Definitions for building society
build·ing so·ci·ety

Princeton's WordNetRate this definition:0.0 / 0 votes

1. building societynoun

   British equivalent of United States savings and loan association

WiktionaryRate this definition:0.0 / 0 votes

1. building societynoun

   A type of financial institution which traditionally was based on lending money (as mortgages) to society members to buy houses, from other members pooled savings and/or money borrowed wholesale.

WikipediaRate this definition:0.0 / 0 votes

1. 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, especially savings and mortgage lending. Building societies exist in the United Kingdom, Australia and New Zealand, and used to exist in Ireland and several Commonwealth countries. They are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups. In the United Kingdom, building societies actively compete with banks for most consumer banking services, especially mortgage lending and savings accounts, and regulations permit up to half of their lending to be funded by debt to non-members, allowing societies to access wholesale bond and money markets to fund mortgages. The world's largest building society is Britain's Nationwide Building Society. Further, in Australia, building societies also compete with retail banks and offer the full range of banking services to consumers.

ChatGPTRate this definition:0.0 / 0 votes

1. building society

   A building society is a type of financial institution owned by its members, similar to a credit union. These societies offer banking and related financial services, including mortgage lending. They are typically based in the United Kingdom and Australia. The premise of these institutions is that members pool their resources to assist each other in buying homes, essentially making it a cooperative for home purchasing or improvement.

WikidataRate this definition:5.0 / 1 vote

1. 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, especially mortgage lending. These institutions are found in the United Kingdom and several other countries. The term "building society" first arose in the 18th century in Great Britain from cooperative savings groups. In the UK today, building societies actively compete with banks for most consumer banking services, especially mortgage lending and savings accounts. Every building society in the UK is a member of the Building Societies Association. At the start of 2008, there were 59 building societies in the UK, with total assets exceeding £360 billion. The number of societies in the UK fell by four during 2008 due to a series of mergers brought about, to a large extent, by the consequences of the financial crisis of 2007-2010. With three further mergers in each of 2009 and 2010, and a demutualisation and a merger in 2011, the current number of building societies is at 46.

Matched Categories

1. • Savings And Loan

How to pronounce building society?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say building society in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of building society in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of building society in Pythagorean Numerology is: 3

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=building society
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Building_Society
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Building_Society
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=building society