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Building societies attract record savings inflows

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Building societies attracted £2.3bn of savings inflows in November, almost three times the amount received in the same month last year, according to the Building Societies Association.

Adrian Coles, director-general of the BSA, said: “In the last 3 months, building societies have received new deposits of roughly the same value as they received in the entire 12 months of 2006.

“Building societies continued to attract record inflows in November, albeit slightly reduced from the extraordinarily high figures of September and October. Much of these savings are likely to come from further withdrawals from Northern Rock. They also reflect the attractive rates of interest on offer at building societies which are encouraging people to save.”

The BSA said that a perception of a possible change in the economic environment may also mean that greater attention is being given to savings these days.

Building societies had net receipts of £2,348m in November 2007, compared to net receipts of £848m in November 2006, almost three times the inflow. Society net receipts to cash ISAs were £56m in November 2007, compared to £35m in November 2006.

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