Written by the Fiveable Content Team • Last updated September 2025
Written by the Fiveable Content Team • Last updated September 2025
Definition
A thrift institution is a financial organization primarily engaged in accepting savings deposits and making mortgage, real estate, and other loans. They include savings and loan associations (S&Ls), credit unions, and savings banks.
Related terms
Savings and Loan Association: A type of financial institution that specializes in accepting savings deposits and making mortgage loans.
A member-owned financial cooperative that offers similar banking services like saving accounts and loans but is usually nonprofit.
Mortgage Loan: A loan secured by the collateral of some specified real estate property which the borrower is obliged to pay back with a predetermined set of payments