mutual saving

Mutual savings refer to a system where individuals pool their savings together within a cooperative organization, such as a mutual savings bank or credit union. Members contribute money regularly, which is then used to provide loans or other financial services to fellow members, often at favorable rates. Profits generated are typically shared among members or reinvested to improve services. This structure emphasizes community ownership and democratic control, aligning the interests of savers and borrowers. Mutual savings are a way for individuals to grow their savings while also supporting community financial stability.