Higher rates - Big Banks vs Savings an Loan Associations in Estonia
Higher rates - Big Banks vs Savings and Loan Association Savings and Loan Association (hereby SLA) is a financial institution that offers financial services as permitted by the relevant legislation. Most of these activities include accepting deposits, giving out loans and mortgages to members. They are owned privately by the members - who are depositors and borrowers. These members have voting rights, and have the power to dictate the financial and managerial goals of the association. Depositors and borrowers become members through a small membership fee. Savings and Loan Associations in Estonia In terms of Estonia, their activities are defined and regulated by the Estonian Savings and Loan Associations Act and they offer term deposits, loans, mortgages, and some investment opportunities for members. Under the SLA Act, the membership is determined by simply joining an SLA and paying a small entry membership fee (article 11) , that is refundable (art 19)...