THE HOME SAFE SYSTEM
[To the Editor of the SrEmeToR.] SIR,—I see that Mr. Charles Eason, in your issue of August 13th, considers my statement that depositors get 24 per cent. by using the Home Safe system " requires qualification." He says :
" The only banks which at present give 2k per cent. on deposits are the trustee savings banks and the Post Office Savings Banks . . . but when the owner of a Home Safe desires to get interest on his deposit, he must take the safe to the hank and the contents are put to the credit of a Thrift account. The interest on these Thrift accounts is always the current rate of interest on deposits ; that is at present 1 per cent."
I am afraid that Mr. Eason is not quite accurate in this statement. He will find on inquiry at any of the English
joint stock banks that, as I stated in my article, interest is allowed on these Home Safe accounts at the rate of 21- per
cent. and the amount is deposited with the bank at that fixed rate, the limit of such thrift accounts usually being about £500.
Now that rates of interest have fallen so considerably, I believe that the banks confine these Thrift accounts to genuine accumulations of small savings, but until com-
paratively recently quite large amounts were placed at ena entry in the Home Savings Bank or Thrift accounts.—
London.
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