CHILDREN’S SAVINGS

Waikato Times, Volume 124, Issue 20786, 22 April 1939, Page 12

CHILDREN’S SAVINGS

THE SCHOOL BANK SYSTEM CREDIT? TOTAL £66.000 Thousands of children in the primary schools have post office schools savings-bank accounts, and at the end of the year their savings amounted to £66,000. an increase in one year of nearly £20,000. With the encouragement and active assistance of the school teachers the post office conducts a special school savings-bank, and when a child has saved 19s an interest bonus of one shilling is added to make up a total of £l, upon which Interest Is earned at the rate of 3 per cent, per annum. Deposits are made with the teachers on fixed days weekly, the children making out their own deposit slips. The scheme operates in 750 schools, of which 450 are in the North Island and 300 in the South Island. Schools at Auckland and Hamilton are not included in Ihe system because private savings-banks provide similar facilities in those centres. The transactions are naturally small in amount, but. they are large in the aggregate, the depnsifs last year totalling 389.574 representing in cash £38.104. The actual interest earned during the year exceeded £llOO. Withdrawals can bp made from an account. with the written approval of the child’s parents or guardian. The savings habit, thus fostered is well sustained in later life as- is evidenced by the fact that over half the school accounts are eventually carried on to the ordinary post office savings-bank.