A building society is a financial institution that primarily focuses on providing savings accounts and mortgage loans to its members. Unlike traditional banks, building societies are owned by their members, who have a say in how the society is run. Members can save money and borrow to buy homes, making building societies an important part of the housing finance system. Building societies often offer competitive interest rates on savings and mortgages. They aim to promote home ownership and provide financial services that benefit their members. Many building societies also support local communities through various initiatives and charitable activities.