UK Money News
1st July 2008
Brits flock to building society savings accounts
The perceived safety of building society savings of accounts is driving a huge increase in customer deposits, new figures suggest.
According to data from the Building Societies Association (BSA), some £853 million was deposited in savings accounts during May.
This is up from a figure of £608 million in May 2007 and stands as the highest level of inflows recorded since 2002.
It is thought that the high profile collapse of Northern Rock has shaken consumers' faith in banks, leading them to turn to building societies instead.
Adrian Coles, director-general of the BSA, said: "Yet again, savers have responded to the uncertain economic outlook by choosing the safety of a building society over the volatility of the stock market.
"High interest rates offered by societies, coupled with attractive product ranges, have seen customers continuing to flock to societies with their savings."
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