Building Society

finance · banking · UK · community

Member-owned banks. Building societies are owned by the people who use them, not by outside investors. Every member gets one vote in decisions, so everyone has an equal say in how the bank is run.

Home lending experts. These banks focus mainly on helping people borrow money to buy houses through mortgages. They grew out of groups of friends who saved money together to help each other afford homes.

Savings and services. Building societies let you save money safely and offer other banking services like checking accounts, credit cards, and personal loans. Members earn the profits instead of outside shareholders.

Around the world. Building societies exist in the United Kingdom, Australia, and New Zealand today. They used to be in Ireland and other Commonwealth countries too, but some changed into regular banks over time.

Like credit unions. Building societies work similarly to credit unions, but with a special focus on helping people buy homes rather than just promoting general saving.