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building society Line breaks: build|ing so|ci¦ety

Definition of building society in English:

noun

British
A financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.
Example sentences
  • Child Trust Fund accounts are available from banks, building societies and other financial organisations.
  • High-rise flats or tower blocks are considered by many banks and building societies unsuitable for mortgage lending.
  • Later, other lenders jumped on board the lucrative credit bandwagon, including building societies and smaller banks.

Building societies originally developed as non-profit-making cooperative societies from friendly societies. Since 1986 changes in legislation have allowed them to offer banking and other facilities, and some have become public limited companies

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