Church Benefit Society

The first benefit society in England was established in 1775. Initially unrecognised by English law, benefit societies were co-operative savings clubs that facilitated their members buying houses. The Regulation of Benefit Building Societies Act was passed by Parliament in 1836, granting official recognition to these societies for the first time. By 1860 there were over 27,500 building societies around the country. Many churches established benefit societies for the assistance of the poor in their parishes.