Building societies recorded an influx of £1.35bn in savings in February, the highest February intake since 1997.

According to the Building Societies Association (BSA), the amount invested in building societys’ cash ISAs also increased from last year. February saw £130m being invested in cash ISAs, compared to February 2007’s £127m.

Brian Morris, head of savings policy at the BSA, said: “Building societies have enjoyed another strong month as high interest rates and attractive products have encouraged people to save with building societies. The continuing economic uncertainty and volatility in stock markets have provided further incentives to put money in cash savings.”