none of whom was to derive any benefit from their office. This feature was to dominate the management of the TSBs until the 1970s. Savings banks paying interest on deposits (at a rate ranging from 3% to 5%) proliferated. The number of successful institutions in the UK grew until there were 645 in 1861. Their business remained in collecting low-volume deposits, as early attempts at market diversification had been curtailed by the Savings Bank Act 1891.

Modern history of the trustee savings banks