Economics becomes a science · 1770s–1920s
1911
Postal savings for everyone
The US Post Office starts taking small savings deposits, backed by the government.
In January 1911 the Postal Savings System opened. Anyone could open an account at a post office with as little as a dollar, and the deposits paid 2% interest, backed by the US government.
It was meant for people who didn't trust banks, including many immigrants, at a time when bank failures could wipe out savings. It closed in 1967, long after deposit insurance had made ordinary bank accounts safe.
💡 Why it made sense then
Families needed a safe place for a cash cushion, and many had seen banks fail.
🎮 In Journey Shares
Savings at the game's bank play the same role: a safe cushion, insured up to $25,000.
Ideas it gave us
- 🧭 Emergency fund
An emergency fund is cash set aside for surprises, like a job loss, a car repair or a medical bill, so you don't have to borrow or sell investments at a bad time.
Practise with $10,000 in play money
Free. No real money involved.