Henry Duncan Today in 1774 the Rev. Henry Duncan, founder of the first ever savings bank, was born at Lochrutton. A great champion of the poor, he set the bank up in his parish of Ruthwell, Dumfriesshire. At the time, other banks required a ten pound minimum deposit, making them completely out of reach for the vast majority of the populace. The savings banks only required a minimum of sixpence, and 1% of the interest of the combined deposits went to a charity fund.
Posted on: Wed, 08 Oct 2014 07:16:37 +0000
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