Savings bank

From Wikipedia, the free encyclopedia

A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.

In Europe, savings banks originate in the 19th or sometimes even the 18th Century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others socially committed individuals created foundations to put in place the necessary infrastructure.

Nowadays, European savings banks have kept their focus on retail banking : payments, savings products, credits and insurances for individuals or small and medium-sized entreprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach and by their socially responsible approach to business and society.

Spain: see Spanish savings banks for details relating to Spain or a larger stub in "[cajas de ahorro]"
United Kingdom: see Trustee savings banks for details related to the UK.
United States: see "Savings and loan association" and "Mutual savings bank" for details related to the United States.
Soviet Union Traditionally, the Russian term sberkassa (сберкасса, сберегательная касса) is translated as "savings bank". However sberkassas were not banks in common sense. Initially they the outlets of the only Soviet State Bank, Gosbank until 1987 and Sberbank (USSR Savings Bank) afterwards.
Communist Czechoslovakia: see Economy of Communist Czechoslovakia.
New Zealand : Savings banks ceased to exist in 1987 as an official type of bank, being replaced with registered banks (Grimes, 1998)

[edit] External links

World Savings Bank Institute / European Savings Banks Group

[edit] Sources

'Liberalisation of financial markets in New Zealand' Arthur Grimes, Institute of Policy Studies, Victoria University of Wellington, Wellington, 1998 [1] Retrieved Feb. 11, 2006.
Tiwari, Rajnish and Buse, Stephan (2006): The German Banking Sector: Competition, Consolidation and Contentment, Hamburg University of Technology (TU Hamburg-Harburg)
Brunner, A., Decressin, J. / Hardy, D. / Kudela, B. (2004): Germany’s Three-Pillar Banking System – Cross-Country Perspectives in Europe, Occasional Paper, International Monetary Fund, Washington DC 2004.