History
National Savings and Investments was founded by the Palmerston Government in 1861 as the Post Office Savings Bank, the world's first postal savings system. The aim of the bank was to allow ordinary workers a facility "to provide for themselves against adversity and ill-health", and to provide the government with access to debt funding. As an example, savings certificates were issued in World wars I and II to help finance the war effort. On June 1, 1957, the premium bonds draws were inaugurated, using E.R.N.I.E - the Electronic Random Number Indicator Equipment machine (now located in the Science Museum).
In 1969 the bank was transferred from the Post Office to the Treasury and its name was changed to the National Savings Bank. The name was changed again in 2002 to National Savings and Investments.
Read more about this topic: National Savings And Investments
Famous quotes containing the word history:
“To summarize the contentions of this paper then. Firstly, the phrase ‘the meaning of a word’ is a spurious phrase. Secondly and consequently, a re-examination is needed of phrases like the two which I discuss, ‘being a part of the meaning of’ and ‘having the same meaning.’ On these matters, dogmatists require prodding: although history indeed suggests that it may sometimes be better to let sleeping dogmatists lie.”
—J.L. (John Langshaw)
“The history of this country was made largely by people who wanted to be left alone. Those who could not thrive when left to themselves never felt at ease in America.”
—Eric Hoffer (1902–1983)
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)