Catalogue description LAMBETH TRUSTEE SAVINGS BANK

The first Trustee Savings Bank was opened in 1810, and within a few years others had been founded all over the country. Their aim was to encourage regular weekly saving by the poor through the provision of a safe place of deposit and the payment of interest. A committee to discuss the formation of such a bank in Lambeth first met in July 1818 under the chairmanship of the Rector, Dr. Christopher Wordsworth, and at the second meeting it was decided to open in the parish school committee room for 2 hours twice a week. Directors were to attend to receive money or these occassions.

Edward Everill the parish school master was appointed Secretary, but the increase in deposits made it necessary in 1827 to appoint an accountant described as the Actuary.

In 1849 the bank had to move, as the parochial school was bought by the London & Southwestern Railway when they extended the railway from Vauxhall to their new terminus at Waterloo. A 99 year lease of premises at 86 Hercules Road was taken, and here the bank remained until 1903, when further expansion by the railway forced another move. After some dispute over compensation, the bank finally bought the freehold of 61 -63 Kennington Road, and Archbishop Davidson as President opened the new premises on 3 April 1903. (The Archbishop of Canterbury had held the office of president since the banks inauguration.)

From 1906 the question of amalgamation with other savings Banks was discussed, and in November 1916 Lambeth merged with Bishopgate and Bloomsbury to form the London Savings Bank. This was beneficial to both depositors and staff, and deposits increased to over £230,00 by 1925.

A branch was opened in Acre Lane, Brixton in November 1921. Both this branch and that in Kennington Road still (1985) exist, although they are now part of the larger Trustee Savings Bank organistion.

Further information: H. Morton Scanlin: Pennies into Pounds, 1950 (IV/44/16/1)

Lambeth Trustee Savings Bank

Depositor: London Trustees Savings Bank, Lambeth Branch.

Condition: Donation

Date: June 1969

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