Thrift Association

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Definition of 'Thrift Association'

A thrift association, also known as a savings and loan association (S&L), is a financial institution that specializes in providing savings accounts and home loans. Thrift associations are regulated by the federal government and are required to meet certain financial standards. They are also subject to the same regulations as banks, including the requirement to have FDIC insurance.

Thrift associations were originally formed in the United States in the 1800s as a way for people to save money and invest in their communities. They were often located in small towns and rural areas, where there were few other financial institutions. Over time, thrift associations grew in size and number, and they now operate in all parts of the country.

Today, thrift associations offer a wide range of financial products and services, including savings accounts, checking accounts, certificates of deposit, loans, and mortgages. They also offer investment products, such as mutual funds and annuities.

Thrift associations are a popular choice for people who are looking for a safe place to save their money and who want to invest in their communities. They offer competitive interest rates on savings accounts and CDs, and they have a long history of providing affordable home loans.

If you are considering opening a savings account or a CD, you may want to consider a thrift association. They offer a variety of products and services that can meet your financial needs.

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