What is another word for savings institution?
Pronunciation: [sˈe͡ɪvɪŋz ˌɪnstɪtjˈuːʃən] (IPA) 
A savings institution is a financial institution that accepts deposits from individuals and businesses and provides them with a range of savings and investment products. There are several synonyms for the term "savings institution," including savings bank, thrift institution, savings and loan association (S&L), and credit union. While these terms are often used interchangeably, there are some slight differences between them. A savings bank is a financial institution that primarily accepts deposits and provides savings accounts, while a thrift institution is a broader term that encompasses savings banks, S&Ls, and credit unions. S&Ls primarily focus on mortgage lending, while credit unions are member-owned financial cooperatives. Regardless of the term used, these institutions all play a crucial role in helping people save and invest for their future.
