What Is A Building Society
Below is a MRR and PLR article in category Society -> subcategory Other.
Understanding Building Societies
Across the UK, bustling High Streets feature branches of major multinational banks. These banks are familiar, well-known, and generally easy to understand. However, alongside them, you might spot a building society. Traditionally, these societies served only local residents and operated regionally. However, many now welcome customers nationwide, offering services via telephone and the internet, catering to those who live far from a branch.
How Building Societies Differ from Banks
The primary distinction between banks and building societies lies in their structure. Banks are often publicly traded, driven by shareholder interests. In contrast, building societies aren't listed on the stock market and don't have shareholders demanding dividends. This allows them to channel more benefits directly to customers, offering higher interest rates on savings and more competitive mortgage rates.
Building societies are founded as mutual institutions. This means that every account holder automatically becomes a member, with certain rights in decision-making processes. Customers have an equal vote, irrespective of their account balance, ensuring everyone has a say in the society’s operations.
Interestingly, some building societies have opted to relinquish their mutual status. In doing so, they provided members with lump sums and transitioned into traditional banks listed on the stock market.
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