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.
References in periodicals archive ?
Although increased competition, including from challenger banks and non-bank lenders, could over time result in a relaxation of underwriting standards as pressure on margins persists, the five building societies have maintained their risk appetite.
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.
'Building societies simply don't want our cash,' one customer said last night.
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.
Lending growth has helped the building societies to mitigate pressure on loan margins, and several building societies are also focusing on improving cost efficiency to strengthen profitability in the medium term.
At a time when more and more banks and building societies are reducing their financial advice, Newcastle Building Society is still providing access to Newcastle financial advisers in their 27 branches
Building societies consistently offer better savings rates than big banks, says independent advice site Savingschampion.co.uk.
The consumer group's team of researchers posed as new customers to ask 13 banks and building societies some basic questions about how the Financial Services Compensation Scheme (FSCS) works.
THE UK's building societies sector is getting back to business as usual following the stresses of the financial crisis, according to accountancy firm KPMG.
BANKING AND CREDIT NEWS-July 5, 2013--Nottingham and Shepshed Building Societies close merger(C)2013 M2 COMMUNICATIONS http://www.m2.com

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