The bank will offer £1m to people that want to set up free schools and invest £15m in money management causes.
It will also provide work experience to 3,000 pupils aged 16 to 18 from academies and free schools, and will encourage staff to become governors.
The National Union of Teachers accused the government of "opening up schools to the market place".
A total of 24 free schools opened in September last year and 71 are due to open from this September.
Academies and free schools are key parts of changes the coalition government has brought in.
They are state-funded but with even more freedom over the curriculum and teachers' pay and conditions than other schools.
The government would like all schools to become academies, which are different from local authority control.
Free schools can be set up by groups including charities, businesses, parents and religious bodies.
But critics who opposed to free schools and the expansion of academies say, "this will lead to a two-tier system and the break-up of the state education system."
Thank You , reference used from BBC NEWS