The Post Office Squirrel

savings account A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transa ...

was a New Zealand savings programme set up through the

New Zealand Post Office The New Zealand Post Office (NZPO) was a government department of New Zealand until 1987. It was previously (from 1881 to 1959) named the New Zealand Post and Telegraph Department (NZ P&T). As a government department, the New Zealand Post Office ...

to encourage younger citizens to save money. It is no longer active. The School Savings Bank scheme was established in 1934 to encourage children to save money regularly, with the hope that when they left school they would continue to make regular deposits from their wages. The squirrel mascot and phrase "be squirrel wise" were in use by the mid-1950s. Initially children bought stamps in small denominations from their teacher, which were then swapped for a deposit in the child's bank account. Later children were able to bring cash to school and deposit it in their account. One day a week was 'banking day' at school, with parent helpers administering the scheme.

References

Economic history of New Zealand {{NewZealand-stub