Author: Orhun

Orhun is a personal finance and investment enthusiast. Especially interested in behavioural finance and how psychology plays an important part in financial decision making. Orhun holds an MSc degree in finance from The University of Edinburgh.

There are certain differences between banks and building societies. Banks have a major role in the financial system and the economy. One of the primary functions of banks are borrowing and lending money. For example, a bank take deposit from you in return for an annual interest payment. The bank then uses these funds to lend loans to other people and companies. (While creating fiat money in this process!) Building societies are alternative financial intermediaries to the banks. Building societies are mutual organisations that offer some of the services provided by banks. Including managing the deposit and loan operations. Using a building society might be…

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