building society

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Related to Building societies: Building Societies Act

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. It was a 1986 Act which allowed building societies to act more like retail banks (see BANKING) - for example, by making unsecured loans and providing money transference facilities.
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Of the country's 46 building societies, 35 grew their assets in the 2012 financial year.
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.
This article is concerned with three terminating building societies established in Quebec City in 1850, when no other financial intermediaries tent on mortgages.
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.
5 July 2013 -- UK-based building societies Nottingham Building Society and Shepshed Building Society said they have completed their merger.
M2 EQUITYBITES-July 4, 2013-Nottingham, Shepshed building societies complete merger(C)2013 M2 COMMUNICATIONS http://www.
BUILDING societies could see their funding rules relaxed to boost their appeal as an alternative to major highstreet banks under proposals unveiled by the Government.
A MERGER between two UK building societies has been confirmed.
A report from the Building Societies Association says making the nationalised bank a building society once more could make it less likely to fall victim to another credit crunch.

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