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

british 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)