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savings and loan association

noun

Definition of savings and loan association

:a cooperative association organized to hold savings of members in the form of dividend-bearing shares and to invest chiefly in home mortgage loans — called also savings and loan

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First Known Use of savings and loan association

1887

SAVINGS AND LOAN ASSOCIATION Defined for English Language Learners

savings and loan association

noun

Definition of savings and loan association for English Language Learners

  • : a business that is like a bank and that holds and invests the money saved by its members and makes loans to home buyers

Law Dictionary

savings and loan association

noun sav·ings and loan association

legal Definition of savings and loan association

:a cooperative association organized to hold savings of members in the form of dividend-bearing shares and to invest chiefly in home mortgage loans

Learn More about savings and loan association

  1. Britannica.com: Encyclopedia article about savings and loan association

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