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

Record year for society savings accounts

Written by:

Building Societies saw a record year for savings deposits in 2007, according to the latest statistics from the Building Societies Association (BSA).

Deposit levels reached £16.1bn in 2007, almost double the £8.3bn saved in 2006, the BSA’s figures showed. Previously, the record for savings inflows in any one year was £13.6bn in 1988. Adrian Coles, director general of the BSA, said: “The majority of the deposits came in the latter months of 2007, so a significant proportion is almost certainly funds withdrawn from Northern Rock bank.

“However, a substantial amount is also likely to be from households increasing the amount they save in preparation for a more uncertain year ahead. With competitive interest rates on offer and uncertain times in the equity markets, building societies continue to be an attractive home for people’s 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:
Government announces solution for Northern Rock

A new financing solution for Northern Rock has been announced today by HM Treasury, the Bank of England and the...