building society: meaning, definition, pronunciation and examples
C1 (Advanced)Formal/Financial
Quick answer
What does “building society” mean?
A type of financial institution in the UK and some Commonwealth countries, owned by its members, which provides savings accounts and mortgages for home buyers.
Audio
Pronunciation
Definition
Meaning and Definition
A type of financial institution in the UK and some Commonwealth countries, owned by its members, which provides savings accounts and mortgages for home buyers.
A member-owned mutual organization that offers banking and financial services, particularly savings and mortgage lending, historically focused on helping people buy or build homes. Unlike a bank, it is not publicly traded and profits are typically reinvested for members' benefit.
Dialectal Variation
British vs American Usage
Differences
The term 'building society' is uniquely British/Commonwealth. In American English, the closest functional equivalents are 'savings and loan association' (S&L) or 'thrift', though these have different historical and regulatory backgrounds.
Connotations
In the UK, connotes stability, mutuality, and traditional home-ownership support. In the US, the term is unfamiliar and may be confused with a social club or a literal society for building enthusiasts.
Frequency
High frequency in UK financial, news, and property contexts. Extremely low to zero frequency in US English outside of comparative financial discussions.
Grammar
How to Use “building society” in a Sentence
[Member/Customer] + holds an account with + [building society][Building society] + offers + [mortgages/savings products][Person] + got a mortgage from + [building society]Vocabulary
Collocations
Examples
Examples of “building society” in a Sentence
verb
British English
- Several large building societies demutualised in the 1990s.
- The society is looking to merge with a larger regional player.
American English
- N/A - the verb form is not used in the US for this concept.
adverb
British English
- N/A
American English
- N/A
adjective
British English
- He prefers building society accounts for their perceived security.
- The building society sector is undergoing consolidation.
American English
- N/A
Usage
Meaning in Context
Business
Discussions of financial services, mergers, mutual status, and mortgage lending markets.
Academic
Economic history, papers on mutual ownership models, comparative financial systems.
Everyday
Talking about where one saves money or has a mortgage. 'I've had my savings with the same building society since I was a child.'
Technical
Regulatory frameworks, capital adequacy requirements for mutual societies, member resolution processes.
Vocabulary
Synonyms of “building society”
Strong
Neutral
Weak
Vocabulary
Antonyms of “building society”
Watch out
Common Mistakes When Using “building society”
- Using 'building society' to refer to any bank. Confusing it with a 'housing association' (which provides social housing). Using the term in an American context where it is not understood.
FAQ
Frequently Asked Questions
No. While they offer similar services (savings, mortgages), a building society is a mutual organization owned by its members (customers). A bank is typically a public company owned by shareholders.
Yes, generally anyone can open a savings account or apply for a mortgage with a building society, provided they meet the standard financial criteria.
Demutualisation is the process where a building society converts into a publicly-traded bank. This happened to several large UK building societies (like Halifax and Abbey National), meaning they are no longer owned by their members.
There is no direct equivalent. The closest historical and functional parallels are 'Savings and Loan Associations' (S&Ls) or 'Federal Savings Banks', but these operate under a different legal and regulatory framework.
A type of financial institution in the UK and some Commonwealth countries, owned by its members, which provides savings accounts and mortgages for home buyers.
Building society is usually formal/financial in register.
Building society: in British English it is pronounced /ˈbɪl.dɪŋ səˌsaɪ.ə.ti/, and in American English it is pronounced /ˈbɪl.dɪŋ səˌsaɪ.ə.t̬i/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “as safe as a building society”
- “the building society model”
Learning
Memory Aids
Mnemonic
Think of a SOCIETY of people who pool money to BUILD homes. A 'building society' helps society build houses.
Conceptual Metaphor
FINANCIAL INSTITUTION IS A COMMUNITY (mutuality, collective ownership).
Practice
Quiz
What is a key defining characteristic of a traditional building society?