The majority of parents surveyed for ASIC's review of school banking programs rate the programs highly, saying they help their children develop an appreciation of the importance of saving.This finding is at odds with concerns expressed by consumer groups that the programs lack transparency, market to children inappropriately and use undue incentives.Now ASIC is seeking community input into its review of the programs. Yesterday it issued consultation questions, in the latest step in a review that has included meetings with deposit-taking institutions, a consumer survey and the establishment of a reference group.ASIC is reviewing banking programs in primary schools to understand how the programs are implemented and marketed to school communities. It also wants to understand how students are engaging with the programs, including an assessment of the benefits and risks.The regulator wants to develop principles for appropriate conduct and good practice in the implementation of school banking programs, to ensure they serve the interests of young Australians.Around 60 per cent of Australian primary schools currently participate in school banking programs, which are marketed as a way of encouraging and supporting students to understand the importance of savings.Last October, ASIC established a reference group to provide guidance on the review. Its members include representative from the Commonwealth Department of Education and Training, the Australian Competition and Consumer Commission and Choice.ASIC has already met with deposit-taking institutions to find out how they run their programs and get information about levels of participation, what interest rates and incentives they offer, the choice available to schools, commission or grants offered to schools and the use of branding.It has also commissioned consumer research, which found that overall satisfaction with school banking programs was high. Sixty-eight per cent said that without school banking their children would not have learnt how important it is to save regularly.There was concern about substandard interest rates and a lack of digital interaction.Available evidence suggests that school banking increases the chances of a participating student remaining with the ADI that provided the program after they finish school and progress to adulthood.ASIC said there was limited evidence that school banking programs have a lasting impact on savings behaviour.Comparison site InfoChoice says there are number of institutions offering rates that are higher than those offered by the dominant player Commonwealth Bank on school accounts.InfoChoice says CBA's Youth Saver account is paying 2.1 per cent when at least one deposit and no withdrawals are made in a month (the base rate is 0.15 per cent).The comparison site says there are eight accounts for children that have bonus rates above 2.1 per cent, and 25 accounts that have base rates above 0.15 per cent.