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We believe that all schools can benefit from increased interest earnings on savings or other funds that are not required in their daily operating account.
Below is a school case study, outlining how a school makes the most of their finances and effectively manages their cash flow.
Kelly, the Business Manager at XYZ Primary School, is keen to increase interest earnings to invest further in the school’s facilities. Her school often has a balance slightly above what is required in the operating account, as well as funds sitting in their High Yield account. There are a number of upcoming projects that will require payment, however timelines are not specific.
To make the most of her school’s funds and to manage cash flow needs, Kelly decides to:
- Contact her school’s Relationship Officer who arranges a visit to the school and assists to open the school account and update signatories, in line with the schools requirements.
- Start a term deposit. By shifting funds into a term deposit, Kelly is able to take advantage of a higher interest rate. As Kelly cannot be sure when she will need to access the funds, the term deposit is set at 30 days. This way Kelly can take advantage of a higher interest rate for her school, whilst also allowing access to the funds on a regular basis should it be required.
- Get view-only access to Internet Banking. Kelly can now check on her school’s investment anytime in order to reconcile the school's accounts.
As the school’s needs change, Kelly has the ongoing support of her Relationship Officer to assist with managing the schools investments. Even as signatories change, the updating process is managed easily over the phone and by completing forms provided.
