this post was submitted on 03 Mar 2025
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I'm remembering in the at school 1960s school kids used to be helped to set up their own bank accounts with the state bank of victoria and we would have an account book and could bring in money every week to deposit. Even the girls!!
I remember we earned something like 3¾% on those accounts. When my kids started PS I set up Commonwealth accounts for them to do school banking, thinking they'd get lessons like I did. Nope, just give us the money quick so we can bank it and get the bonus they give schools for doing it. When I went to close those accounts a few years later after they closed the local branch so the school stopped school banking, it took ages, and I had what felt every staff member in the bank one by one come out and ask me questions about why I was doing it. They know those accounts lead to adults mostly keeping the same accounts and do not want you to close them!
Can definitely see why they stopped the scheme. Would not pass the pub test if proposed today, unless perhaps a publicly owned bank still existed.