Savings banks are financial institutions that allow people to deposit their money and receive interest on those deposits. These banks are also known as thrifts or savings and loan associations, and they offer a range of banking services to their customers. The term savings bank is often used interchangeably with other terms like savings institution, building society, or credit union. Savings institutions offer a variety of accounts, including savings accounts, checking accounts, and investment accounts. Building societies are similar to savings banks, but they are more focused on providing mortgages and other loans. Credit unions are cooperatives that are owned and operated by their members, and they offer a range of financial services to their members.