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Concept
Savings Bank of South Australia
Résumé
The Savings Bank of South Australia was a bank founded in the colony of South Australia in 1848, based in Adelaide. In the early 20th century it established a presence in schools by setting up a special category of savings accounts for schoolchildren, and grew through the following decades.
In 1984 it merged with the State Bank of South Australia, with the merged entity taking the latter name. This entity later became known as BankSA, and is a division and a trading name of St George Bank, which is a subsidiary of Westpac.
The Savings Bank of South Australia opened on 11 March 1848 with a single employee, John Hector, trading from a room in Gawler Place, Adelaide. The room was provided rent-free by the Glen Osmond Mining Company. On that day it took its first deposit, of £29, from an illiterate "Afghan" shepherd whose name was recorded as Croppo Sing (probably "Singh", the Sikh masculine surname). Other deposits soon followed. A month later, the fledgling bank made its first loan, of £500, to John Colton. Colton became a successful businessman and later politician, and in 1875 was appointed to the bank's board of trustees.
The bank was based on the savings bank movement first advocated by the Scotsman Rev. Henry Duncan. Prior to the advent of the savings bank movement, commercial banks were not interested in taking small deposits from working-class men, as the bookwork involved was more expensive than any potential benefit to the bank. Duncan believed that great benefit to society would result from encouraging the working class to deposit their savings in a bank and teaching the working class the important virtues of thrift.
In 1907 the Savings Bank of South Australia established the Penny Bank Department to take deposits as little as one penny from school children. These school savings account quickly became popular and almost every public and private school in the state was permitted to take deposits from children on behalf of the bank.
Source officielle
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