You are here: Home - Saving & Banking - News -

May savings hit five-year high

0
Written by:
01/07/2008

Building societies’ strong performance in the savings market continued in May, with societies attracting savings inflows of £853m, the highest May figure since 2002.

This represents a substantial increase from last May’s figures of £608m. Building society net receipts to cash ISAs in May 2008 were £272m compared with £404m in May 2007.

This is good news for the savers taking advantage of the competitive interest rates and products that building societies are now offering.

Adrian Coles, director-general of the Building Societies Association (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.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Rising energy costs spark eco-action

The UK may see a 50% rise in environmental activity as a result of rocketing fuel and energy costs, according...

Close