Feb 29 2008
Building societies around the UK saw a total of around £597 million deposited in their savings vehicles over the course of last month, it has been revealed.
The Building Societies Association (BSA) welcomed the data relating to what it called "another excellent month" and suggested that there are currently a range good savings deals available from its members.
During January of last year, £196 million was withdrawn from building societies, but such was the trend toward saving that last month saw around £65 million invested into cash-based individual savings accounts offered by the UK's building societies.
"The January figures often show a net outflow as families pay off Christmas bills, with seven of the previous ten years seeing net withdrawals," said Adrian Coles, director general of the BSA.
"Placed in this context, the savings inflow in January was particularly high."
Last week, Rachel Thrussell from Moneyfacts claimed that now is a good time for British consumers to start saving for retirement or to secure their children's financial future.
