The mid-1700s in England were a time of change. Whilst the growth of industry, business, and towns across the country, poverty remained widespread, workhouses remained full, and most usable land remained owned by the nobility.
It's safe to say that homeownership and saving money remained out of reach for most normal people.
The Original Money Movement
Enter Richard Ketley, landlord of the Golden Cross Inn in Birmingham, who in 1775 created Ketley's Building Society.
It was a first: an organisation created by working people to help other working people buy homes by collecting their savings together - a mutual. Whilst Ketley's came from humble beginnings and remained, by all accounts, a relatively small organisation, it sparked an extraordinary idea: that normal people could buy a home by pooling their resources.
Like all good ideas, it caught on quickly, and by 1910, there were over 1,700 societies supporting over 600,000 members nationwide.
For people, not profit
At the time of writing there are 42 building societies in the UK, far fewer than in 1910! However, collectively, they punch well above their weight, with 23 million savers and £397 billion in residential mortgages. Societies also consistently score better for customer service than banks, with 93% of customers saying their building society provides good customer service (versus 87% of bank customers*).
Some are household names, offering credit cards and current accounts as well as the traditional savings and mortgages. Others operate in specific regions, particular areas, or have niches in particular types of mortgages. Regardless of size, location, or what they offer, mutuals remain owned by their customers and don't pay a single penny to external shareholders.
Our ethical values and purpose in helping people with their homeownership aspirations and providing a safe haven for their savings, is as important today as it was 250 years ago. Being a mutual organisation we help and support people to come together to build strong communities and build financial resilience and inclusion, exactly what mutuality represents. We are proud of being a mutual and the difference our proposition makes to many.
From charity funding to volunteering, financial education to a precence on your local high steet, societies reinvest profits to make things better for members and their communities - principles which have held strong and can be traced back to those original societies of the eighteenth century.
For your money, your community, since 1775
Whether giving first-time buyers a boost onto the ladder, supporting savers make the most of their hard-earned cash, or giving back to local causes, building societies have stood proudly at the forefront of the UK's financial landscape for a quarter of a century, offering people across the country an alternative to a bank.
250 years is a long time, so we’ve had plenty of time to get it right. Find out more about the Original Money Movement here, or learn about Newbury Building Society and the value we offer our members here.
*Statistics taken from the Building Societies Association (BSA) Key Statistics 2025.
