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Courier, extolling the virtues of savings banks and proposing that one should be opened in every parish. However, despite the success of the friendly societies, Duncan was not convinced that their rules and regulations, were appropriate. Earlier institutions had been charitable in status. “Dr Duncan had the insight…to see that if the institution was to be of a permanent character it must pay its way.” The
Ruthwell was the first savings bank established on commercial principles. In May 1810 Henry Duncan duly opened the Ruthwell Savings Bank in the Friendly Society's rooms.
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banks. However, Ruthwell was one of a handful of
Scottish savings banks that did not register under that Act. It was also in 1835 that the Bank's deposits peaked at a very modest ÂŁ3,326. The Rev. Henry Duncan died in 1846. Subsequently, the establishment of savings banks in Dumfries and Annan reduced the need for a bank at Ruthwell and the number of customers dwindled. In 1875 the remaining 29 accounts, with deposits of just over ÂŁ590, were transferred to Annan Savings Bank and the Ruthwell Savings Bank was wound up.
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structure. The
Ruthwell constitution was, indeed, not one which would have stood the test of time. It was so democratic that its AGM could overrule any management decision; failure to attend the AGM incurred a sixpence fine. Every depositor was required to lodge four shillings a year subject to a penalty of one shilling; there were also restrictions on withdrawals.
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For all its early start, there is no evidence that the
Ruthwell Savings Bank achieved much commercial success. The 1835 Scotland Act followed the English “Rose’s Act” enabling the Scottish savings banks to deposit funds with the British Government which led to a reorganisation of many of the leading
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Duncan was deeply concerned about the poor, and extensive writing about their conditions led him to the importance of saving. He revived the local friendly society that had become moribund and founded another specifically for women. Duncan published a series of articles in the
Dumfries and Galloway
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which engaged in “One of the wordiest warfares in the history of savings banks”. Although the
Ruthwell claim was chronologically correct, the Edinburgh contention was that its model, dating from 1814, was simpler, and that most subsequent savings banks followed the Edinburgh and not the Ruthwell
22:, the first of its kind, was formed in Ruthwell in 1810, by the Rev. Henry Duncan. Although a pioneer in savings bank history, the Ruthwell achieved limited commercial success and was taken over by the Annan Savings Bank in 1875.
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The claim that the
Ruthwell Bank was the first savings bank was heavily challenged at the time, particularly by the
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banking house. Tiring of banking, he decided to follow his father into the church and attended both
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in 1810, and is widely held to be the first bank of its type. Its founder was the Rev.
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universities. In 1799 he was appointed minister of the small parish of
Ruthwell.
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https://www.natwestgroup.com/heritage/companies/ruthwell-savings-bank.html
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https://www.wsbi-esbg.org/SiteCollectionDocuments/Moss(Michael).pdf
185:"New owners prevent closure of world's first savings bank museum"
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The
Ruthwell Parish Savings Bank was founded in the parish of
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he took a job in 1790 at Arthur
Heywood & Co., a
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Henry Duncan and the Savings Bank Movement in the UK
101:The site is now home to the Savings Bank Museum.
159:he Ruthwell Cross and the Ruthwell Savings Bank
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242:Companies based in Dumfries and Galloway
183:Collins, Francesca (30 November 2021).
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237:1875 disestablishments in Scotland
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75:Which was the first savings bank?
232:1810 establishments in Scotland
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222:Banks disestablished in 1875
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124:A History of Savings Banks
227:Defunct banks of Scotland
217:Banks established in 1810
161:, 2nd ed., 1933, Dumfries
53:University of St Andrews
170:Natwest Group Archive
81:Edinburgh Savings Bank
191:. Museums Association
20:Ruthwell Savings Bank
157:John L Dinwiddie, T
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211:Categories
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105:References
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61:Edinburgh
57:Liverpool
31:Formation
45:Scotland
41:Dumfries
37:Ruthwell
88:Failure
65:Glasgow
26:History
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197:2021
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