Society savings on the up
Building Societies saw savings inflows of £6,296m in the first half of 2008 as an uncertain economic outlook and volatile global markets drive consumers towards less risky investments.
Deposits made into building society savings accounts in the first half of this year increased by £2,434m between the first half of this year and the same period last year, according to the Building Societies Association (BSA). It believes savers view societies’ savings accounts as tried and trusted “compared to other, more volatile, investment opportunities”.
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.”