ANZ School Banking
Information for Parents
The Benefits of Teaching Children About Money
Savings is a habit, a learned behaviour. Like any habit we want to encourage in our children we need to start while they are young and make it simple, regular, and real for them.
Teaching children about money is a critical life skill and with an increasingly complex financial world, one that will start to appear in your child’s school curriculum over the next few years. They will learn key financial messages:
- How to save
- How to spend wisely
- How to make a budget or plan
- How to invest for the future
- How to borrow wisely
In the meantime there are things you can do at home to support this learning, and the most important one is to develop the habit of saving.
What you can do to support the savings habit
Help your child make saving a regular habit. Saving a little and often is a good way to start. Once your child starts school, it is a good idea to have an account opened in their name, and have them make regular deposits to it. Although many money transactions are invisible today, using physical cash helps your child understand the principals before they move to electronic methods.
Help your child set savings goals and celebrate their achievements. As they get a little older you may want to involve them in a family financial project such as planning a birthday party, complete with a budget, or recording the cost of owning a pet. Being involved in real financial situations creates ‘real life learning’.
Why is ANZ School banking Programme Important?
ANZ School Banking Programme is unique because it not only provides a simple and convenient way for students to deposit money into their bank account, but it offers a ‘real life learning’ opportunity for selected students to learn how to be tellers and actually run the School Bank under the supervision of ANZ staff.
Each week we set up a ‘bank’ in your school and take deposits from students, just as we would in the branch. We encourage you to support your child’s financial education by opening a School Plus account and making savings a regular habit.
How do you set up an ANZ Bank Account?
Simply talk to one of our staff at school on School Banking day or call into one of our local branches or phone Lyn Swain, ANZ Levin on 063675823.
We will need an Application for Child’s Account completed, together with identification (birth certificate or passport) for your child, and an IRD number to ensure they are charged the correct tax rate. If you have not arranged an IRD number for your child, these can be obtained from the IRD (an application form can be downloaded from http://www.ird.govt.nz/how-to/irdnumbers/ ).
We will then open an account and contact you when we have prepared an Account Mandate (signing authority document) for signing.
What does your child have to do?
Once your child has an account, they will receive a deposit book with their name and account number encoded on it.
Each week on your school’s Banking Day, your child should bring their money and deposit book to the school bank. ANZ staff will help your child make the deposit with the student tellers and ensure the banking is taken back to our bank that same day for depositing into their account.
What other ways can you deposit to the account?
Other ways you and your child can learn to deposit money include:
- The Fast Deposit box at the local branch
- Taking the deposit slip and money to the Customer Service counter at your local ANZ
- Setting up an Automatic Payment directly to your child’s account. This can be arranged online from co.nz or by completing an Automatic Payment form that can be collected from one of our staff at school or in branch.
Teaching our children about money is an important life skill and one that ANZ is proud to support through School Banking and our School Partnership Programme.
Our Reserve Bank Disclosure Statement is available at anz.co.nz or a request for a copy can be made at any ANZ branch.