Daily Banking Industry News
Tuesday 07th of October 2008

Banking Sectors:

By company:

By organisation:

Also see:

April 3, 2008

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.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: Building society savings hit ten-year high

Strong competition boosts savings rates  ...

Savings providers lag behind base rate rises  ...

Savers unaware of rate reductions  ...

Job losses in Nationwide and Portman merger  ...

Nationwide expands into Irish Republic  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Schroders upgrades with PELICAN payment software
Next: Personal borrowing soars as mortgage market shrinks »

Visited 824 times, 5 so far today

Investment Banking News


Savings & Investment News