The Society was founded to promote interest in the Scandinavian North, its literature and antiquities. Publication of original materials, translations of sagas, monographs and other works on Northern subjects, and texts for the use of students. Award of annual prizes to university students or recent graduates in the U.K. and Eire who have distinguished themselves in appropriate fields of Northern study. The maintenance and enlargement of the Society's Library, which forms part of the Library of University College London.
Tea is served at afternoon meetings.
Each member receives the Saga-Book and such other publications as the Council may decide to issue free to members. Occasional extra publications are issued at a reduced price to members, and some back numbers of the Saga-Book and other publications are also available. Members of the Society are entitled to use all sections of University College Library, and to borrow books personally or by post. The Society does not issue membership cards, but Library user cards are issued by the Library which keeps a list of the Society's members. Members elect the Council, which has the sole management of the income and all other affairs of the Society.