For 90 years, our School Banking program has helped children learn about money, reinforced the importance of regular savings and provided structure for parents to support their children to save.

Support is strong from schools, principals and volunteers who choose to run the program, however you may be aware that in past months, a number of state and territory governments have announced bans on banks delivering programs in their schools, and the NSW Government announced a similar decision today, because of a report from the Australian Securities and Investments Commission (ASIC).

We are disappointed with the position taken by ASIC and subsequent decisions by some state and territory governments to take the choice to participate away from individual schools and parents. Because of the ASIC review and these government decisions, we are unable to continue providing programs in schools and we have had to make a difficult decision to close our School Banking program nationally.

As a result, the CommBank School Banking program will not be returning to schools beyond 2021.

To find out more about these changes and to access resources, visit commbank.com.au/schoolbanking

Closer to the end of the year, I will provide more information about the next steps required to wind down the program at your school. In the meantime, please feel free to continue to run the program as you normally would, in line with the relevant health advice and government directions for your area.

Thank you sincerely for your support of our program. It has been invaluable and has helped many Australian children learn the importance of saving.

Warm regards,
Veronica