A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
An offshore bank is a bank that is operated and regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 16 million members. Its headquarters are in Swindon, England.
Ulster Bank is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group was subdivided into two separate legal entities: National Westminster Bank Plc, trading as Ulster Bank ; and, until April 2023, Ulster Bank Ireland DAC. Prior to the closure of Ulster Bank in the Republic of Ireland in April 2023, the headquarters of Ulster Bank in the Republic of Ireland were located on George's Quay, Dublin, whilst the headquarters of Ulster Bank Northern Ireland are in Donegall Square East, Belfast, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Irish Nationwide Building Society was a financial institution in Ireland from 1873 to 2011. One of the country's oldest financial institutions, it was originally called the Irish Industrial Building Society; it changed its name in 1975 when it had just five staff. It ceased to exist when its assets, liabilities and branch network were transferred to Anglo Irish Bank.
Allied Irish Bank (GB) is a bank operating in the United Kingdom as a subsidiary of Allied Irish Banks (legally registered in the UK as AIB Group (UK) plc).
The Charities Aid Foundation (CAF) is a registered UK charity that operates in the United Kingdom, the United States of America and Canada. It works with companies, private philanthropists, regular donors, fellow foundations, governments, charities and not-for-profit enterprises to enable them to give more. Its stated purpose is to “accelerate progress in society towards a fair and sustainable future for all.”
Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959 (Cth).
Norwich & Peterborough Building Society (N&P) is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. Formed by the merger of the Norwich and Peterborough building societies in 1986, at the time of merger with YBS, it was the ninth largest building society in the United Kingdom, with assets in excess of £4.9 billion.
The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means that FSCS can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method that at the FSCS determines is appropriate. FSCS is an operationally independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on authorised financial services firms. The scheme rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in the FCA's Handbook. The FCA also appoint its Board and the FSCS is ultimately accountable to the FCA. The scheme covers deposits, insurance, debt management, funeral plans, insurance, investments, pensions, mortgages and payment protection insurance.
The UK-based Leeds Building Society had a presence in Ireland from 2006 until 2018. It offered mortgages up to 14 September 2009, with savings accounts available throughout the period. In 2017, it closed its savings operation to new customers. In July 2018, it gave notice to all savings customers that their accounts were to close in September. In October 2018, it sold its Irish mortgage book to Dilosk and these are now managed by Pepper Finance Corporation.
North West London Credit Union Limited was a savings and loans co-operative, operating in the north west London boroughs of Barnet and Brent. Based in Grahame Park, the credit union had over 1,000 members and branches in Burnt Oak, Edgware, and Finchley. In 2013, it merged with London Capital Credit Union and the branches were closed.
London Mutual Credit Union Limited (LMCU) is a not-for-profit member-owned financial co-operative, based in Peckham and operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include retail banking, deposit-taking and lending.
Charter Court Financial Services Group plc is a financial services company operating in the United Kingdom, which provides retail savings products, specialist mortgage products, mortgage administration services and credit analysis. Charter Court operates via three separate specialist brands: Charter Savings Bank for retail savings, Precise Mortgages for specialist mortgages and Exact Mortgage Experts for credit analysis and servicing of existing mortgage portfolios.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
Eastern Savings and Loans Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Ipswich and operating through 25 local payment and information points in the East Anglian counties of Suffolk, Cambridgeshire, Norfolk and north Essex. The credit union has 6,500 members and manages £1.4 million in savings.
London Community Credit Union Limited is a member-owned and led financial co-operative, operating in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London. It has over 17,000 members and 4 branch offices in Bethnal Green, Poplar, Hackney and Stratford.
Wesleyan Assurance Society is a financial services mutual that provides advice and products to select professional groups – notably GPs, hospital doctors, dentists, teachers and lawyers.
