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The Convict Saving Bank was established by Lt Governor Arthur, in Van Diemen's Land, following instructions from Lord Bathurst, that all convict moneys had to be deposited in a savings bank. The `Savings Bank' for convicts was proclaimed in the Hobart Town Gazette on 21 June 1828. The bank was operated by the Derwent Bank, on behalf of the Government. Money was compulsorily acquired from convicts upon their arrival and those convicts eligible to earn money could make voluntary deposits of 5s. and upwards, which received interest at the rate of 10% p.a. Scheme ended when the Derwent Bank was wound up in 1849. The deposits of 10,000 convicts, totalling £5,000, were transferred to the Union Bank of Australia in 1851, after which the Convict Savings Bank ceased operation.
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