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Tuesday 29th July 2008
Cash inflows to building society savings accounts hit £6.3 billion over the first six months of 2008.
New figures from the Building Societies Association (BSA) show that higher rates and increased insecurity from the credit crunch have boosted savings.
Over the equivalent period last year, inflows stood at just £3.8 billion.
The BSA also said that, for June, total funds held in building society-managed tax-free Individual Savings Accounts (ISAs) stood at £419 million.
Director general Adrian Coles said: "With an uncertain economic outlook and stock market turbulence, savers are wisely viewing building societies as excellent homes for their money.
"The excellent products and trusted brand names of building societies mean that savers know that societies are the place for their savings when times are uncertain."
However, new ISA figures from the Investment Management Association - also released today - are markedly less positive.
The firm said that credit crunch-induced drops on stock exchanges had led to a loss in confidence for stocks and shares ISAs - which meant that outflows hit £302 million for June.
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