Noun: savings and loan association
Usage: US (elsewhere: building society)
Usage: US (elsewhere: building society)
- A thrift institution that is required by law to make a certain percentage of its loans as home mortgages
"They got their first home loan from a savings and loan association";
- savings and loan, building society [Brit]
- British equivalent of United States savings and loan association
"They opened an account with a local savings and loan association to save for a house deposit";
- building society [Brit]
Derived forms: savings and loan associations
Type of: thrift [US], thrift institution [US]
Encyclopedia: Savings and loan association