Thrifts, along with commercial banks and credit unions, qualify as depository institutions.  

• Most people are familiar with commercial banks and credit unions, but the line becomes fuzzy when defining a thrift.  
• Thrifts are essentially savings and loan associations that help members’ savings grow at a higher interest rate. More importantly, they are savings banks that specialize in real estate. 
• Originally, thrifts only offered savings accounts and time deposits, but over the past 20 years, the banks’ scope of services has expanded to meet the needs of the average consumer.  

• They now offer the same products as credit unions and commercial banks. 

Source: Ramesh Singh