Thrift Institution (Noun)
Meaning
A depository financial institution intended to encourage personal savings and home buying.
Classification
Nouns denoting groupings of people or objects.
Examples
- The credit union was a thrift institution that provided affordable loans to its members for purchasing homes.
- She worked for a thrift institution that specialized in providing mortgages to low-income families.
- The thrift institution was established to promote home ownership and provide a safe place for people to save their money.
- As a non-profit organization, the thrift institution was exempt from paying taxes on its earnings.
- The government-backed thrift institution offered attractive interest rates on savings accounts to encourage people to deposit their money.