i

Getting more for your school from your bank

Making your funding go as far as possible is a challenge for every school. ASB can be a big help here with a banking package designed specifically for the education sector.

This guide will help you work through how ASB could potentially help you save precious money and time.

01

Build a banking package that's designed for your school

Schools run differently from other organisations, so what you need from your bank may be different too.

You’ll want to build a banking package that’s tailored to your needs. A good place to start is by talking to your local ASB School Account Manager. They know the ins and outs of school banking and can show you how ASB might be able to help. This could cover plenty of areas, but here are some of the key ones:

Make your day to day banking simple

It’s important that you have an everyday transactional account which makes it easy to manage your school’s money. Our Educational Administration account includes:

  • Interest calculated daily and paid monthly
  • No base or transaction fees
  • Great options for digital transactions
  • Supports clear, simple accounting for your governance requirements

Put your funding to work early

To help you get more bang for your funding buck, ASB has term deposit specials for schools that coincide with your quarterly funding. You can find out about school-specific term deposit specials from your local ASB School Account Manager.

A Savings On Call account could also be a good option if you have surplus funds but don’t want to lock them away in a term deposit. It delivers a higher interest rate for higher balances and gives you immediate access to your money.

Streamline how you authorise payments

Because schools often have more complex payment authorisation protocols, it’s essential to have anytime, anywhere access to all your accounts. Your online banking platform should be simple to use, secure and supported.

You also need to ensure your system has the required controls demanded as part of any government funding responsibilities, like segregation of duties or reporting tools. ASB's FastNet Business internet banking can help, and there's no set up or monthly charges for schools.  

Make it easy for others to pay you

With cash being carried less often today, it’s important to provide parents and students with a choice of payment options.

Your local ASB School Account Manager can help you work with the ASB Merchant Services team to find the best solution for you.

ASB is also the only New Zealand bank that directly credits electronic sales transactions to your ASB Education Administration Account, 7 days a week, 365 days a year including public holidays.

Manage your expenses and cash flow

Whether you’re shopping for supplies online or taking a group halfway around the world, a credit card can be handy.

With up to 50-days interest free on purchases, an ASB Visa Business credit card can help you to manage cash flow. Should you need several cards, individual credit limits can be set for different staff members. There’s also an optional service available, Card Manager, which lets you manage cards online with ASB FastNet Business.

You may also consider moving your expense management online with Visa IntelliLink® Spend Management. It gives you more control and visibility over your school’s spending with on-demand access to expense data and comprehensive reporting across the school.

Talk to your local ASB School Account Manager for details.

02

Look for benefits beyond banking

Running or managing a non-profit, like an educational institution, requires specialist skills. While business efficiencies remain important (as they are in any business), there is also your broader community to consider, as well as additional services that might be available to staff and students.

 

Dedicated support from ASB

To ensure that you’re getting the best support and guidance from ASB we’ll allocate a dedicated local ASB School Account Manager to your school. All of our team have a wealth of banking knowledge as well as a comprehensive understanding of what is happening in the education sector. This specialist expertise puts them in the best position to help with your specific banking requirements on an ongoing basis. 

Provide school banking for students

ASB has made a commitment to growing cash clever kids by providing school banking to students at every primary and intermediate school in New Zealand and doesn't cost the school to set up. This includes:

  • A school banking drop box and deposit envelopes.
  • Security bags.

Students will receive a Headstart account which is designed specifically for children, it earns interest and has no monthly or transaction account fees, allowing their money to grow.

Free workshops to help students be clever with cash

ASB GetWise provides free financial literacy workshops at primary or intermediate schools. Developed by education and financial literacy professionals, the ASB GetWise programme has been delivered at over 1,300 primary and intermediate schools.

Get your school involved in an ASB GetWise financial literacy workshop or check out the videos and activities developed to help parents and teachers create cash clever kids.

Help staff reach their financial goals

When ASB is a school or institution’s main transaction bank, all teachers and staff are eligible for the ASB School's Work Extras package. This provides discounts and concessions across many banking products, including home loans, personal loans, credit cards and transaction accounts. Ask your local ASB School Account Manager for details.

03

Get education-specific help from your dedicated local ASB School Account Manager

Regardless of your school or institution’s size, ASB has a team of dedicated specialists who can help you with your banking. They’ll provide the support you need to make moving to ASB easy.

Your local ASB School Account Manager will help you to:

  • Move your automated payments and direct debits over.
  • Train your team on ASB FastNet Business.
  • Notify the Ministry of Education of changes for payroll and grants.
  • Help you complete the paperwork

Next steps

Talk to an expert

Talk to your local ASB School Account Manager today.

Find an expert

Visit a branch

Visit us at one of our many branches across New Zealand.

Find a branch

Other helpful guides

ASB's terms and lending criteria apply. Fees, service charges and service fees apply. Visa IntelliLink® terms and conditions apply.

Offers available for schools only and subject to Ministry of Education requirements available at www.education.govt.nz/
 

Business banking Getting more for your school from your bank