UK Money News
29th July 2008
Savers choosing building societies
Britons are flocking to deposit their money in building society savings accounts, with investors' fears over volatility in the stock markets and attractive interest rates on cash savings products fuelling the trend.
Figures from the Building Societies Association (BSA) show that during the first six months of 2008 some £6,296 million was deposited in building society savings accounts - the highest inflow ever recorded.
During the same period last year, the accounts garnered just £3,862.
Commenting on the figures, Adrian Coles, director general of the BSA, said: "With an uncertain economic outlook and stock market turbulence, savers are wisely viewing building societies as excellent homes for their money.
"The excellent products and trusted brand names of building societies mean that savers know that societies are the place for their savings when times are uncertain."
The trend for buildings societies and banks upping rates on their savings offerings has been driven by the credit crunch.
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