What are Building Societies?

A Building Society is a financial institution with a membership which includes ownership. Building Societies offer lending, banking and other financial products such as mortgages. The term Building Society came from the United Kingdom, the 19th century, from co-operative savings groups. By pooling their savings, the members were able to buy or build their own homes.

Nowadays in the UK the Building Societies compete with banks offering almost the full gamma of financial products and mainly mortgage lending sector and deposit accounts. In 2007 there were 60 building societies in the United Kingdom possessing assets of more than £305 billion.

Building Society News from UK:

Other Building Society Products

• Online banking
• Savings
• Investments
• Credit Cards
• Insurance