A building society is a financial institution that primarily focuses on providing savings accounts and mortgage loans to its members. Members pool their savings, which the society then uses to lend money for home purchases. This structure allows members to benefit from competitive interest rates and a sense of community ownership. Unlike traditional banks, building societies are often mutual organizations, meaning they are owned by their members rather than shareholders. This can lead to a more customer-focused approach, as profits are typically reinvested to improve services or returned to members in the form of better rates and lower fees.