Building society savings hit ten-year high
by Gill Montia
Story link: Building society savings hit ten-year high
The Building Societies Association (BSA) has reported that the net inflow from savers for February stood at £1.3 billion.
The level was at its highest for over ten years and compares with £782 million in February 2007.
Net receipts to cash ISAs in February 2008 were £130 million, compared to £123 million a year earlier.
Brian Morris, head of savings policy at the BSA, believes there is growing awareness of the competitive products that building societies now offer.
He also acknowledges that: “The continuing economic uncertainty and volatility in stock markets have provided further incentives to put money in cash savings.”
In addition, a slowing housing market had boosted net inflows by cutting demand for mortgages.
Net lending by building societies stood at £974 million in February 2008, compared to £1,467 million in February 2007.
The value of mortgage approvals totalled £3,411 million, compared to £4,644 million in February 2007.
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