- 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 they are now virtually the same as banks. Dresdner Kleinwort Wasserstein financial glossary
* * *building society ˈbuilding soˌciety noun building societies PLURALFORM [countable] FINANCE ORGANIZATIONSan organization providing financial services to customers, especially lending money in the form of mortgage S to buy a house or flat and paying interest to savers. Building societies were originally formed to help people buy or build houses with money from people who saved with the society:
• I would have been better off investing in a building society investment account.
* * *A British financial institution which pools deposits from savers to provide mortgage financing for house purchases.
* * *building society UK US noun [C] (US Savings and Loan Association) FINANCE, BANKING► in the UK, an organization similar to a bank which provides financial services including savings accounts and mortgages (= loans to buy houses): »
Interest will be taxed on bank and building society accounts.
Financial and business terms. 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 — / 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 — 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… … Investment 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