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!
Comment on Discussion Thread: Tuesday, 4 March 2025
Seagoon_@aussie.zone 1 day ago
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!!
PeelerSheila@aussie.zone 22 hours ago
Pilk@aussie.zone 20 hours ago
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.
RustyRaven@aussie.zone 23 hours ago
I think that was still around when I went to school, but it was being phased out and wasn’t at my school. I’m pretty sure I had a money box the bank produced as a promo when I was in primary school.
I do remember going to the bank to open my first bank account when I was in my early teens. It was when EFTPOS was just starting out and ATMs were still a fairly new concept, so getting a debit card seemed like a really exciting innovation to be involved in. I think I had to be 18 to get my first cheque book though, which was how all my bills were paid until the online options were introduced.
CEOofmyhouse56@aussie.zone 22 hours ago
I had a “State bank” account and I remember actual interest accumulating in there.
RustyRaven@aussie.zone 21 hours ago
For most of my life bank interest has not really been a thing, and for a long time they charged fees, so banking cost money instead. The last few years with high interest rates - plus an online bank that lets me earn interest on all my money without locking it away and jumping through hoops for “bonus” interest - has been great.