Savings Bank Museum, Ruthwell (Scotland)
A museum dedicated to the world's first savings bank, created by D. Henry Morgan.
Introduction
In 1810 Dr. Henry Duncan opened the world's first savings bank based on business principles, paying interest on its investors' modest savings. The original Ruthwell Parish Bank is now home of the Savings Banks Museum. The eighteenth century building houses a collection of early home savings boxes, coins and bank notes from many parts of the world. There are books on the worldwide spread of savings banks. The modest but important archives include documents and letters on the history of savings banks.
Open
April-Sept Tuesday to Saturday 10am-4pm
Oct-March Thursday to Saturday 10am-4pm
History to the present day
The son of a Church of Scotland Minister, Henry Duncan was born at Lochrutton, near Dumfries, in 1774. Following two sessions at St Andrews university, when he was sixteen his father sent him to Liverpool to study banking. Three years later he abandoned the commercial world to study for the Ministry at the Universities of Glasgow and Edinburgh.
This highly educated man of many talents, with a flair for business, could have succeeded in any field he chose. Instead, he devoted his life to helping the poorest in the land improve their lot while maintaining their dignity and self respect.
Within five years of the bank opening in Ruthwell, there were savings banks throughout the UK; the following year they spread to Europe and the United States. During that first year the total savings amounted to £151. Ten years later in the United Kingdom the total had reached over three million pounds.
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