Edinburgh Savings Bank
Corporate brand
UnclaimedA historic Scottish trustee savings bank established in 1836 and later absorbed into the South of Scotland TSB.
Last updated August 24, 2026
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Overview
Edinburgh Savings Bank was a Scottish trustee savings bank established in 1836 as a successor to the Edinburgh Bank for Savings, an institution that had opened in January 1814. The earlier bank grew from the Edinburgh Society for the Suppression of Beggars and was promoted by J. H. Forbes, the son of banker Sir William Forbes of Pitsligo. Although the Edinburgh institution was established after the Ruthwell Savings Bank, its comparatively straightforward operating model became influential in the development of savings banking. The Edinburgh model sought to resemble an ordinary bank more closely than some early savings-bank experiments. It did not give depositors a role in management, impose moral examinations on account holders, restrict withdrawals in the same way, or penalize irregular saving. This simpler and more accessible approach was widely regarded as a practical template for later savings banks. The original Edinburgh Bank for Savings expanded rapidly at first, opening four city branches, but declined during the 1830s. A new institution was therefore organized in December 1836 under the framework of the 1835 legislation. The new Edinburgh Savings Bank began in modest circumstances in a flat at 87 Princes Street. Until 1840, trustees personally covered staff salaries because the bank had not yet accumulated sufficient funds. It subsequently moved to premises at the Mound. Plans for a branch were discussed in the 1840s and again in 1857, but implementation was delayed. A fire at the head office in 1857 required funds to be diverted to rebuilding, even as the bank demonstrated substantial depositor confidence during a Scottish banking crisis. When the Western Bank of Scotland failed and the City of Glasgow Bank temporarily suspended payments, only 275 of Edinburgh Savings Bank’s approximately 26,000 depositors withdrew funds. The bank also attracted new accounts, and its funds were reported as being invested in government securities. Branch expansion began in earnest with the opening of a Leith branch in 1870. Over the following decades, the bank added five further branches, while deposits grew from approximately £747,000 in 1870 to £3.2 million by 1900. Branch development continued more gradually in the twentieth century: the network reached 15 branches by 1932. In 1939, the bank moved into a new head office at 28–30 Hanover Street, designed by Oldrieve, Bell and Paterson. By the end of the Second World War, Edinburgh Savings Bank was the second-largest Scottish savings bank after Glasgow Savings Bank and was approximately half Glasgow’s size. Scottish trustee savings banks collectively held a significant share of United Kingdom TSB funds at that time. The institution’s later history was shaped by the consolidation of the trustee savings-bank sector. It absorbed Border Counties TSB in 1974 and, following the Trustee Savings Banks Act 1975, merged with the South of Scotland, Border Counties, and Dunfermline savings banks to create an enlarged South of Scotland TSB. Edinburgh Savings Bank therefore ceased to operate as an independent banking brand after the 1975 consolidation.
History
The institutional roots of Edinburgh Savings Bank reach back to the Edinburgh Bank for Savings, which opened in January 1814 after developing from the Edinburgh Society for the Suppression of Beggars. J. H. Forbes was its principal promoter. The early Edinburgh institution became involved in a prolonged dispute with the Ruthwell Savings Bank over priority in the creation of savings banking. Ruthwell was established earlier, but Edinburgh advocates argued that their operating design was more suitable for broader adoption. Unlike Ruthwell, Edinburgh did not require depositors to participate in management, investigate their personal character, impose comparable withdrawal restrictions, or fine irregular savers. Its intention was to provide a relatively conventional and uncomplicated banking service for small savers. The first Edinburgh bank opened four branches but lost momentum and appears to have declined substantially by 1835. A replacement institution was proposed in December 1836 to operate under the recently introduced savings-bank legislation. The new bank initially occupied a flat at 87 Princes Street and had very limited resources. Trustees personally paid employees until 1840, when accumulated funds allowed the bank to meet its own payroll. It then moved to premises at the Mound. The bank’s growth was interrupted by practical and financial pressures. Proposals for a first branch were considered in 1846 and 1857, but a fire at the head office in 1857 made rebuilding a more immediate priority. That year also brought a serious test of public confidence. The collapse of the Western Bank of Scotland and the temporary suspension of payments by the City of Glasgow Bank created anxiety across Scotland. Edinburgh Savings Bank brought cash from London as a precaution, yet only 275 of its roughly 26,000 depositors withdrew their savings. The episode reinforced the institution’s reputation and was followed by an increase in new accounts. Its funds, reported at £407,000 at the time, were invested in government securities, and the bank ranked ninth among savings banks. Branch banking eventually commenced with the opening of a Leith branch in 1870. Five additional branches were established during the next three decades. Deposits increased from about £747,000 in 1870 to £3.2 million in 1900. Directors repeatedly emphasized the need for faster branch expansion during the early twentieth century, but growth was measured; the network reached 15 branches by 1932. A new headquarters at 28–30 Hanover Street opened in 1939. The building was designed by Oldrieve, Bell and Paterson. The Scottish trustee savings banks became increasingly important during the twentieth century. By 1944, Scottish TSBs held close to one third of United Kingdom TSB funds. Glasgow Savings Bank was the largest, while Edinburgh was second, at approximately half Glasgow’s size. The postwar period brought structural change across the sector. The Page Committee report of 1973 recommended extensive consolidation. Edinburgh absorbed Border Counties TSB in 1974, and the Trustee Savings Banks Act 1975 led to the formation of four regional Scottish savings banks. Edinburgh combined with the South of Scotland, Border Counties, and Dunfermline institutions to create an enlarged South of Scotland TSB. This merger ended Edinburgh Savings Bank’s independent existence as a distinct banking institution.
- 1975
Merger creates enlarged South of Scotland TSB
[1]Edinburgh joined the South of Scotland, Border Counties, and Dunfermline savings banks in a regional merger following the Trustee Savings Banks Act 1975.
- 1974
Border Counties TSB is absorbed
[1]Edinburgh Savings Bank absorbed Border Counties Trustee Savings Bank during the run-up to sector-wide consolidation.
- 1939
New Hanover Street headquarters opens
[1]Edinburgh Savings Bank established a new head office at 28–30 Hanover Street.
- 1932
Branch network reaches 15 locations
[1]The bank’s branch network had grown to 15 locations, a level it retained when its centenary history was recorded.
- 1900
Deposits reach approximately £3.2 million
[1]Following decades of branch and account growth, reported deposits reached approximately £3.2 million.
- 1870
First branch opens in Leith
[1]The bank began branch operations with a Leith location after earlier expansion plans had been postponed.
- 1857
Bank withstands a Scottish banking crisis
[1]Despite major failures elsewhere in Scottish banking, withdrawals from Edinburgh Savings Bank remained limited and the institution attracted additional accounts.
- 1836
Edinburgh Savings Bank is established
[1]A successor bank was organized in December 1836 under the savings-bank legislation of the period.
- 1814
Edinburgh Bank for Savings opens
[1]The predecessor institution opened in January 1814, having developed from the Edinburgh Society for the Suppression of Beggars.
Products and positioning
A locally rooted, accessible savings institution whose uncomplicated banking model helped influence the wider trustee savings-bank movement.
Retail banking · 1836
Savings accounts
The bank’s central service was the acceptance of deposits from individual savers. Its operating model was designed to be comparatively simple and bank-like, avoiding some of the restrictions and supervisory practices used by other early savings institutions. The available source material does not identify specific account names, interest rates, or product terms.
Savings banking · 1836
Trustee savings-bank deposits
As a trustee savings bank, Edinburgh Savings Bank provided deposit-taking services within the institutional framework that governed British savings banks. The bank expanded its depositor base through city branches and maintained funds invested in government securities during the nineteenth century. Specific product specifications are not documented in the supplied sources.
Brand decisions
1975
Merge into South of Scotland TSBM&ABackground
The Trustee Savings Banks Act 1975 reorganized the Scottish trustee savings-bank sector into four regional institutions.
Action taken
Edinburgh merged with the South of Scotland, Border Counties, and Dunfermline savings banks to form an enlarged South of Scotland TSB.
Aftermath
Edinburgh Savings Bank ceased to exist as an independent brand and institution.
1974
Absorb Border Counties TSBM&ABackground
The Page Committee’s recommendations and broader policy changes were encouraging consolidation among trustee savings banks.
Action taken
Edinburgh Savings Bank absorbed Border Counties Trustee Savings Bank.
Aftermath
The absorption preceded the creation of larger regional Scottish savings banks in 1975.
1836
Create a successor institution under new savings-bank legislationStrategyBackground
The original Edinburgh Bank for Savings had declined by the mid-1830s, while new legislation provided a framework for reorganizing savings banks.
Action taken
A new Edinburgh Savings Bank was established in December 1836 and began operations from modest premises on Princes Street.
Aftermath
The successor institution survived, expanded its deposits and branch network, and became one of Scotland’s leading savings banks.
Sources1 sources
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