Cover image for Hobart Savings Bank
Agency:
Hobart Savings Bank
Agency Number:
Start Date:
01 Mar 1845
End Date:
31 Aug 1971
Description:
The Hobart Savings Bank was established by a group of Hobart entrepreneurs headed by George Washington Walker. This bank located at Walker's shop No.65 Liverpool Street opened for business on the 1st of March 1845. 


The function of the bank in the words of the draper Quaker Walker was as follows : " the encouragement of frugality, prudence,and industry in the community, and more particularly to enable working classes to improve their circumstances, by means easily within their reach. It offers to all who choose to avail themselves of its advantages a safe mode of investing their savings, affording them not only security but interest for their money, and the liberty of withdrawing either the whole or any part whenever needed." By the end of the first year of trading 601 accounts were in operation.


In 1853 Walker sold his drapery business and the bank needed to find new accommodation " within the ordinary haunts of business and tolerably central."


The bank continued to be housed in Walker's new premises located in Collins Street opposite the Hobart Town Courier. In 1857 the government made a decision to vacate the Hobart Gaol located on the corner of Murray and Macquarie Street. In July of 1859 a new building on Murray Street site became the head office of the Hobart Savings Bank. In the following years the bank had numerous branches in the towns and suburbs of Tasmania. 

Subsequently the bank became known as Savings Bank of Tasmania, Tasmania Bank and the Trust Bank, and was eventually amalgamated into the Commonwealth Bank.

For more detailed information see NS1167/1/188 which is a book detailing the history of the bank, The Centenary of The Hobart Savings Bank published by Walch and Sons.

Information Sources:
Classified Advertising (1845, February 20). The Courier (Hobart, Tas. : 1840 - 1859), p. 3. http://nla.gov.au/nla.news-article2949519
Functions Performed:
Tasmanian businesses
Subsequent Agencies:
Savings Bank of Tasmania (NG1167)01 Aug 197113 Nov 1997