Recent market volatility means that people are keen on the "safety" of a cash savings account, according to one expert.
Rachel Le Brocq, spokesperson for the Building Societies Association (BSA), believes that the current economic situation has led to people being more aware about what they are doing with their money in terms of savings .
She said: "From August last year we saw a huge amount of money going in to building society cash savings accounts .
"People were really looking for a safe home for their money."
The increase in the number of people putting money in to savings accounts could be down to consumers looking to put cash away for a rainy day as the cost of living rises, she added.
Recently, the BSA announced that its members attracted a record level of savings deposits in the first six months of 2008.
A total of £6,296 million was placed in building society savings accounts over this period.
People looking for safety of cash savings, expert claims
Financial Services > Savings > Savings and Investments News
People looking for safety of cash savings, expert claims
Mon, 04 Aug 2008
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