Many schools are keen to run a savings system to begin to teach children about money management and encourage the savings ethos. Rugby Credit Union, supported by Warwickshire County Council, is working with several schools to help them establish their own school bank.
The process of setting up a school bank is quite straightforward. Initially the Credit Union visits the school to talk to the children and explain to them and the staff how it will work. Once a start date has been agreed the school finds one or more volunteers, typically a parent, who the Credit Union supports until everyone is confident that the school can manage the bank themselves. All the savings are banked with the Credit Union.
Although young savers are not permitted to have loans, they can withdraw their savings as and when they need the money.
Rugby Credit Union has had a school bank operating at Oakfield Primary School for over a year and is currently working with the new Rokeby Primary School, recent formed by the merger of the infants and juniors. They organised a competition for the children to design a cover for their new savings books and the Credit Union awarded £10 prizes for the three best entries to start off their savings accounts.
The project has received a recent boost, with the Local Network Fund providing Rugby Credit Union with a small grant to support a part-time worker to help set up similar facilities in other schools. This has led to several enquiries from schools wishing to take part. To obtain further details schools should contact Rugby Credit Union on 577900.
Go to Junior Savers to find out more about these accounts. Remember, any child can have a Junior Savers Account, even if their school does not operate a school bank.