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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Tuesday 1st July 2008
People are putting more savings into building societies accounts, it has been claimed.
According to the Building Societies Association (BSA), inflows hit £853 million in May - the highest total for the month for six years.
A possible reason for the increased savings figures was provided by a separate BSA poll among customers, which showed that 74 per cent expected house prices to fall further in the next 12 months.
This could be leading many to invest their money in savings accounts, rather than in property.
Adrian Coles, BSA director-general, 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."
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