Most Rev Justin Welby said the scheme gives young people the tools to better manage money which is why he "strongly supports this exciting initiative".
It is provided by LifeSavers and is administered by credit unions in primary schools. It is on course to reach 30,000 children by the end of 2018 after a successful pilot scheme.
A special event was held at Virgin Money's Gosforth Office to launch the scheme. It was attended by the Bishop of Newcastle Rt Rev Christine Hardman, the Bishop of Huddersfield, Rt Rev Jonathan Gibbs and the Chief Executives of Virgin Money and the charity Young Enterprise, Jayne-Anne Gadhia and Michael Mercieca.
The scheme gives children practical experience of money management through saving small, regular amounts of money in savings clubs administered by credit unions.
The programme is a partnership between the Archbishop of Canterbury's Just Finance Foundation and Young Enterprise, a business and financial education charity.
Cash support from Virgin Money will enable LifeSavers to reach 120 more schools by 2018 in six areas including the North East, Nottinghamshire, South East London and West Yorkshire.
The Archbishop of Canterbury, Justin Welby, said: "How we think about and use our money is central to a fulfilled and contented life.
"That is why I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving.
"This programme has the potential to make a significant difference to the lives of millions of children and future adults."
