A brief history of building societies

I really enjoyed learning about building societies this spring, which are a classic British banking institution I was unfamiliar with before I crossed the pond. Here are some (edited) notes I took during my studies offering a short history of building societies (and elaborating why I think they are so cool!)

Building societies formed as a type of friendly society in the late eighteenth century. Their purpose was to provide members with homes by pooling member savings deposits to provide mortgage loans for tenured members, many of whom were working class. Friendly societies were recognized legally in 1793 and were considered separately under the law from joint-stock corporations, who were limited at the time by the 1720 Bubble Act. Building societies were treated as a type of friendly society under the law until they were officially recognized in the 1836 Regulation of Building Societies Act...

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