The Building Societies Association (BSA) is the trade body that represents all

building societies A building society is a financial institution owned by its members as a mutual organization, which offers banking institution, banking and related financial services, especially savings and mortgage loan, mortgage lending. They exist in the Unit ...

and several large

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

s in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

. It was established in 1869 under the original name Building Societies Protection Association, with the aim of coordinating a collective response to proposed government changes that threatened

stamp duty Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). Historically, a ...

exemptions for mutual lenders. As of 2024, the BSA represents 49 member institutions, comprising 42 building societies and 7 credit unions, which together serve approximately customers across the UK. The association advocates on behalf of its members in relation to financial services regulation, legislation, and policy developments in both the UK and Europe. It also provides research, public affairs support, and guidance for the mutual sector, with a focus on ensuring a sustainable and competitive environment for member institutions.

Statistics

As of September 2024, UK

and their subsidiaries collectively held total assets amounting to approximately £525 billion. Their residential mortgage balances stood at over £395 billion, representing around 24% of the total outstanding mortgage balances in the United Kingdom. In terms of savings, building societies held approximately £399 billion in retail deposits, accounting for about 19% of all such deposits in the UK. They also managed £153.9 billion in cash ISAs, around 40% of the total UK balance. The building society sector collectively employed around 52,300 full and part-time staff and operated through approximately 1,300 branches, making up around 30% of the UK's total bank and building society branch network. Among these institutions, the

Nationwide Building Society Nationwide Building Society is a British mutual financial institution and the largest building society in the world. As of 2024, it serves over 16 million members and operates entirely for their benefit, without shareholders. The society was e ...

is the largest. As of April 2024, it reported total assets of £271.9 billion, employed approximately 17,680 people, and operated 605 branches across the United Kingdom — more than any other UK banking brand.

Members

The Building Societies Association (BSA) represents UK-based mutual lenders and deposit takers, including all 42

and seven credit unions. It also encompasses certain

subsidiaries A subsidiary, subsidiary company, or daughter company is a company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unl ...

and trading names of building societies. For instance,

Virgin Money UK Virgin Money UK plc (formerly CYBG plc) is a British banking and financial services company. It has been owned by Nationwide Building Society since 1 October 2024. The Virgin Money (brand), Virgin Money brand was founded by Richard Branson in ...

plc became a wholly owned subsidiary of

following its acquisition on 1 October 2024. As of May 2025, the BSA comprises 49 members: 42 building societies and 7 credit unions.

References

External links

* {{Authority control Building societies of the United Kingdom Banks established in 1869 Mortgage industry associations Trade associations based in the United Kingdom Organisations based in the City of Westminster