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

May savings hit five-year high

Written by:

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.”

Related Posts


Tag Box

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

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...