In this scheme all the pupils' savings are put into one account in the name of the School Savings Club in the Post Office Savings Bank. The Club Account is run by at least two teachers, who act as Trustees but most of the work can easily be done by pupils. Each member of the Club is issued with a special Savings Card on which deposits and withdrawals are recorded. A corresponding record of these transactions is maintained by the Club Trustees in an account book which is provided.

Interest is payable on the account and the Savings Club decides how the interest is used. School savings schemes can be used to finance the school requirements of pupils e.g. purchase of school books, sporting equipment, financing school tours and other educational activities.