Savings bank's first appeared in Scotland in 1810 and allowed access to the financial system for low-income savers and borrowers for the first time.

Question

Quizplus · Accepted Answer

The first true savings bank, the Savings Bank of Ruthwell, was founded in 1810 in Scotland by the Reverend Henry Duncan for the purpose of serving low-income savers and borrowers, marking the first time this demographic had access to the financial system.

Savings Bank's First Appeared in Scotland in 1810 and Allowed