MyBnk is a micro-bank set up in a school, foyer or community setting run by young people with the following functions:

• Encouraging saving and holding young people’s money safe
• Making small loans to young people for enterprise projects within their communities and towards their personal development
• Encouraging charitable giving, both collectively and individually.
• Holding and lending money on behalf of school clubs, charitable appeals and special school funds
  

MyBnk is aimed primarily at young people aged 11 to 18, but we will also be looking into the possibility of setting up MyBnks in junior primary schools for young people aged 8 to 11.

The first pilot project was established in 2007 in Tower Hamlets. In 2008, there were MyBnk projects in 7 schools, and by 2009-10, MyBnk was operating in 100 schools and youth projects.

MyBnk has obtained approval from the Financial Services Authority to operate as a young person’s bank.

See: www.mybnk.org