Timeline of banking in Western Australia
Hmmm, have you heard of piggy banks? They are those cute little banks that we have in our rooms where we put our coins and sometimes a few dollars, right? Well, Western Australia, where you live, also had banks but they were not always like those piggy banks.
A long time ago, people did not have banks. If they wanted to save their money, they would have to keep it in their homes which was not very safe, as there was always a risk of theft or loss. Later on, some people started to lend their money to others who were in need, and they charged interest for it. However, these lenders were only open for business during certain times and usually only dealt with people they knew personally.
It was only in 1841 that the first bank, known as the Western Australian Bank, was opened in Western Australia. This bank was very small, like a piggy bank, and only accepted large, gold coins. It was not easy to open a bank account, and only people with a lot of money could do it.
As time passed, more banks opened and people started to use paper money instead of gold coins. Banks also started to lend money to people who were not wealthy, which allowed them to buy houses or start a business. Bank tellers who had knowledge about money and savings also started to help their customers to save.
Today, there are many different types of banks in Western Australia, from big banks like Commonwealth Bank, Westpac, and ANZ, to smaller ones. You can have your own bank account at one of these banks, and they will keep your money safe for you. They also give you a mate card so you can take out money or buy things at the shops without needing to hold cash. Sometimes, if you save a lot of money in your bank account, the bank will even give you some extra money as a reward for your good saving! Cool, huh?
A long time ago, people did not have banks. If they wanted to save their money, they would have to keep it in their homes which was not very safe, as there was always a risk of theft or loss. Later on, some people started to lend their money to others who were in need, and they charged interest for it. However, these lenders were only open for business during certain times and usually only dealt with people they knew personally.
It was only in 1841 that the first bank, known as the Western Australian Bank, was opened in Western Australia. This bank was very small, like a piggy bank, and only accepted large, gold coins. It was not easy to open a bank account, and only people with a lot of money could do it.
As time passed, more banks opened and people started to use paper money instead of gold coins. Banks also started to lend money to people who were not wealthy, which allowed them to buy houses or start a business. Bank tellers who had knowledge about money and savings also started to help their customers to save.
Today, there are many different types of banks in Western Australia, from big banks like Commonwealth Bank, Westpac, and ANZ, to smaller ones. You can have your own bank account at one of these banks, and they will keep your money safe for you. They also give you a mate card so you can take out money or buy things at the shops without needing to hold cash. Sometimes, if you save a lot of money in your bank account, the bank will even give you some extra money as a reward for your good saving! Cool, huh?