Are you a bank?
No. We do however run interest free saving and lending microfinance schemes in secondary schools – MyBnk-in-a-Box.
What happens to the money?
Money deposited by students is kept in a strong box stored in the school safe/bursary. Savings are usually locked in until the end of term/school year.
Where does MyBnk work?
MyBnk works with hundreds of schools, colleges and youth organisations in and around London. In 2011 we opened our first social franchise in the North West with The Cumbria Youth Alliance, more are planned. If you are interested in running MyBnk programmes, please contact firstname.lastname@example.org.
What age group does MyBnk cater for?
11-25 year olds from either mainstream education, or young people with special educational needs – young offenders and teenage parents.
What is MyBnk-in-a-Box?
A year -long programme that trains young people to run their own saving and lending scheme using real money with saving and business challenges.
Who runs the banks?
Students do, with mentor and MyBnk support on an ongoing basis. They open their banks once a week and maintain an online bank portal. They run incentivised savings challenges and offer interest-free loans of up to £40 to set up businesses. They decide who gets the MyBnk backing. MyBnkers also file accounts and manage everything from joint-ventures with local firms to handling media, recruitment drives and guerrilla marketing campaigns.
How can a student borrow from a bank?
They submit an Loan Application form, which mentors or MyBnk staff can help with and the form goes to the MyBnkers who again with mentor and MyBnk staff support decide whether or not to approve the loan.
How much can be lent?
This is very much up to the individual school or centre hosting the bank, but loans tend to range from £5 to £20 per person, and young people can team up to borrow more for joint activities.
What if a young person cannot pay back the loan?
MyBnk never demands money from young people.
Who works for MyBnk?
We are staffed by teachers, former private sector financiers and youth workers, click here to meet the team.
How is MyBnk funded?
MyBnk’s funding comes from a range of sources including payment for our services from schools, colleges, youth organisations and local authorities, as well as charitable donations from grant making trusts, private donations and donations from companies. Click here to see some of our funders.
How are you independent?
We do not push High Street brands at young people or recommend finance products or services or provide financial advice outside of the Money Advice Service programme. Funders and corporate partnerships are ethically screened and put before an ethics committee. Our Ethical Policy can be read here.
How do you incentivise savings whilst offering no interest on savings?
Saving Challenges. Young people set themselves a savings target – something they want that, we demonstrate how they can afford it by saving. In challenges, if they hit their savings goal, students are rewarded with incentives like ipods and sports bags and enterprise experiences where they have the chance to run their own business and keep profits.