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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The loss surrounds the Financial Services Compensation Scheme, which is paid into by all banks and building societies to cover customers if a financial provider is struggling.
However, if any UK-registered financial institution - including building societies - were to go bust, only the first pounds 35,000 of your cash would be protected by the Financial Services Compensation Scheme.
The Building Societies Association (BSA) welcomed the move, but said the sector as a whole was coping well in the current climate.
It seems incredible that building societies who spend millions of pounds on advertising for new customers should turn down cash deposits from existing customers simply because they can't be bothered to take them to the bank.
As our table on the right shows, all six of the instant access savings accounts from building societies pay higher rates of interest than the big banks.
Nearly two years ago, rules came into force which mean that banks, building societies and credit unions must prominently display stickers or posters in branches to help raise consumer awareness of compensation levels.
Its Building Societies Database, which tracks the financial performance of the mutual sector, saw healthy results for most building societies, which are now well-placed to benefit from an upturn in the economy and increasing demand for mortgages.
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.
Two rival building societies and two banks are understood to be in the frame.
SAVERS worried about banks going bust have been depositing their cash with building societies.
REGIONAL building societies are fighting an online onslaught in the home loan business and helping restore confidence by going back to their local roots.
NEXT year will see at least five further mergers among the United Kingdom's 59 remaining building societies, as mutuals are forced to get leaner and smarter to survive, according to accountants Deloitte.

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