24 Answers

Just wondering what other parents think is a good amount of money to put into the kids school banking account each week?

Posted by mom56312, 5th May 2015

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  • My children are not school age yet but when they are it will be gold coin.
    I’ve seen friends send their young children to school with $5 & $10 notes & it seems so unfair on other children whose parents can not afford that amount.
    I do have home accounts set up for them which I deposit $10 per week into.

  • For School Banking we just do $1 to $2 per week and usually in coin. It gives them a sense of responsibility taking the money to school, remembering to hand it in, plus they can see the amount climbing up. We don’t have a lot of money anyway, but we also keep it to a minimum as it’s school banking and you don’t want them losing a lot of money.

  • Because my partner and I don’t have a lot of disposable income, we’ll be putting a small amount (maybe $2-$5) in each week.

  • My son isn’t at school yet but I have a monthly direct deposit set up for him at $100 per month.

  • My children don’t have a school banking system but if they did I would say two dollars a week however if you’re talking about investing in the future we bank 20 dollars per child per week (direct transfer)

  • it varies but we will make a deposit monthly

  • I set up a $10 fortnight direct deposit straight from my account to ensure he always gets the bonus interest. Family members have the details also so they can transfer money for gifts. Once he starts school I would just have him collect all the 5c and 10c pieces from around the house. When he is young it would be more satisfying to see lots of coins than one banknote.

  • My kids get $1 a week for their school banking – they do it through commonwealth and like the rewards they offer them for regular banking. They also get $20 per month transered into their Westpac account – this one is the one I’ve set up for their long term savings.

  • ive got 2 kids and they get $30 each per month

  • We do 25 a week we only have one child at the moment though

  • I put $10 a month into both kids accounts. That way they get the bonus interest each month.

  • You have to decide first what are they going to spend the money on.
    For example is it for any time they go out or will you give them money to go into town?
    are they to use their money for clothes or will you buy these?
    What about charity days at school do they do their own money or do you give them money for this? Asking yourself what are they going to use the money for will help you determine how much they need. For example one after party is currently $45 – $50 so if they have to pay for that and then if they want to go into town during the month too then you need more than say if it was just for junk!

  • Our bank pays higher rewards for monthly deposits – ie if there is no deposit that month there’s no bonus interest. We put in whatever we can afford but usually between $10 and $20 a month

  • We have an account that we put money Bub receives from birthdays/Christmas. She is only 5 months at present but we will look at putting in a small amount each month.

  • 5 or 10 a fortnight. She is only 2.5

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