An organization formed as a depository for primarily consumer savings. Savings and loan associations and savings banks are thrift institutions. Bloomberg Financial Dictionary
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thrift institution UK US noun [C] (also thrift) BANKING, PROPERTY
► in the US, a type of bank that allows you to save money or borrow money to buy a house: »
Thrift institution is a general term for savings banks and savings and loan associations.
»These days, thrifts place most of their money into boring but safe mortgages.
Financial and business terms. 2012.