building societies

Building societies are financial institutions that primarily help people save and borrow money for purchasing homes. They are owned by their members, who are both savers and borrowers, rather than shareholders. Members save money in accounts and can apply for mortgages to buy homes. The funds collected from savers are used to provide loans to those needing to buy property. Building societies often offer competitive interest rates and services that can be more favorable than traditional banks, fostering a sense of community among their members. They play a significant role in promoting home ownership and savings.