Definition of “building society” - English Dictionary

English

“building society” in English

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building societynoun [ C ]

uk /ˈbɪl.dɪŋ səˌsaɪ.ə.ti/ us /ˈbɪl.dɪŋ səˌsaɪ.ə.t̬i/ UK US savings and loan association

Examples from literature

  • Friendly societies have largely taken to investing their surplus funds in loans to members on the building society principle. 
  • In Victoria, Australia, a crisis occurred, in which many building societies suffered severely. 
  • It is difficult to over-estimate the social value of the work that has been done by building societies. 
  • The colonist is very fond of living in his own house and on his own bit of ground, and building societies and the extensive mortgage system which prevails enable him easily to gratify this desire. 
  • The result was to weaken confidence in building societies generally, and this was very marked in the rapid decline of the amount of the capital of the incorporated building societies. 

(Definition of “building society” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

“building society” in Business English

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building societynoun [ C ]

uk us US Savings and Loan Association FINANCE, BANKING

in the UK, an organization similar to a bank which provides financial services including savings accounts and mortgages (= loans to buy houses):

Interest will be taxed on bank and building society accounts.

(Definition of “building society” from the Cambridge Business English Dictionary © Cambridge University Press)