Consumers saved record amounts of money in August, the Building Societies Association (BSA) states.
According to the society, building society net receipts were almost double those recorded in July.
Net receipts from building societies in August 2007 were £1.4 million compared to the same month in 2006 when they were £399 million.
Director general of the Building Societies Association Adrian Coles comments that interest rate increases has been one of the factors that have contributed to the increased savings pushed.
"We believe that successive increases in interest rates and subdued equity markets have encouraged savers to put more money away," he remarks.
The figures show that the quantity saved is the highest since April 2005 and the highest August amount ever recorded, he adds.
Furthermore, the organisation expects savings figures to stay high in the current financial climate.
Research from Datamonitor released last week showed that the number of individual savings account sold in 2006 had reached new highs.
Jason Hollands of Foreign and Colonial Investments commented that a reason for the figures could be that individual savings accounts are more attractive than regular savings accounts .
Record savings made in August
Record savings made in August
Fri, 21 Sep 2007
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