Consumers saved more in November

British consumers - potentially including those saving for children - put more money into their savings accounts in November compared to the previous month.

Figures from the British Bankers Association (BBA) show that personal deposits rose last month after being flat in October.

The total amount deposited by UK savers increased to just under £4 billion, bringing the annual rate of growth to 4.2 per cent.

BBA statistics director David Dooks said: "There was an increase in deposits, in part reflecting the receipt of savings reclaimed from accounts in Icelandic banks."

Indeed, the UK's Financial Services Compensation Scheme confirmed this week that more than 199,000 of those who had deposits with the collapsed Icelandic bank have now been compensated.

November's increase in savings deposits may also be explained by the fact that the end of the month fell on a weekend, the BBA added.

Research carried out recently by Alliance & Leicester revealed that 64 per cent of British consumers managed to save in 2008.