Mar 2 2009
Many people are still opening [a] building society savings account despite the economic downturn, new figures show.
Findings from the Building Societies Association (BSA) suggest 1.2 million accounts were opened over the last 12 months, which could be an option for those wanting to open a children's savings account.
[delete space]Adrian Coles, director general of the BSA, says savers took money out of their accounts to cope with Christmas expenditure, although outflows have been apparent for the last six Januaries out of ten.
He continues: "Adjusting for this normal seasonal factor there was a healthy net inflow of £722 million, once again illustrating the popularity of building society savings accounts."
Abbey Mortgages recently revealed over one million 18 to 24-year-olds in Britain returned home to live with their parents in 2008 or stalled plans to move out in order to save money.
Furthermore, it concluded that many 25 to 34-year-olds were also looking to move back home to reduce costs.
