Savings Accounts through a School?

mums_with_coffee

Does anyone know of schemes that are set up by banks/ building societies or others, that enable pupils to save through their school into 1 account that gains interest which goes to the school but the pupils can withdraw their own savings?

glider3560

When I was in infant school, TSB used to come round and offer a service like this. Not sure if Lloyds TSB still do?

At secondary school, there was an HSBC SchoolBank which opened one lunchtime every week. They still offer this service: http://www.hsbc.co.uk/1/2/personal/savings/children/my-savings/schoolbank

xrjtg

Is there a particular reason for the precise requirements you've given? What are the advantages of one big account with the school earning the interest over individual accounts (which are what you'd have in effect if each child had a record of their deposits) and the children getting interest payments for themselves?

(Just thought of a possible answer to my own question: if this is a fundraising idea, think about who is benefiting from the arrangement. I don't think it would be the children.)

Reaper

Are you thinking of Credit Unions? It's when a group acts like a bank taking in money and lending it out again to members at low interest rates?

mums_with_coffee

HI. It's not about the fundraising...more about finding a scheme to go with a 'money matters' part of the curriculum but if the school can get something back(!) then all well and good!