Apr 29 2008
Building societies have been attracting record levels of saving investments into the various accounts they offer, according to the latest data.
The members of the Building Societies Association (BSA) took £1.26 billion in saving deposits over the course of March, which represents an unprecedented high for the month.
Many people use their building society account as a way of saving for children and last month's deposit figures were almost 70 per cent up on March 2007, the BSA reports.
Adrian Coles, director general of the BSA, put the success of his members down partly to the competitive rates of interest their savings accounts offer.
He commented: "Against the current uncertain economic climate, building societies are
seen as tried and tested, traditional and trusted."
A report from the Newcastle Building Society last week suggested that accounts operated by BSA members are viewed as the safest place for savings deposits among UK consumers.
