A thrift bank, also known as a Savings and Loan Association (S&L), is a type of financial institution that accepts savings deposits and then lends money to customers through mortgages and other loans.
Thrift banks differ from larger commercial banks such as Wells Fargo or Bank of America in that they typically offer higher savings account yields and offer limited lending services to businesses.
While traditional savings accounts and home loan provenance are the core offerings of thrifts, these institutions also provide checking accounts, personal and auto loans, and credit cards to consumers. They do, however, prioritise home financing for single-family residences. Thrifts are either structured as corporate entities owned by their shareholders or as mutually owned entities owned by their borrowers and depositors.
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