- Building Society
- A type of financial institution that provides banking and other financial services to its members. Building societies resemble credit unions in the U.S. in that they are owned entirely by their members. These societies offer mortgages and demand-deposit accounts and are often backed by insurance companies.
"Building society" was first introduced as a term in 19th century England from groups of co-op savers in the building trades. These institutions are now major competitors of banks in the U.K. and are the equivalent of U.S. savings and loan institutions. Building societies can also be found in other countries, such as Australia, Ireland and Jamaica.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
building society — building societies N COUNT In Britain, a building society is a business which will lend you money when you want to buy a house. You can also invest money in a building society, where it will earn interest. Compare savings and loan association … English dictionary
building society — a financial institution whose purpose or principal purpose is that of raising, primarily through the subscription of its members, a stock or fund for the making of loans secured on land for residential use governed by the Building Societies Act… … Law dictionary
building society — ► NOUN Brit. ▪ a financial organization which pays interest on members investments and lends capital for mortgages … English terms dictionary
Building society — Nationwide Building Society is the UK s and the world s largest building society A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services,… … Wikipedia
building society — noun British equivalent of United States savings and loan association • Hypernyms: ↑savings and loan, ↑savings and loan association * * * building society, British. a savings and loan association. * * * noun, pl ⋯ ties [count] : a British… … Useful english dictionary
building society — A form of mutual organisation owned by its depositors and borrowers. Their original purpose was to take deposits and recycle these as mortgage loans for buying houses. However, modern large building societies have extended their role such that… … Financial and business terms
building society — / bɪldɪŋ səˌsaɪəti/ noun a financial institution which accepts and pays interest on deposits, and lends money to people who are buying property against the security of the property which is being bought ● We put our savings into a building… … Dictionary of banking and finance
building society — UK / US noun [countable] Word forms building society : singular building society plural building societies a) a financial organization in the UK in which people invest money to earn interest, and from which they can borrow money to buy a house or … English dictionary
building society — noun Building society is used before these nouns: ↑account, ↑deposit … Collocations dictionary
building society — building so.ciety n BrE a type of bank that you pay money into in order to save it and earn interest and that will lend you money to buy a house or apartment American Equivalent: savings and loan association … Dictionary of contemporary English