Nov 22 2007
The scale of investments into individual savings accounts (Isas) held with British building societies was £26 million greater last month than in October of 2006, it has been revealed.
Over the course of October 2007, a total of some £91 million was invested into these kinds of Isas, which are used by many to provide children with a nest egg in later life, according to the Building Societies Association (BSA).
The BSA's latest figures also show that high rates of interest meant record amounts were invested into all varieties of savings vehicles with its members last month.
"At £3,024 million, October net receipts for building societies were the highest monthly figures ever, beating the record of £2,821 million set last month, and almost four times the £772 million deposited in October 2006," said Adrian Coles, the BSA's director general.
The base rate of interest is currently at 5.75 per cent after the Bank of England opted to raise the rate five times since August of last year.
