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Savings on the rise

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Continued economic uncertainty has seen building societies attract net receipts of £1.4bn in July 2008, double the amount saved in July last year, as savers sought safe homes for their money.

Building society net withdrawals from cash Individual Savings Accounts (ISAs) in July 2008 were also up, at £228m, compared to net receipts of £167m in July 2007.

Adrian Coles, director general of the Building Societies Association, said: “A turbulent stock market and greater anxiety over job prospects mean that people are increasingly viewing their tried and trusted building society as an excellent home for their money.

“They know that saving with a society ensures they can take advantage of a competitive product range with a name they can rely on.”

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