building society

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Related to Building societies: Building Societies Act

building society

One of a number of organizations in Britain that finance the purchase of a home in exchange for the purchaser’s down payment cost, plus interest; often backed by an insurance company.
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Now that banks and building societies have rebuilt their funding, competition for retail funding has fallen and savers' rates with it.
I have never been tempted to switch to a bank - even though from time to time I've noticed them paying one or two per cent extra - because I trust building societies more.
It is a significant development that the boards of two 'top 11' building societies have concluded that the interests of stability will be better served under Nationwide - and one which makes further consolidation in this sector almost inevitable.
The policy sends out entirely the wrong message, especially to children who you'd think would be encouraged to develop the savings habit to make them valued customers of building societies in their later lives when they have thousands of pounds, rather than pennies, to save.
Nikki Foster, of Chase de Vere, said: "The big banks keep an awful lot of money for themselves, so it's nice to see something being given back to savers by building societies.
In effect private clubs for the economic betterment of members living within a limited geographic area, terminating building societies flourished in Great Britain in the first half of the nineteenth century, but by 1850 were being replaced by permanent building societies that operated more like modern savings banks (although some new terminating building societies were still being formed in the 1860s and 1870s).
The Treasury is considering allowing mutuals, such as the Newcastle, Nationwide, Chelsea and Yorkshire building societies, to raise more funding from so-called non-members.
But in a report for the Building Societies Association, Oxford University professor Jonathan Michie said: "It is vital banks face strong competition from mutual building societies.
He was dedicated to the pursuit of these principles by being involved in the Building Societies Association both locally and nationally, his hard work being recognised when the Queen bestowed upon him an OBE.
Two rival building societies and two banks are understood to be in the frame.
STAFF at one of the country's biggest building societies have had their bonuses slashed to cover losses built up through reckless lending by banks.
REGIONAL building societies are fighting an online onslaught in the home loan business and helping restore confidence by going back to their local roots.

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