The-definition.com

Definition

Savings and loan association (S&L)

Corporation that traditionally offered savings accounts with interest rates higher than banks. Since deregulation, an S&L offers both checking and savings accounts but still uses the majority of funds to finance home mortgages. Along with savings banks, sometimes called a thrift.

Share it:  Cite

More from this Section

  • Due date
    Due date is the date on which a bill of exchange or other instrument becomes due and payable. ...
  • Captive insurer
    Captive insurer is an insurance company established and owned by a parent firm in order ...
  • Full retirement age
    Full retirement age at which full unreduced retirement benefits are payable to beneficiaries ...
  • J-curve effect
    J-curve effect— effect of a weaker dollar on the U.S. trade balance in which the trade ...
  • Points quotation
    Points quotation is a forward quotation expressed only as the number of decimal points ...