UK Money News
2nd May 2008
BSA: Record inflows for building societies' cash Isa's
The mood of uncertainty among investors fuelled record inflows for building society cash individual savings accounts (Isa's) during April, new figures have confirmed.
Data from the Building Societies Association (BSA) shows that inflows to cash Isa's hit £1.8 million during April.
This is the highest monthly figure ever recorded and compares with a figure of £1.35 million for the same month last year.
Adrian Coles, director-general of the BSA, said the figures represented an "excellent performance" for the savings products.
He added: "Savers are increasingly recognising that the very competitive saving products that building societies offer represent excellent homes for their cash in these uncertain economic times.
"It appears that building society cash Isa's were particularly popular because of a less optimistic outlook for future stock market performance."
The BSA's figures also revealed a decline in net lending of 3.3 per cent, with conditions in the housing market fuelling the fall.
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