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Savings reach new high

Savings at building societies have reached a new high, according to new figures.The Building Societies Association (BSA) has reported that an increasing number of people are now choosing to save their money after years of spending, resulting in building societies seeing a much greater level of savings.In September this year, building societies reported net receipts of £2,821 million, compared to £1,001 million in September 2006."The September net receipts figure represents the highest monthly inflow that building societies have ever experienced," said Adrian Coles, BSA director general.Mr Coles concluded: "It is likely that a significant proportion of the inflow is due to withdrawals from Northern Rock bank being redeposited in building societies. With savers searching for the best home for their money, the wide range of attractive savings products that societies offer proved to be very competitive."The trend to move from spending to saving was also highlighted by the BSA's mortgage figures, which saw approvals drop from £4,874 million in September 2006 to £4,319 during September this year.

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