building society

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 society or into a building society account.
● I have an account with the Nationwide Building Society.
● I saw the building society manager to ask for a mortgage.
COMMENT: Building societies mainly invest the money deposited with them as mortgages on properties, but a percentage is invested in government securities. Societies can now offer a range of banking services, such as cheque books, standing orders, overdrafts, etc., and now operate in much the same way as banks. Indeed, many building societies have changed from ‘mutual status’, where the owners of the society are its investors and borrowers, to become publicly-owned banks whose shares are bought and sold on the stock exchange. The comparable US institutions are the savings & loan associations, or ‘thrifts’.

Dictionary of banking and finance. 2015.

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