‘Excellent’ savings performance in May

02 July 2008

Building societies attract May savings of £853m

Savers stashed away £853 million in building society accounts this May, according to new industry figures.

The figure, reported by the Building Societies Association (BSA) is the highest seen by the month of May since 2002 and represents almost a 30 per cent increase on the £608 million saved in building societies in May 2007.

Adrian Coles, director-general of the 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,” he added.

However, the £272 million deposited into building society individual savings accounts (ISAs) in May 2008 was over 30% lower than the £404 million deposited in May 2007.

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