savings and loan association

(redirected from S&L)
Also found in: Thesaurus, Legal, Financial, Acronyms, Encyclopedia, Wikipedia.

savings and loan association

n. Abbr. S & L
A financial institution, organized cooperatively or corporately, that holds the funds of its members or clients in interest-bearing accounts and certificates of deposit, invests these funds chiefly in home mortgage loans and may also offer checking accounts and other banking services.

savings and loan association

n
(Banking & Finance) a US name for a building society

sav′ings and loan′ associa`tion


n.
a government-regulated savings institution in which deposits are exchanged for shares of ownership and funds are invested chiefly in home mortgages.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.savings and loan association - a thrift institution that is required by law to make a certain percentage of its loans as home mortgages
thrift institution - a depository financial institution intended to encourage personal savings and home buying
building society - British equivalent of United States savings and loan association