building society

Definition

A cooperative whose members pool their resources in order to offer financial and lending services, such as mortgages. It is similar to a bank or credit union. Building societies emerged in the U.K. during the 19th century, and are similar to savings and loans institutions in the United States.

Use building society in a sentence

You may want to try and join a building society if you hear that it has been making a lot of money.

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My novel was well received, so well received in fact that my accountant opened a building society account for me.

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They were building society together and they were putting so much work into what they were doing and how they were doing it.

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