11 Facts About Building society

Building society is a financial institution owned by its members as a mutual organization.

Building society societies offer banking and related financial services, especially savings and mortgage lending.

Building society societies exist in the United Kingdom, Australia and New Zealand, and used to exist in Ireland and several Commonwealth countries.

Borrowers and depositors are Building society members, setting policy and appointing directors on a one-member, one-vote basis.

The first building society to be established was Ketley's Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775.

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The management of a number of societies still felt that they were unable to compete with the banks, and a new Building society Societies Act was passed in 1986 in response to their concerns.

The deregulating Building society Societies Act 1986 contained an anti-carpetbagger provision in the form of a two-year rule.

Building society societies converting to banks are no longer required to demutualise.

Building society Societies Act of 1962 allowed for the registration of building societies in Eswatini.

Registration as a building society is merely a process of establishing the entity as a corporation.

In Zimbabwe, Central Africa Building Society is the leading building society offering a diverse range of financial products and services that include transaction and savings accounts, mobile banking, mortgage loans, money market investments, term deposits and pay-roll loans.