Building societies date back to the late eighteenth century. The first known building society was set up in 1775. This was to enable people to pool savings together and to build their own homes. However, once they had built their houses, this particular society closed. In the 1840s, societies began to accept savings from members who were not necessarily potential home owners. It was then that the permanent societies that we have today were formed. In 1869, the Building Societies Association was set up to…

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