Aug 20 2007
Investments in cash-based individual savings accounts (Isas) offered by building societies un the UK were worth £48 million more over the course of last month than during the corresponding period of 2006, it has been revealed.
Cash Isas are commonly used as a way for parents to save for their children's financial future and the latest figures show that there was £167 million invested in this way with building societies during July 2007, compared with £199 million during the same month last year.
Overall, savings investment in building society accounts also rose considerably on the same comparative basis, with consumers adding £279 million more to their accounts last month than was the case during July 2006, according to figures from the Building Societies Association (BSA).
"Savings in July increased strongly from a year ago, with net receipts up 62.8 per cent compared to July 2006," said Adrian Coles, director general of the BSA.
"The higher rates of interest on offer compared to year ago are tempting savers to make additional deposits."
Last week, the BSA revealed that cash-based child trust funds in the UK are now worth around £255 million.
