Are MyBnk a bank?
No. We do however run an interest free saving and lending microfinance scheme in secondary schools – MyBnk-in-a-Box.
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. We now also work in the South West, including Devon and Cornwall, and the North East. If you are interested in running MyBnk programmes, please contact email@example.com.
What age group does MyBnk cater for?
11-25 year olds in a variety of settings – from mainstream schools to pupil referral units, colleges to youth hostels, employability organisations to teenage parent groups.
Who works for MyBnk?
We are an diverse team passionate about our cause. Our staff include trained teachers, former private sector financiers and youth workers. Click here to meet the team.
How are 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 will never push High Street brands at young people or recommend particular finance products or services. We also do not provide financial advice outside of the Money Advice Service programme. Our impartiality policy can be read here.
Funders and corporate partnerships are ethically screened and put before an internal ethics committee. Our Ethical Policy can be read here.
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 (MyBnkers) do – with help from their teachers (MyBnk Mentors) and MyBnk trainers. 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. MyBnkers also file accounts and manage everything from marketing campaigns, getting interviewed by local media and promoting their project to their local community.
What happens to the money in MyBnk-in-a-Box?
Money deposited by students is kept in a secure, locked box stored in the school safe/ with the school bursar. Savings are usually locked in until the end of term/school year. Loan money is provided by MyBnk, and is not linked to student savings.
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.
How can a student borrow from a bank?
They submit an Loan Application form, which is passed onto trained MyBnkers who work with their mentors and MyBnk trainers to assess the application and 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 £40 per team of 2 – 6 students.
What if a young person cannot pay back the loan?
MyBnk never demands money from young people or schools.