New York’s First Savings Bank

Cast Bronze "Rocketship" Coin Bank (LEO Design)

On this day in 1819, New York’s first savings bank, The Bank of Savings, opened on Bleecker Street at Crosby.  Savings banks had been well-received in Europe in the prior century and both Boston and Philadelphia already had one apiece.  They were usually opened by local governments, guilds, or a wealthy, socially-conscious individual with the express objective of providing simple banking services for people of any economic class—and the New York version was no different.  In its charter, The Bank of Savings states its purpose: “to cherish meritorious industry, to encourage frugality and retrenchment, and to promote the welfare of families, the cause of morality and the good order of society.” Soon savings banks were opening in other American cities accepting (even small) deposits and paying interest to the saver.

The bank above, cast of bronze, might help a young saver develop good financial habits. Made in the Mid-West, it takes the form of a rocket ship.  Please click on the photo to learn more about it.


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