SCHOOL pupils in Winchester are branching into new territory by starting their own bank.

Youngsters at Oliver’s Battery Primary School can open accounts, put in pocket money, and receive regular statements.

The bank is being run by pupils who have received training from cashiers at NatWest.

The firm stores the money on the school’s behalf and pupils – with their parent’s permission - can then make withdrawals from any branch. As a bonus, the accounts are tax-free.

NatWest helped the school to start the bank as part of its ‘money sense’ scheme that aims to teach youngsters how to manage finances.

Head teacher, Dean Buckland, said: “The children are really excited about this venture. It’s very important that they gain basic money management and enterprise skills and setting up, running and using their own bank is an extremely practical and fun way of doing this and brings alive what happens in real life.”

Carol Mitchell, NatWest’s money sense coach for Hampshire, said: “The importance of financial capability for young people cannot be underestimated as it’s essential that they are equipped with the skills and confidence required to make decisions in adult life.

“Once young people go out into the world of work and start earning money, it is important they know what to do with it.

“The pupils who have been selected to run the school bank have shown great interest and have been very keen to learn the new skills.”

The money sense scheme was launched in 1994 and last year more than 335,000 pupils across Britain took part.