Trading Banks In Savings Field

Press, Volume CIII, Issue 30561, 2 October 1964, Page 3

Trading Banks In Savings Field

(New Zealand Press Association)

WELLINGTON, October 1.

Preliminary figures indicate that between £1.5 and £2 million was deposited in trading bank savings banks throughout New Zealand today when they opened for business for the first time.

This figure was announced by the chairman of the Bankers’ Association (Mr D. M. Arnold) in Wellington tonight. Inquiries Indicate the new savings banks took about £340,000 in the Wellington area, or about double the deposits taken by the twobranch Wellington Trustee Savings Bank in its first week of business. The Post Office Savings Bank reported that, although there were some big withdrawals in the Wellington area, there was as yet no

i indication of any adverse effects on the bank’s deposits. A large number of withdrawals were normal on the first of the month. “Some withdrawals were obviously going to the new savings banks,” said a Post Office spokesman, “but depositors were naturally rather fluctant to tell us they were taking their trade elsewhere.” One banker esimated about 70 per cent of the money flowing into the new savings banks was being transferred from existing trading bank current accounts.

In the meantime the i Manawatu Trustee Savings I Bank changed its name to Manawatu-Wairarapa Savings I Bank and extended its bound- ; aries beyond the previous 25-mile radius from Palmerston North to take in Otaki, Dannevirke and Wairarapa south to Featherston. The Dannevirke branch office is being renovated for occupation by the middle of this month, and a meeting in Masterton tonight discussed the opening of a branch there as soon as possible. In Wellington the week-old trustee savings bank reported that deposits amounted to £167,000 to the close of business today. Of this sum about onethird was from people who had committed themselves to the bank before it opened for business. The bank still has to re-i ceive about £200,000 in deposits from people who agreed to become foundation depositors.