POSB Bank has garnered the support of all 190 primary schools in Singapore for its school savings campaign launched in January this year.
Some schools like Henry Park Primary have also asked the bank to open bank accounts for their students, to help them monitor and manage their finances, said DBS in a press statement on Friday.
The POSB National School Savings Campaign encourages students to save their pocket money by buying stamps from their school bookstores or SingPost outlets and pasting them onto a card.
The stamps cost 50 cents each, and each card takes 20 stamps to complete. Students can then deposit the filled cards with POSB. Students receive a S$1 bonus from POSB for the first S$10 they save every month.
DBS said it has sold nearly 200,000 stamps, and has had over 5,000 stamp cards deposited with the bank. As an indication of the campaign's success, the balance for POSBkids accounts has risen by 13 per cent on average compared to a year ago, the bank said.
"We are really encouraged by the strong response from the schools community to the POSB National School Savings Campaign," DBS consumer banking group head Jeremy Soo said. "Within just five months of the launch, we have received positive feedback from parents, teachers and even students themselves."