Everyone Can Save In The Post Office Savings Bank

Press, Volume CI, Issue 29942, 2 October 1962, Page 12

Everyone Can Save In The Post Office Savings Bank

Everyone, whatever his age, has some good reason for saving. A child saves for a Christmas spending spree. School leavers are anxious for a trip overseas, or the acquisition of a car. Young couples are concerned with buying a section to build on or a house. The nest must then be feathered —carpets, suites, perhaps a piano for junior to develop his musical ear. • With these things acquired, family heads next aim to provide a solid nestegg of security. As a nation, as well as individuals, we feel a responsibility to save. The standard of living which we are accustomed to can only be maintained by an expensive programme of work. Good roads, clearly marked, safe bridges, new public buildings, improved services—all these things require money. Until now New Zealand has little to be ashamed of insofar as her savings habit goes. This is evident from the country’s rate of development.

Development within the Post Office has been rapid.

The different metnods of saving available to the public have multiplied and improved. Behind the scenes operations have been accelerated by the use of bookkeeping machines and mechanised systems of accounting. Since 1957 the use of interest calculating and posting machines has meant better service for the public. Organisation

Today, the opening of an account is outwardly a simple affair. The business of depositing and withdrawing money involves merely the writing of a few words and a signature- However, the familiar Post Office passbook represents years of careful organisation and employment for numerous clerks, ledgerkeepers and accountants. The first savings bank was opened in 1865. during the gold rush. Today, there are as many as 1062 Post Office Savings Banks over the Dominion, and three out of every four persons hold Post Office accounts.

The Post Office Savings Bank makes available to the public a variety of different accounts. Anyone over seven years of age may make deposits and receive a reasonably high rate of interest on them. Two or more persons can open a joint account. Non-profit making clubs can also operate an account. This is a great boon to treasurers of small societies who would prefer not to be responsible for large sums of loose cash. Such clubs and societies can also take advantage of a cheque accounting service which saves them both time an inconvenience.

Another variety of Post

Office Savings Bank account is the National Savings account, established in 1940 to assist the war effort. In this

case the deposits are fixed tor two or three years and may not be withdrawn until the end of that period. However. the interest on these is allowed at a slightly higher rate. It will be obvious how valuable this system would be to the person who is saving for some two or three years distant goal. Thrift club accounts started in the early 1950’5, have grown rapidly in popularity. These clubs are formed by a group of workers within a firm who authorise their employer to make certain regular deductions from each pay and put these into special accounts at the Post Office Savings Bank. This provides an especially effective means of saving, because the money is deposited for the investor before he even sees it. Young people in New Zealand are becoming increasingly eager to own their own homes instead of paying rent. To assist them in this aim home lay-by accounts were introduced in 1957. With these, free deposits of £5 for every £lOO are paid, in addition to die usual interest, on up to £lOOO of savings. This means the Post Office is prepared virtually to make a gift of up to £5O to thrifty would-be house owners. Primary school accounts have long been in favour with teacher and pupils alike. During the last fewyears college thrift clubs have proved their usefulness to older\ pupils w-ho have learned the virtue of looking ahead.