thrift

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Federal Savings and Loan Association

A federally chartered bank that specializes in taking deposits for checking and savings accounts, as well as making home mortgages. Savings and loan associations tend to be smaller than other banks and are more focused on the local communities in which they operate. It is sometimes (but not always) easier to obtain a loan from a savings and loan association because it may have better knowledge of the local market. They derive most of their funds from customer savings accounts, but they also generally have easy access to loans from the Federal Home Mortgage Banks. They are also known as thrifts. They are regulated by the Office of Thrift Supervision.

thrift

A financial institution that derives its funds primarily from consumer savings accounts. The term originally referred to those institutions offering mainly passbook savings accounts. But the industry evolved through financial deregulation to the point where these accounts often provide only a small source of funds for many thrifts. The term often refers to savings and loan associations, but can also mean credit unions and mutual savings banks.
References in periodicals archive ?
We need to dream awhile and let inspiration give light to imagination - to imagine what we could achieve with all factors working thriftily and wisely towards our common good, especially to embrace the new challenges of green manufacture and, yes, keep our museums celebrating our industrial revolution and our common heritage.
They thriftily turned off their heating but left the water on.
Jamie's new television series, Money Saving Meals, aims to help families reduce food waste and eat thriftily.
It also has great ideas for making frugal soft furnishings, information on where and how to shop thriftily and advice on the best budget buys.
Only in this way is it possible to invest thriftily in advertising and achieve optimal effects.