The Building Societies Association (BSA) has reported that saving inflows increased last month, compared with the previous year.
According to the BSA, building societies saw £2.3 billion of savings inflows in November, three times greater than the amount received during the corresponding month in 2006.
Adrian Coles, director-general of the Building Societies Association, said: "In the last three months building societies have received new deposits of roughly the same value as they received in the entire 12 months of 2006."
A large proportion of these savings are likely to have come from withdrawal from Northern Rock, while the trend demonstrates the "attractive" interest rates offered by building societies, Mr Coles added.
Recent economic developments may also have prompted people to give "greater attention" to savings, he suggested.
In related news, Alliance and Leicester recently reported that Britain's savings have doubled since 2000, with balances increasing by £426 billion.
Building societies see savings increase
Building societies see savings increase
Thu, 20 Dec 2007
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