Okuzeka
Finance & Banking vocabulary · Banks & Institutions

Building society

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, building society means: A mutual financial institution, especially in the UK, focused on savings and mortgage lending.

In Turkish: konut finansmanı odaklı tasarruf kuruluşu

How it is used

This is an institution name, not a company that constructs buildings.

Example sentences

  1. The building society financed the purchase of their first home.

    Its lending activity concerns housing finance rather than construction work.

  2. Savers received a notice about the building society's membership meeting.

    Savings customers can also have a membership relationship.

Common collocations

  • building society mortgage
  • building society member
  • mortgageA long-term loan used to buy a home or other property. The property secures the loan, so the lender can have it sold if the borrower does not repay.
  • savings accountA bank account for keeping money you do not need every day. It pays interest, but it may limit how often or how quickly you can take money out.

More terms: Banks & Institutions

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.