About Philadelphia Savings Fund Society
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, becoming the first savings bank to organize and do business in the United States. The bank would grow into being one of the largest savings banks in the United States and become a Philadelphia institution with generations of Philadelphians opening up accounts as children and becoming life-long depositors. The bank was organized by a group of men led by Condy Raguet after reading about the concept of savings banks becoming popular in Great Britain. The bank quickly began to expand by adding services and branches and moving into larger headquarters buildings. By the late 1910s PSFS had the largest number of depositors of any savings bank in the United States and was second to the Emigrant Savings Bank in the amount of money deposited. PSFS began programs in the 1920s that encouraged children to put money into savings accounts instead of spending it on treats and school programs, allowing children to open accounts with PSFS.