What is a building society? The member-owned alternative to a bank
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
A building society is a UK financial firm owned by its members, the people who save or borrow with it, rather than by shareholders. They began in the 18th century as groups pooling money so members could buy homes, and mortgages and savings are still at their core.
How it differs from a bank
- Members own it, and usually get a vote at the annual meeting.
- There are no outside shareholders to pay, so profits stay in the society.
- By law, most of its lending must be mortgages secured on homes.
- Much of its funding must come from members' savings.
What they offer
Savings accounts, cash ISAs and mortgages are the main products. Some larger societies also run current accounts and credit cards, so day to day they can feel much like a bank.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Rules and protection
Building societies are regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and eligible savings are covered by the Financial Services Compensation Scheme in the same way as bank deposits.
Where SendPay fits
SendPay isn't a bank or a building society. SendPay platforms give your customers GBP, EUR and USD accounts, transfers and branded Visa cards under your own brand, powered by licensed partners. SendPay doesn't offer lending or mortgages.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
How much of my savings is protected?
See how much is within the FDIC, EU or FSCS limit.
Deposit insurance calculator →What is a credit union and how is it different from a bank?
Another member-owned model, usually built around a common bond.
Credit union vs bank →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.