Schools with the most innovative projects will receive between 5,000 and 20,000. Students will be encouraged to become active citizens by supporting projects tackling issues affecting their communities.
In one project, students from four schools are teaming up to run a two-day budget lunch club each week for senior citizens on their local estate.
Alice Wilcock, head of community affairs at Barclays, said students can develop skills by creating, managing and implementing their own community projects.
"We hope the scheme will enable students to gain the required skills to achieve their chosen academic and vocational qualifications," said Wilcock.
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