Building societies are currently home to the highest amount ever stored in the institutions, new data has revealed.
Official figures from the Building Societies Association showed that £2.8 billion was stashed away in such accounts in September 2007. This is a year-on-year rise from £1 billion.
In addition, the net receipts to cash individual savings accounts were also higher, with £68 million compared to £57 million in the corresponding month last year.
Meanwhile, advances provided by building societies - both gross and net - have fallen over the last year while the figure of mortgage approvals has also dropped.
Adrian Coles, director general of the Building Societies Association, commented that the September figures are the highest ever seen in one month.
"This is more than double the amount deposited in August, nearly three times the amount deposited in September last year and nearly £1 billion higher than the previous record."
Much of this, he claimed, is attributable to the crisis at Northern Rock, which saw people withdrawing their savings and placing them elsewhere. The issues at the north-east bank attracted media attention and led to the Bank of England bailing it out.
Highest-ever savings seen
Highest-ever savings seen
Fri, 19 Oct 2007
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