Savings and loan association

A savings and loan association (also known as a "thrift") is a type of bank that helps people save money and get loans when they need them. Savings and loan associations take deposits from people who want to save their money and keep it safe. They also use the money from these deposits to lend to people who need loans to buy things like a house or a car. So, the people who save their money with a savings and loan association are helping people who borrow money from the same association get what they need.