s important to save it
Cash deposits provide the opportunity for children to build familiarity with Australian currency and to practice counting money
The IMB School Banking Program has been designed to make banking at school easy for you, your school and most importantly, your children.

How does it work?

How much do kids need to save?

Getting the most out of the program?

FAQs

From The Hive

How does it work?

Students save in an IMB Zoo Account, an account designed just for kids 12 and under. The account is opened in the child’s name while a parent or carer with Authority to Operate (ATO) retains control over the account. When a student opens an IMB Zoo Account for School Banking they receive:

a $5 Head Start to their savings deposited into their account

a Zoo Welcome Kit including a stationery kit and money box

a school banking cash wallet and deposit book

access to the Reward Stamps program where students are rewarded with a free gift for every 10 deposits

On school banking day, students complete their deposit slip and place it (together with the money to be banked) in their school banking cash wallet. The wallet is dropped off at a secure location at school and delivered to IMB for processing before being returned to your child’s class.

How much do kids need to save?

The amount your kids are saving each week is completely up to you, there is no minimum amount for each deposit. To encourage your kids to save regularly, every deposit they make earns them a Reward Stamp. When they have 10 Reward Stamps they receive a free gift.

Getting the most out of the program?

So you’re going to do school banking? Read our tips below for getting the most out the program.

Our biggest tip is to talk about school banking with your child, including discussions about
where they get money from each week
how much of their money they put in a savings account
what they are saving for
based on how much they are saving each week how long it will take them to reach that goal (see here for some handy worksheets).
On school banking day, involve your child in getting their school banking deposit ready. Depending on their age, this can involve a discussion about which coin is which, coin counting or their savings progress so far. Older children may want to complete their own deposit slip.
Your child will receive a quarterly statement. You can use this to discuss their savings progress, how long they have until they reach their goal and what they might do with the money. In between, you can access balance and transaction history via internet and mobile banking.

FAQs

How do I open an account for school banking?

IMB Zoo Accounts may be opened at an account opening session at school (check with the school for details) or anytime at your local IMB branch.

How does the Reward Stamps Program work?

For every deposit students make they receive a stamp on the back of their deposit book. When they reach 10 stamps they receive a free gift.

Can I open an IMB Zoo Account if my school doesn’t offer school banking?

Yes. IMB Zoo Accounts are available for all children aged 12 and under. If your school doesn’t offer school banking, you can open your account at your local IMB and make regular deposits in branch or via internet banking.

Why is it important for kids to save?

Saving regularly is an important life-skill that can provide life-long benefits. Starting this habit early in life can lay a great foundation for maintaining positive savings behaviour later on.

Is the Zoo Account opened in my child’s name?

Yes, The Zoo Account is opened in the child’s name, however a parent or carer is assigned Authority to Operate (ATO). Control over the account sits with the ATO.

From The Hive

5 reasons to open a savings account for your kids

You may already be putting money aside each week to help pay for your kids’ education, first car or wedding, perhaps all three. So why do they need their own savings account? Here are 5 things to consider.

Read On

A different kind of egg for easter

On average, Australians eat around 5kg of chocolate every year*. That’s 30 blocks of Dairy Milk, or 30 Elegant Rabbits if that’s your preference. And if that’s not enough chocolate for you, estimates state that at Easter we increase our weekly consumption by over 50%. Hello, sugar high!

Read On

When is the right time to teach your kids about money?

Do your kids think money comes from the ATM? Relax, you’re not alone. In a world where money is becoming more and more invisible it can be hard for kids to grasp the basic concepts of where money comes from, what you use it for and all the different ways you can ‘spend’, often without any actual cash changing hands.

Read On

_{Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs. Before you act on any advice you should consider whether it is appropriate for you. ^Fees and charges for IMB services, government and third party fees may apply. Interest is calculated daily and is paid at the end of each calendar month. Please consider the PDS available from IMB before making a decision about this product. IMB Ltd trading as IMB Bank ABN 92 087 651 974 AFSL/Australian Credit Licence 237 391}