On this day: October 8

The Reverend Henry Duncan of Ruthwell, Dumfriesshire, founded the Trustee Savings Bank (TSB) in 1810.
The Reverend Henry Duncan of Ruthwell, Dumfriesshire, founded the Trustee Savings Bank (TSB) in 1810.
Share this article
0
Have your say

1774

Rev. Henry Duncan, founder of the first ever savings bank, was born at Lochrutton.

Duncan was a champion of the poor and set up the bank in his parish of Ruthwell, Dumfriesshire.

In contrast to the minimun ten pound deposit most banks were asking for, the savings bank only required a minimun of sixpence with 1 per cent of the interest of the combined deposits went to a charity fund.