A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending.
The term building society first arose in the 19th century, in the United Kingdom, from working men's co-operative savings groups: by pooling savings, members could buy or build their own homes.
In the UK today building societies actively compete with banks for most "banking services" especially mortgage lending and deposit accounts. As of 2007 there are 60 building societies in the UK with total assets exceeding £305 billion[1].
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