what is a bank? what is a building society? what is the difference? what does a bank offer?

Answer 1

A bank is a company with shareholders, normally listed on the stock market and a building society is a 'mutual' and is owned by it's members. It's kind of like a cooperative in a way.

Efficiencies aside, building societies should be better places to use as they are not trying to generate profits to distribute to shareholders.

I think there may be slight regulatory differences but I don't know what they are.

Answer 2

Banks traditionally offer current accounts where your wages are paid into and bills paid out of. Building societies on the other hand traditionally lent money for mortgages for people buying houses and was a kind of co-operative society owned by it's members rather than a big company. Most banks now offer mortgages and most building societies now offer current bank accounts, so these days there's no real difference at all!! They offer pretty much anything these days.

Answer 3

a quick answer NOTHING and that goes for all of them