Definition of building society in English:

building society


  • A financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.

    • ‘Investment International asked offshore banks and building societies for their tips on getting the best value from your deposits.’
    • ‘Child Trust Fund accounts are available from banks, building societies and other financial organisations.’
    • ‘It may deter housebuilders from providing homes for which there is a local demand and building societies from providing mortgage finance.’
    • ‘Later, other lenders jumped on board the lucrative credit bandwagon, including building societies and smaller banks.’
    • ‘As ever, we have selected a few types of deposit account and ranked the banks / building societies accordingly.’
    • ‘It has more than 30 clients, ranging from banks and building societies to insurance companies and finance houses.’
    • ‘Of course, there is also the additional risk that the building society or bank could run into financial trouble.’
    • ‘Surely the interest paid over the life of the mortgage is enough for banks and building societies to absorb the costs themselves’
    • ‘As a result, banks and building societies have been chopping their savings rates although you may not necessarily know it.’
    • ‘We will use the unclaimed assets of banks and building societies to rebuild the pension funds of people who have lost out through no fault of their own.’
    • ‘None of the banks or building societies would lend them any money.’
    • ‘In a hugely competitive market, building societies and banks are continually updating and extending their range of mortgages.’
    • ‘In other words, banks and building societies have been using base-rate changes to widen their margins and boost their profits.’
    • ‘As the accompanying table shows, a number of banks and building societies are now offering special rates for investors.’
    • ‘High-rise flats or tower blocks are considered by many banks and building societies unsuitable for mortgage lending.’
    • ‘Millions of people buy life insurance from the most expensive source: high-street banks and building societies.’
    • ‘Most banks and building societies will lend to customers who do not have a deposit, usually first-time buyers.’
    • ‘On the other hand, my sister saved hard for years and was rewarded with windfall shares when her building society became a bank.’
    • ‘Generations grew up saving with their local building societies, which they later approached for home loans.’
    • ‘Most banks and building societies typically respond to a base rate cut with the announcement that they will cut savings rates.’
    financial institution
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Building societies originally developed as non-profit-making cooperative societies from friendly societies. Since 1986 changes in legislation have allowed them to offer banking and other facilities, and some have become public limited companies


building society