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 ORGANIZATIONS
an 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.