Meaning of building society in English:

building society

Pronunciation

Translate building society into Spanish

noun

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

    ‘Child Trust Fund accounts are available from banks, building societies and other financial organisations.’
    • ‘High-rise flats or tower blocks are considered by many banks and building societies unsuitable for mortgage lending.’
    • ‘Later, other lenders jumped on board the lucrative credit bandwagon, including building societies and smaller banks.’
    • ‘In other words, banks and building societies have been using base-rate changes to widen their margins and boost their profits.’
    • ‘It may deter housebuilders from providing homes for which there is a local demand and building societies from providing mortgage finance.’
    • ‘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.’
    • ‘Investment International asked offshore banks and building societies for their tips on getting the best value from your deposits.’
    • ‘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.’
    • ‘As ever, we have selected a few types of deposit account and ranked the banks / building societies accordingly.’
    • ‘Most banks and building societies typically respond to a base rate cut with the announcement that they will cut savings rates.’
    • ‘Generations grew up saving with their local building societies, which they later approached for home loans.’
    • ‘Millions of people buy life insurance from the most expensive source: high-street banks and building societies.’
    • ‘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.’
    • ‘Most banks and building societies will lend to customers who do not have a deposit, usually first-time buyers.’
    • ‘None of the banks or building societies would lend them any money.’
    • ‘As the accompanying table shows, a number of banks and building societies are now offering special rates for investors.’
    • ‘On the other hand, my sister saved hard for years and was rewarded with windfall shares when her building society became a bank.’
    • ‘In a hugely competitive market, building societies and banks are continually updating and extending their range of mortgages.’
    financial institution

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