Building Societies

A building society is a financial institution owned by its members who form a mutual organisation. Building societies differ from banks because they are not listed on the stock market nor owned by shareholders. Because of not having shareholders to appease, building societies claim to offer higher rates of interest and cheaper mortgages. Building societies offer the same services as banks, which include – current and savings accounts, chequebook, credit card, overdraft facilities, debit card, insurance, investment, travel services, loans, and investments. Building societies are available to all individuals and companies although they are risk adverse with people who fall under the following categories; poor credit history, outstanding county court judgments, fraud convictions, and defaulted on payments previously agreed.