Jersey Savings Bank
Foundation and Expansion
The decision to set up the Jersey Savings Bank was taken at a meeting on 12th July 1834, at the British Hotel in St Helier. The rules and regulations for the new bank were drawn up the following month. These stated that ‘the Savings Bank for Jersey is established for the purpose of affording to the industrious classes of His Majesty's subjects a secure investment and a regular interest’. The Bank first opened for business in St Helier, on 31st January 1835.
It grew steadily, in terms of accounts opened and deposits placed, throughout the 19th and early 20th centuries. The First World War saw a large increase in custom, due to the Government’s promotion of wartime savings.
The start of the Second World War marked another significant rise in deposits. In common with most savings banks, Jersey was keen to avoid the introduction of a compulsory government savings programme. It launched a major drive to attract more customers. The scheme’s success was replicated across the country, as savings soared. Deposits averaged £5 million a week in May 1940; by the middle of June they were averaging a staggering £20 million.
By 1940, the Channel Islands were bracing themselves for invasion, as the Germans advanced through France. With occupation imminent, both the Jersey and Guernsey Savings Banks sent details of all their accounts to the London Savings Bank. Their business was conducted in London until the end of the War. The Islands' banks were also instructed to destroy all currency when the enemy approached. This was to be carried out in front of a ‘creditable’ witness, to prevent subsequent accusations of fraud.
After liberation in 1945, the London Savings Bank returned all of Jersey’s account ledgers. Business got back to normal, and the Bank started to expand. New branches were established in Georgetown, St Brelade and Five Oaks.
In 1976, as part of a major restructuring of the TSBs, Jersey and Guernsey Savings Banks merged; they became TSB of the Channel Islands.
Return to the TSB page.