On this day: October 8

1774
By The Newsroom
Published 8th Oct 2015, 11:17 BST
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.
The Reverend Henry Duncan of Ruthwell, Dumfriesshire, founded the Trustee Savings Bank (TSB) in 1810.

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.

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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.