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Building Society savings break records

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Building societies attracted record savings of more than £3bn in October, as high interest rates continue to attract savers, according to the Building Societies Association (BSA).

Societies had net receipts of £3,024m in October 2007 compared to net receipts of £772m in October 2006.

Commenting on the figures, Adrian Coles, director-general of the BSA, said: “The majority of these deposits are funds withdrawn from Northern Rock, with the attractive savings products offered by building societies continuing to appeal to customers looking for the best home for their money.”

“At £3,024m, October net receipts for building societies were the highest monthly figures ever, beating the record of £2,821m set last month, and almost 4 times the figure deposited in October 2006.”

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