In the 1960s, generally only the more well - off, salaried employees had bank accounts. Payment of wages in cash was the norm. Cheques accounts were more likely to be held by businesses than the man in the street. For sending payments by post, Postal Orders were widely used.

The 'big four' clearing banks at the time were, Barclays, Lloyds, Midland and the newly merged National Westminster (Nat West).

National Giro was set up by the Post Office in 1968, and was an initiative of the Labour government to provide banking facilities for those people who did not have bank accounts. The process was overseen by the politician Tony Benn the Postmaster General.