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11 March 1848 Savings Bank of South Australia

 11 March 1848   Savings Bank of South Australia

The Savings Bank of South Australia opened its doors in rented premises in Gawler Place on 11 March 1848. The bank was under the management of a board of twelve Trustees and there was only one paid officer, the accountant. During opening times: Saturdays from 12 to 2 p.m., and in the evening from 7 to 9 p.m. for deposits, and Wednesdays from 12 to 2 p.m. for withdrawals, one of the Trustees would be on hand to help the accountant. No person was allowed to deposit more that £30 in any one year and no more than £200 in all.

Over the next ten years the number of accounts, and staff, grew prompting the Trustees, in 1859, to buy a site on King William Street and build new premises. In 1904 the bank moved to Currie Street to a building designed to meet its requirements for at least 50 years. In 1906 the bank began to establish branches in suburbs and in country towns. Another innovation was the introduction of the School Bank, in connection with the Penny Bank Department, in 1905, taking deposits from one penny to £1.

A new head office building at 97 King William Street was opened in 1943. In 1984 the Savings Bank was merged with the State Bank.

The Register, 12 March 1928, p. 7.
The Advertiser, 1 February 1993, p. 13.

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