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Today in History: First Savings Bank in New York City Incorporated

3/16/2025

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Summary

Story summary

On March 16, 1819, the Bank for Savings in the City of New-York was incorporated, marking the establishment of the first savings bank in New York City. This institution aimed to collect deposits from savers and invest them with low risk, providing a secure way for residents to grow their savings.

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Story summary

On March 16, 1819, the Bank for Savings in the City of New-York was incorporated, marking the establishment of the first savings bank in New York City. This institution aimed to collect deposits from savers and invest them with low risk, providing a secure way for residents to grow their savings.