Building societies achieved a record level of savings deposits in the first half of this year, figures show.
Data released by the Building Societies Association (BSA) reveals that £6,296 million was deposited in mutual savings account during the first six month of 2008.
This compares to just £3,862 million for the same period last year.
Adrian Coles, director-general of the BSA, said: "With an uncertain economic outlook and stock market turbulence, savers are wisely viewing building societies as excellent homes for their money ."
Building societies are able to offer consumers an excellent range of savings accounts, he added.
People have been taking advantage of the "excellent interest rates " on offer as they look to avoid volatile investments, Mr Coles stated.
Yesterday, Hetal Parmar, manager for savings at Alliance and Leicester, stated that even putting £50 in a savings account each month will help people build up a nest egg over time.
Building societies attract record savings
Financial Services > Savings > Savings and Investments News
Building societies attract record savings
Wed, 30 Jul 2008
Recommended links
Savings.co.uk - compare saving account ratesSavings enquiry form
ISA savings accounts
Savings account guide
Compare building society accounts
Compare savings accounts
Children's investment offers
Building Society savings accounts still popular, figures show
Building society savings 'remain high'
Coventry Building Society launches new ISA
Bank and building society mergers are detrimental to savers, research finds
Building society launches inflation linked savings account
Building society launches new savings accounts
Yorkshire Building Society bags savings account award
Building societies see savings increase
Nationwide Building Society comments on raising savings rates
Building societies 'offer some of the best savings products'
| savings news |
|---|
| ISA allowance saves consumers thousands - Fri, 12 Mar 2010 |
| Savings rates falling to fund mortgage cuts - Wed, 10 Mar 2010 |
| Savings accounts hit by latest base rate decision - Mon, 08 Mar 2010 |
| More News |
