Oct 18 2007
Cash amounts deposited into building society-based individual savings accounts were worth a total of £68 million over the course of September, according to the latest figures from the Building Societies Association (BSA).
Many people use their Isas to save to secure their own or their children's financial future and the BSA reports that receipts for cash-based Isas were worth £11 million more last month than in the corresponding month of 2006.
Overall contributions to savings vehicles provided by building societies hit record levels during September this year and were worth a total of £2,821 million, the BSA's data demonstrates.
Adrian Coles, director general of the BSA, said: "The September net receipts figure represents the highest monthly inflow that building societies have ever experienced.
"This is more than double the amount deposited in August, nearly three times the amount deposited in September last year, and nearly £1billion higher than the previous record."
Last month, the BSA welcomed the government announcement that child trust funds are to be used as a way of engaging British children with financial issues.
