thrifts

Thrifts are financial institutions that primarily focus on serving their members by accepting savings deposits and providing mortgage or personal loans. Unlike big commercial banks, which aim to maximize profits and serve the general public, thrifts often operate as mutual organizations or cooperatives, reinvesting earnings to benefit their members. Common examples include credit unions and savings and loan associations. They tend to offer competitive interest rates on savings and loans and emphasize personalized service. Essentially, thrifts are member-focused financial entities that help individuals save money and access credit, often fostering community development.