The amount of money placed in building society savings accounts continues to be high, according to one expert.
Neil Johnson, PR and policy manager for the Building Societies Association (BSA), said that this trend can be partly attributed to former Northern Rock customers looking for a more secure place for their savings .
Mr Johnson suggested that people are increasingly looking to put more money aside in savings accounts because of a "worsening economic forecast" for the future.
Additionally, building societies are presently offering "very high quality" products, he claimed.
"Interest rates are at a relatively high level so there's a greater incentive for people to save," the expert stated.
Figures produced by the BSA recently revealed that building societies recorded net receipts of £2,348 million in November 2007, up from £848 million in the corresponding month in 2006.
The organisation also noted that net receipts to cash individual savings accounts rose from £35 million in November 2006 to £56 million last year.
Building society savings 'remain high'
Building society savings 'remain high'
Thu, 03 Jan 2008
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