As a means to encourage the banking industry in the U.S., on July 2, 1819, the first savings bank in the U.S. formally opened. The bank, located in New York City, was the first in the U.S. to hold savings and conduct daily business with clients.
Today In History- July 3
The first savings bank in the United States (The Bank of Savings in New York City) opens.
New York City Savings Bank opened as 1st Savings in U.S.
- New York City, New York
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