Concept   

Penny Savings Bank

Categories: Commerce, Social Welfare

Concept

From Tottenham Quakers  "In 1798 Priscilla Wakefield founded the first "frugality bank" in England. This she founded at Ship Inn Yard in Tottenham. It was intended to help people on lower incomes to save money. There were facilities for women and children to save what they could from their income and soon it became a safe and profitable place of saving for labourers and servants. Members paid, according to age, a sum of money each month to entitle them to a pension after age 60 and money if they were sick. Children were encouraged to save a penny a month towards clothing and apprenticeships.  The immense success of this enterprise meant that similar "savings banks" spread throughout the country. They were eventually nationalised in 1865 when the Post Office Savings Bank was established. Penny savings banks continued in schools until 1919, when they were absorbed into the Post Office Savings Bank."

Comments are provided by Facebook, please ensure you are signed in here to see them

This section lists the memorials where the subject on this page is commemorated:
Penny Savings Bank

Commemorated ati

Priscilla Wakefield

Our colleague Alan Patient took a photo of this plaque in 2008 and tells us i...

Read More

Other Subjects

original HMV store

original HMV store

Londonist writes: "The building was destroyed on Boxing Day 1937 and reopened in 1939. HMV's flagship store moved (slightly) to 150 Oxford Street, but the old address was reacquired in 2013, and re...

Place, Commerce, Music / songs

1 memorial
Saracen's Head Inn

Saracen's Head Inn

Mentioned in 1522 as an inn with 30 beds and stalls for four horses. Removed (as shown in the picture) for the formation of Holborn Viaduct and its approaches 1868.

Building, Commerce, Food & Drink

1 memorial
John Morley

John Morley

Manufacturer with premises in Nottingham and a warehouse and offices in London. Father of Samuel Morley.  Our Picture Source gives much information about his life and confirms that he was born in ...

Person, Commerce

1 memorial
Sainsbury brothers, John, Simon and Timothy

Sainsbury brothers, John, Simon and Timothy

John Davan Sainsbury, Baron Sainsbury of Preston Candover KG (1927–2022), The Hon. Simon Sainsbury (1930–2006) and The Right Honourable Sir Timothy Sainsbury (1932–) were the three sons of Alan Joh...

Group, Benefactor, Commerce

1 memorial
J. Collingbridge

J. Collingbridge

Trader at Covent Garden Market at its original site.

Group, Commerce

1 memorial