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Meaning of “savings and loan association” in the English Dictionary

"savings and loan association" in British English

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savings and loan associationnoun [C]

uk   /ˈseɪ.vɪŋz ən ˈləʊn əˌsəʊ.si.eɪ.ʃən/  us   /ˈseɪ.vɪŋz ən loʊn əˌsoʊ.si.eɪ.ʃən/ US (UK building society)
(Definition of savings and loan association from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"savings and loan association" in Business English

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savings and loan associationnoun [C]

uk   us   (also savings and loan, abbreviation S & L) FINANCE, BANKING
in the US, an organization similar to a bank that provides financial services including savings accounts and mortgages: As a village savings and loan association, the group gathers the savings of members and lends them to the members.
(Definition of savings and loan association from the Cambridge Business English Dictionary © Cambridge University Press)
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