A savings bank is a financial institution whose primary purpose is accepting savings deposits and paying interest on those deposits. They originated in Europe during the 18th century with the aim of providing access to savings products to all levels in the population. Often associated with social good these early banks were often designed to encourage low income people to save money and have access to banking services. They were set up by governments or by socially committed groups or organisations such as with credit unions. The structure and legislation took many different forms in different countries over the 20th century. The advent of internet banking at the end of the 20th century saw a new phase in savings banks with the online savings bank that paid higher levels of interest in return for clients only having access over the web.
1 History 2 By country 3 See also 4 References
5 External links
History In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure. In 1914, the New Student's Reference Work said of the origins:
France claims the credit of being the mother of savings banks, basing
this claim on a savings bank said to have been established in 1765 in
the town of Brumath, but it is of record that the savings bank idea
was suggested in England as early as 1697. There was a savings bank in
Hamburg, Germany, in 1778 and in Berne, Switzerland, in 1787. The
first English savings bank was established in 1799, and postal savings
banks were started in England in 1861.
The first chartered savings bank in the
By country Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach.
Austria: see Erste Group
Brazil: see Caixa Econômica Federal
Communist Czechoslovakia: see Economy of Communist Czechoslovakia
Germany: see Sparkassen
Italy: see Cassa di Risparmio
Savings banks ceased to exist in 1987 as an official type
of bank, being replaced with registered banks (Grimes, 1998)
Norway: see Sparebank
Portugal: see Caixa Geral de Depósitos
Soviet Union: Traditionally, the Russian term sberkassa
(сберкасса, сберегательная касса) is
translated as "savings bank". However sberkassas were not banks in the
common sense. Initially they were the outlets of the only Soviet State
^ "Banks". New Student's Reference Work. 1914. , via Wikisource
"Liberalisation of financial markets in New Zealand" Arthur Grimes,
Institute of Policy Studies, Victoria University of Wellington,
Wellington, 1998  Retrieved Feb. 11, 2006.
Tiwari, Rajnish and Buse, Stephan (2006): The German Banking Sector:
Competition, Consolidation and Contentment, Hamburg University of
Technology (TU Hamburg-Harburg)
Brunner, A., Decressin, J. / Hardy, D. / Kudela, B. (2004):
Germany’s Three-Pillar Banking System – Cross-Country Perspectives
in Europe, Occasional Paper, International Monetary Fund, Washington,
Mauri, Arnaldo (1969). The Promotion of Thrift and of
Savings Banks in
Developing Countries, International
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