News Walthamstow

You can bank on these pupils

Pupils at Walthamstow School for Girls have set up their own bank – but thankfully don’t intend to pay themselves whopping great bonuses. A […]By Waltham Forest Echo

A team of pupils at Walthamstow School for Girls offering various banking services to their classmates

Pupils at Walthamstow School for Girls have set up their own bank – but thankfully don’t intend to pay themselves whopping great bonuses.

A team of 11-14-year-olds were trained by the charity MyBnk to encourage fellow pupils into good financial habits by offering accounts and loans of up to £40. Using real money, the bank opens once a week at lunchtime and is accessible online.

Opening an account on launch day was Waltham Forest mayor Saima Mahmud. Scores of young people deposited a total exceeding £100, or an average of 59 percent of their pocket money.

The young volunteers will decide who to invest in and run incentivised savings and business start-up drives. This is backed up with financial education workshops covering everything from tax and pensions to student finance and social enterprise.


This story is published by Waltham Forest Echo, Waltham Forest's free monthly newspaper and free news website. We are a not-for-profit publication, published by a small social enterprise. We have no rich backers and rely on the support of our readers. Donate or become a supporter.


Walthamstow joins two other London school banks, to help young people prepare for their financial planning as adults.

One 12-year-old saver, Amy, said: “I opened an account with £2 and I think it’s important to save so you don’t have to worry about your parents spending all of their money on you!

“I would like to buy things for myself and be independent.”

Cllr Mahmud added: “This is a fantastic initiative. It’s never too early to start thinking about managing your money. It gives you a sense of independence and confidence that you are your own architect of your future.”

For more information visit http://mybnk.org


No news is bad news 

Independent news outlets like ours – reporting for the community without rich backers – are under threat of closure, turning British towns into news deserts. 

The audiences they serve know less, understand less, and can do less. 

In celebration of Indie News Week, Public Interest News Foundation's Indie News Fund will match fund all donations, including new annual supporter subscriptions for the month of June.

If our coverage has helped you understand our community a little bit better, please consider supporting us with a monthly, yearly or one-off donation. 

Choose the news. Don’t lose the news.

Monthly direct debit 

Annual direct debit

£5 per month supporters get a digital copy of each month’s paper before anyone else, £10 per month supporters get a digital copy of each month’s paper before anyone else and a print copy posted to them each month.  £50 annual supporters get a digital copy of each month's paper before anyone else.

Donate now with Pay Pal

More information on supporting us monthly or annually 

More Information about donations