The BWI Archives

1894 ~ The Penny Bank

                                


The Penny Bank

In 1982 the Vicar had persuaded many parents to pay money that used to be paid in School Fees into a savings account for their child.  This was known as The Penny Bank. (see article for 1892).

By 1894 the Rev. Everett, began to see that new subscribers were not coming forward and that of those that were in the scheme, many were not paying into it.  Therefore, in the September copy of the Parish Magazine, though expressing his disappointment with parents for failing to invest in their children's future (perhaps a little unfairly, given the limited finances of many of his parishioners), warned them that he would probably need to close the Penny Bank.

School Penny Bank
The annual statement for 1893, recently issued, shows that there are eighty-one depositors.  Only four new depositors joined during the year.  The deposits amounted to £11 17s. 2d., as compared with £18 6s. 5d. in 1892.  The bonus earned by children for regularity of payments amounted only to 4s. 11d. , as against 9s. 5d. in 1892.  The interest added to deposits amounted to £1 4s. 8d.  Seven accounts were withdrawn and transferred to the Post Office Savings Bank, in accordance with rule, the amount transferred being £3 5s. 5d. The balance in hand to December 31st, 1893, amounts to £32 1s. 8d. The Bank was open forty-three times.  Eighteen children made no deposit throughout the year, and thirteen deposited less than one shilling.  The foregoing is but sorry reading.  It shows that parents, on behalf of their children, or children for themselves, do not value the privileges afforded by the Penny Bank.  The Vicar feels obliged to add that, unless a greater desire is shown to appreciate the advantages of the Bank, he will be under the painful necessity of closing the bank at the end of the current year.  He would like once more to remind parents (since they are now getting the benefit of an entirely free education for their children) of the importance and desirability of putting by weekly, in their children’s names at the Penny Bank, such sums as they would have paid for their education if it were not free.  At the present time the Education Department is paying into the School Funds the sum of £56 a year, which was formerly paid by the parents.  The Vicar asks parents to see that every child has its Penny Bank book, and pays in one penny (at least) per week on Mondays’ at 4 p.m.  The money so saved can remain in the School Bank until such time as the depositor leaves School or reaches the age of fourteen years, when it is transferred, together with interest, to an account opened for the child in the Post Office Savings Bank.

            

      

First uploaded: 22 April 2018