Building Society Bank

By: EconomyWatch Content   Date: 2 November 2009

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The Building Society bank is poised to become an alternative term for building societies that are being nationalized and bought by banks. This is particularly relevant, in case the trend of dissolving building societies continues. This financial alternative, which was extremely popular with the English due to the ease of access, is struggling to survive. About 10 building societies were subjected to the process of demutualization between the years 1989 and 2000.  Due to the windfall payments to the members, this process of demutualization is fast eating up most building societies.

Building Society Bank: Mergers

Due to the dissolution of many building societies, mergers are considered effective to fight it. Though most of the big building societies have been nationalized or been acquired by banks, the following building societies have held their ground:

·        Nationwide Building Society incorporating Derbyshire Building Society and Cheshire Building Society

·        Yorkshire Building Society incorporating Barnsley Building Society

·        Coventry Building Society

·        Chelsea Building Society incorporating Catholic Building Society

·        Skipton Building Society

·        West Bromwich Building Society

·        Leeds Building Society

·        Principality Building Society

·        Newcastle Building Society      

·        Norwich & Peterborough Building Society       

·        Stroud & Swindon Building Society     

·        Nottingham Building Society    

·        Kent Reliance Building Society             

·        Progressive Building Society    

·        Cumberland Building Society

·        National Counties Building Society

·        Furness Building Society          

·        Cambridge Building Society     

·        Leek United Building Society   

·        Manchester Building Society    

·        Saffron Building Society           

·        Hinckley & Rugby Building Society

·        Darlington Building Society      

·        Newbury Building Society        

·        Monmouthshire Building Society          

·        Melton Mowbray Building Society       

·        Ipswich Building Society          

·        Market Harborough Building Society   

·        Hanley Economic Building Society       

·        Marsden Building Society        

·        Tipton & Coseley Building Society       

·        Dudley Building Society           

·        Mansfield Building Society       

·        Loughborough Building Society            

·        Teachers Building Society        

·        Scottish Building Society          

·        Chesham Building Society       

·        Vernon Building Society           

·        Bath Investment & Building Society      

·        Chorley & District Building Society      

·        Stafford Railway Building Society         

·        Harpenden Building Society     

·        Holmesdale Building Society    

·        Beverley Building Society         

·        Buckinghamshire Building Society        

·        Swansea Building Society        

·        Earl Shilton Building Society     

·        Shepshed Building Society

The building society bank, though in principle, is different from other banks. However, with the introduction of sort codes and account numbers instead of roll numbers, their operating style is fast becoming similar to that of a bank.


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