A financial institution traditionally engaged in accepting deposits and making loans for house purchases or improvements, predominantly found in the UK, Australia, South Africa, Ireland, and New Zealand.
The act by which a mutual entity, such as a building society, changes its status to that of a public limited company.
Permanent Interest Bearing Shares (PIBS) are non-redeemable securities issued by building societies that offer a fixed interest rate, usually between 10% and 13.5%, providing high yields in perpetuity. However, they carry significant risks and have a limited second-hand market.
A specialized savings account operated via postal mail or automated teller machines (ATMs), offering higher interest rates due to its reduced operational costs.
