People are using building society savings accounts as a way to protect themselves from economic uncertainty, it has been claimed.
Figures released by the Building Societies Association show its members attracted net receipts of £1.4 billion in July, twice the amount deposited in their savings accounts in the same period last year.
Adrian Coles, director-general of the body, believes that the increase can be put down to the current economic climate.
He said: "A turbulent stock market and greater anxiety over job prospects mean that people are increasingly viewing their tried and trusted building society as an excellent home for their money ."
Mutual institutions offer consumers a good range of savings accounts, he added.
Recently, Skipton Building Society announced that it will give £25-worth of holiday vouchers to anyone opening a savings account with the firm in September.
People opening a Special Saver Account will be eligible for the promotion.
Savers turn to building societies, figures show
Savers turn to building societies, figures show
Wed, 03 Sep 2008
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