Newbury Building Society is delighted to have assisted 10 different projects in the latest round of its community support scheme funding.
The JNBS branch is run by students of the school following a training session with members of the Newbury Building Society branch team.
The pupils are trained as ‘cashiers’ and are responsible for ensuring all payments are correctly collected and calculated. This is done by taking the money, counting it out together and updating the payee’s record of receipt card. All transactions are supervised by a teacher. A branch is normally open once a week, but this can vary from school-to-school.
Each time the saver pays in at their JNBS branch, they receive a sticker to go in their record of receipt card. If they pay in 10 times they gain a bronze certificate, 20 times a silver certificate, 30 times a gold certificate and 40 times is a super saver certificate with a JNBS pin badge.
Pupils can pay in up to £50 (cash or cheque) per week with their ‘record of receipt card’, but can’t withdraw money. If you’d like to deposit more or take out money, you can do so at your local Newbury Building Society branch with your NBS passbook.
The best thing about the process is that it allows children to watch their money grow and feel a sense of achievement as their saving total increases bit by bit.
How does Newbury Building Society receive the funds from schools?
Every week a teacher from the school should visit their local branch to pay in the money collected at the branch during the week. They should also bring with them the transaction sheets completed by JNBS cashiers, this is then used by our cashiers to allocate the money to the children’s savings account.
Keep up to date with our latest news, product and event details
You can check the Financial Services register on the FCA's website.