Definition of trustee bank in English:

trustee bank

noun

British
  • A bank offering savings facilities for small investors and managed by unpaid trustees; (also in later use) a bank in which trust money is deposited.

    The first trustee savings bank was established by Reverend Henry Duncan in 1810 to benefit the poorer members of his local community. Between 1970 and 1985 all trustee savings banks were amalgamated into the TSB Group plc, which merged with Lloyds Bank in 1995, and divided from it again in 2013.

Origin

Mid 19th century; earliest use found in untitled.