Financial historians says that the first building society was born in Birmingham, England in 1775. This local financial institution emerged into permanent building society, when started accepting new members on the continuous basis.
Building societies was (and still are) very popular across Great Britain where many towns has their own local building society. However, we see consolidation process nowadays, as building societies merge to establish bigger financial institutions. We could see the same situation, when comes to Credit Unions. Bigger scale of operations help to compete with banks.
Building societies are great alternative for people looking for mortgage and other housing needs. In fact, this is the community based financial institution, owned by its members, where mutual benefit is the primary basis of operation, and that work for the financial well-being of their depositors and borrowers.
Shortly saying, building societies are mutual organisations that offer banking, mortgage lending and other financial services. However, building societies are not regular banks, where you can see the pressure to maximise profits.
This way, building societies usually offer better rates of interest on savings and offer cheaper mortgages than competitors on the market.
It seems that building society mutual model continues to maintain the respect and trust of their members and customers. Banking model build on long-term relationships with customers, members owning the business and on transparent culture of doing business, seems very important nowadays in recent and current turmoils, in the global economy.
As we know from the past, building societies usually do not take unnecessary risks in the banking activity. They rather focus on transparency, prudent management, quality, and offering excellent and competitive savings and mortgage products to its members.
We are sure, if building societies going to keep the above-average style of working standards, there is bright future for this kind of financial institutions.
Please browse quality building society sites, listed below in our Best Financial Directory.
Building societies usually offer a range of mortgage products to help those looking to move home or remortgage,
and have a selection of competitive interest rate options for their respected members.
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