Savings and loan association primarily for property purchase with regulations similar to those of a bank
An institution regulated by the Building Societies Act. Building Societies are mutual organisations owned by their members and are restricted as to the amount of their funds, which they are allowed to raise from the money markets. In addition, the Building Societies Commission lays down restrictions on their lending criteria. Thus building societies are less able to help with certain categories of loans than are banks.
Similar to a bank but owned by members of the building society rather than shareholders in a company (bank).
building society is an organisation owned by its members (rather than by shareholders) which pays interest on deposits and lends money on the security of property to enable members to buy their own homes. This money used to come exclusively from individual saving members who are paid interest. These days an increasing proportion, but still a minority of the funds are raised on the commercial money markets. Increasing numbers have converted to banks in recent years, paying windfall profits to the owners (demutualisation). British equivalent of United States savings and loan association.
A building society is a mutual organisation owned by its members - its savers and borrowers. It's traditional purpose was to lend money to individuals to purchase or remortgage their homes. This money used to come exclusively from individual saving members who are paid interest. These days an increasing proportion, but still a minority of the funds are raised on the commercial money markets.
an organization that receives deposits and lends money as mortgages to homebuyers.
A type of non-bank financial institution, established principally for the purposes of providing bank-type savings vehicles and home finance to individual borrowers. Building societies are regulated by the Australian Financial Institutions Commission and individual State-based supervisory bodies.
Similar to a Savings and Loan in the U.S., it is a UK savings institution that specializes in loans for house purchase. Their members own building societies.
Financial institution which enables members to buy their own homes by paying interest on deposits and lending money on the security of property.
It's a financial institution which helps its member to buy their own homes, after paying interest on deposits and lends them money to do so .
A mutual society whose principal purpose is to supply mortgages and savings accounts.
a financial institution that offers savings accounts and
a mutually owned organization whose prime business is to offer mortgages and savings accounts
a mutual organisation owned by its members - its savers and borrowers - and not by shareholders
a mutual society owned by its members
a Savings and Home Loan institution registered under the Building Societies Act
a society established by a number of persons to raise by their subscriptions a fund for making advances to members upon mortgage
Building Societies are mutual organisations regulated by the Building Societies Act. This means that their members (those with an account or a mortgage which confers membership rights) actually own the organisation. Building Societies are only allowed to raise limited external funds and are generally stricter to whom they lend than Banks and other organisations. There has been much interest in mutual building societies because of the so-called 'windfall benefits' However, the window of opportunity to gain has largely been closed now.
'Mutual' non-profit-making institutions set up to lend money to their members for house purchase. Building societies are 'mutual;' because they are owned by their members, and their members are entitled to their profits and benefits.
Different from a bank in that this is a mutual organisation and is thus owned by people that save with it, or borrow money from it. In the last 10 years many have converted to banks, paying out windfalls to customers as they do so. As a result, some individuals have attempted to save with particular building societies that they believe will soon convert to banks (and hence pay them a windfall payment). Such individuals have become known as 'carpet-baggers'.
This is an organisation, which can lend you money to purchase a property or re-mortgage a property
A financial institution that pays interest to people who deposit money in savings accounts and lends money to people buying or improving property. Building societies were traditionally non-profit making, having no shareholders. Today, most offer a similar range of services to that of banks, and many have converted to public companies.
Is an institution regulated by the Building Societies Act. Building Societies are owned by their members and they are restricted in the way they are allowed to raise funds from the money markets. In addition, the Building Societies Commission lays down restrictions on their lending ability. Therefore they are less able to help with some types of loan than are banks.
A financial institution offering many of the services offered by banks. Building societies are usually owned by members.
A mutual organisation, owned by the people saving with and borrowing from it. Increasing numbers have converted to banks in recent years, paying windfall profits to the owners. See demutualisation.
Building societies used to be financial institutions registered in terms of the Building Societies Act 24 of 1965, and were then the main source of finance for home loans. All but two building societies were later converted into banks. The Building Societies Act (later renamed the Mutual Building Societies Act) was finally repealed in 1993, and the two remaining building societies were then converted into mutual banks registered in terms of the Mutual Banks Act 124 of 1993. Strictly speaking, therefore, there are no longer any 'building societies' in South Africa; only banks registered in terms of the Banks Act 1990, and mutual banks registered in terms of the Mutual Banks Act 1993. The expression 'building society' is however, still commonly used in practice and refers generally to a financial institution that can be approached for home loan finance.
Organisation owned by its members and not its shareholders. They operate like banks in that the organisation will take deposits and give out loans. A building society does not pay out to dividends and therefore can offer more savings to its members.
A building society is a mutual organisation owned by its members not by shareholders. Members are the people who save with and borrow from the building society. Building societies do not pay dividends to shareholders so they can pass this saving on to members. However building societies are regulated by the Building Societies Commission who restrict their lending criteria, meaning building societies often have more limited product ranges than banks.
This is a financial institution, regulated by the Building Societies Act. Building societies are ‘mutualâ€(tm) organisations, ie: owned by their members. Their main purposes are to provide mortgages and savings accounts, although many are also now branching out into other areas in the financial services industry.
Building societies are mutual organisations owned by their members and regulated by the Buildings Societies Act. The Building Societies Commission lays down restrictions on their lending criteria, so they are less able to help with certain categories of loans.
Institutions operating in a similar fashion to banks. That is, they take deposits and provide loans. Customers are ‘members’.
An organisation that is owned by its members, who are some or all of the customers saving with or borrowing from the society. They often offer a range of financial services and are similar to banks. Building societies must be authorised to take your money.
Building societies are mutually owned organisations, which exist not for profit but for the benefit of the members. The idea of this is that the society is able to offer cheaper products to its members, though this is not always the case.
A financial institution owned by its members (rather than by shareholders) which pays interest on deposits and lends money on the security of property to enable members to buy their own homes. The distinction between building societies and banks (which have historically offered a much wider range of financial services but often at a higher cost) is now much reduced and the main difference is often the question of ownership.
Mutual organisation specialising in lending money to individuals to purchase or remortgage residential properties. Most of this money comes from individual saving members who are paid interest. A proportion of building society funds is also raised on the commercial money markets. Since the early eighties there has been a progressive relaxation of the rules governing the allowable sources of building society funds for lending to allow societies to compete more effectively with banks and there is now no restrictions as between the allowable proportions of 'retail' and 'wholesale funding'.
Financial institutions offering savings accounts and mortgages as their main business. Many are mutual institutions, which are owned by their members rather than shareholders.
A place to hold savings and investments, offering similar facilities to banks.
Mutually-owned UK savings institution that specialises in loans for house purchase.
A financial institution generally offering a wide range of financial services. A co-operative owned institution raising funds from individuals & the wider market.
A non-bank financial institution that offers finance to borrowers and bank-type savings accounts.
A financial services organisation which is similar to a bank but it is owned by members. Building societies were first developed so that they could lend money to their members for purchasing property or a business.
Mutual non-profit-making institutions set up to lend money to their members for house purchase. Building Societies are owned by their members, and their members are entitled to their profits and benefits. Many Building Societies have demutualised and effectively turned themselves into profit making banks.
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.
A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending.