A Savings and Loan Association (S&L) is a financial institution that primarily focuses on accepting deposits and providing home loans. These associations are designed to promote savings among individuals and help them finance the purchase of homes. S&Ls typically offer higher interest rates on savings accounts compared to traditional banks. S&Ls are often member-owned, meaning that the depositors are also the shareholders. This structure allows them to provide competitive rates and lower fees. They play a crucial role in the housing market by facilitating mortgage lending, making homeownership more accessible to the public.