Intermediary Contact Us Chorley Online BLOG What is a building society? Knowledge Hub > What is a building society? We have often been asked, ‘What actually is a building society?’ and ‘Why am I a Member and not a customer?’ These are very good questions and we’re happy to explain these and a few other things, that make a building society very different to a bank. What is a building society? Building societies are financial organisations often referred to as ‘mutuals’ as they are owned by their Members. This means that every borrower or saver of a building society has a say on how the society operates, that’s why they are referred to as ‘Members’ and not customers. This is different to a bank, as they are normally listed on the stock exchange and as such must operate to the benefit of its shareholders. A building society is still run as rigorously as a bank on the high street, but it is run for the benefit of Members and makes its business decisions in a different way because of this. How does a building society work? Put simply, when someone saves with a building society, they are given interest on every pound that they save, this money is then lent out as a mortgage and the borrowers are charged interest for this. Chorley Building Society began in 1859 in order to help local mill owners own their own home. If you’d like to know a little more about Chorley’s history click here Over 162 years later we are still helping people all over the country own their own homes. If you’d like to see our current mortgage range click here What else is there to know about a building society? There are currently 43 building societies and six credit unions* in the UK. The majority of building societies ensure that their profits go straight back into the society. This means that the Society is run for the benefit of the Members. Most societies also focus on their local communities, supporting a range of grassroot activities and also local charities and community groups. Chorley Building Society supports its local community in a number of ways, including our Chorley High Five initiative. To find out more click here We think it is important that our Members know how we are different to a bank, after all we answer to you! *BSA as of 31 March 2021 HEAD OFFICE Key House Foxhole Road Chorley Lancashire PR7 1NZ BRANCHES Chorley - Foxhole Rd Chorley - High St Leyland - Towngate IMPORTANT INFORMATION Contact Us Careers Complaints Security Cookie Policy About the Society Privacy Notice Financial Abuse Savings Accounts T&Cs Chorley Online T&Cs Join us on social Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage. Think Carefully Before Securing Other Debts Against Your Home. Get help > . T he Chorley and District Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered on the Financial Services Register under number 206023. Registered Office: Key House, Foxhole Road, Chorley, Lancashire PR7 1NZ. Chorley and District Building Society is a member of the Building Societies Association and a participant of the Financial Ombudsman Service and Financial Services Compensation Scheme. Your telephone conversations with the Society may be recorded. This is to help the Society to improve customer service and to offer additional security. Calls and electronic communications may also be monitored for staff training. We'll assume you're ok with this, but you can opt-out if you wish. Read More ACCEPT Reject