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09:30 AM - 17:00 PMAxis Bank UK
+44 20 7397 2520Axis Bank UK is a financial institution located in London, England. They offer a range of financial services, including building societies and other financial services.See more -
09:30 AM - 17:00 PMBangkok Bank - London
+44 20 7929 4422Bangkok Bank London is a financial institution located in London, England. They offer a range of financial services including ATM services, banking, building societies, loan agencies, private sector banks, public sector banks, and savings banks. Their mission is to provide exceptional financial services to their customers and help them achieve their financial goals.See more
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09:00 AM - 15:00 PMBank of England
+44 20 3461 4878Bank of England is a financial institution located in London, England. They offer a range of financial services such as savings banks, investment banks, mortgage lenders, currency exchange services, and more. The company caters to various industries including manufacturing, printing and publishing, agriculture, healthcare and medicine, and sports and hobbies. Bank of England is committed to providing quality financial services to its clients.See more
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10:00 AM - 17:00 PMBank of England Museum
+44 20 3461 5545The Bank of England Museum is a cultural institution located in London, England. It offers a unique experience for visitors to learn about the history of banks, building societies, and financial services. The museum also features exhibits on children's museums, open-air museums, heritage museums, and historical place museums. In addition, the museum offers services for exhibition planners and shinkin banks. Visitors can explore the museum's collections and enjoy the culture, entertainment, and events offered.See more
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10:00 AM - 15:00 PMBank Of Baroda (UK) Limited
+44 20 7457 1515Bank of Baroda (UK) Limited is a financial institution based in London, England. They offer a range of financial services including banking and building societies. As a trusted name in the industry, Bank of Baroda (UK) Limited is committed to providing their clients with reliable and efficient financial solutions.See more
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09:00 AM - 15:00 PMBank Of Ceylon (UK) Ltd
+44 20 7377 1888Bank of Ceylon (UK) Ltd is a financial institution based in London, England. They offer a range of financial services including banking, building societies, investment banks, savings banks, and other financial services. Their mission is to provide their customers with exceptional service and help them achieve their financial goals.See more
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Definition of Building Societies
Building Societies are financial institutions that are owned by their members and offer savings and mortgage products. They are also known as mutual organisations, as they are not listed on the stock market and are not owned by shareholders. The primary aim of Building Societies is to provide affordable mortgages to their members, along with other savings and investment products.
History of Building Societies in the UK
Building Societies have a long history in the UK, dating back to the late 18th century. The first Building Society was established in Birmingham in 1775. In the 19th century, Building Societies grew rapidly and became an important source of funding for the construction of houses. Today, there are over 40 Building Societies in the UK, with assets worth over £400 billion.
How Building Societies differ from Banks
Building Societies differ from banks in several ways. Firstly, they are owned by their members, whereas banks are owned by shareholders. This means that Building Societies are not part of the stock market and are not focused on generating profits for shareholders. Secondly, Building Societies have a narrower range of products, focusing primarily on mortgage and savings products. Finally, Building Societies often have better rates on savings accounts and mortgages than banks, as they are not focused on generating profits for shareholders.
Products and Services offered by Building Societies
Building Societies offer a range of products and services, including mortgages, savings accounts, current accounts, and insurance products. They also offer financial planning services, including retirement planning and investment advice. Building Societies are particularly known for their mortgage products, which are often designed to be more affordable and flexible than those offered by banks.
Benefits of banking with Building Societies
Banking with Building Societies has several benefits. Firstly, as they are owned by their members, there is a focus on customer service and meeting the needs of members. Secondly, Building Societies often offer better rates on savings accounts and mortgages than banks, which can result in significant savings. Finally, Building Societies are often more flexible in their approach, which can be particularly beneficial for those with complex financial needs.
Risks associated with Building Societies
Like all financial institutions, there are risks associated with banking with Building Societies. One risk is the potential for the Building Society to go out of business or be merged with another institution, which could affect the terms of any savings or mortgage products. Another risk is the potential for interest rates to change, which could affect the value of savings or mortgage payments.
Regulations governing Building Societies
Building Societies are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These organisations ensure that Building Societies are operating in a safe and fair manner, and protect customers in the event of the Building Society encountering financial difficulties.
Comparison of Building Societies with other Financial Services providers
Compared to banks, Building Societies often offer better rates on savings accounts and mortgages, and have a greater focus on customer service. However, they have a narrower range of products and may not offer some of the more specialist financial services that banks do. Compared to other mutuals, Building Societies may offer more competitive rates, but may not have the same level of history and reputation.
How to choose the right Building Society for your needs
When choosing a Building Society, it is important to consider factors such as interest rates, fees, and customer service. It is also important to consider the range of products and services on offer, and whether they meet your financial needs. Finally, it is important to consider the reputation and history of the Building Society, and whether it is likely to be a safe and stable place to save or borrow from.
Future outlook for Building Societies in the UK market
The future outlook for Building Societies in the UK market is positive, as customers are increasingly looking for more ethical and customer-focused alternatives to traditional banks. Building Societies are well-positioned to take advantage of this trend, and are likely to continue to grow and innovate in the coming years.
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