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The major difference between banks and building societies lies in how they are structured.
Building supplies taunton. Around three quarters 73 admitted that they did not know the difference between the two while nearly half 45 unsure of when or in what circumstance theyd use a building society instead of a high street bank. Not many of us truly know the difference between a bank and a building society. Building societies are mutual organizations with members who have voting rights.
Moolr stopped to give it some thought and looked at the differences between building societies and banks. These days most institutions offer the same products and the same support. What is the difference between bank and building society banks are companies with share market listings and work for profit for their shareholders.
Part of this uncertainty lies with millennials confusion around the difference between a building society and a bank. Its an accumulation of lots of small differences that means our members are more satisfied than bank. However thinking of a society being more secure than a bank is a myth.
But have many of us ever stopped to consider what the difference between the two are when they both have so many similarities.
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