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Building society savings at "very high level"

It has been revealed that saving levels with building societies are high at present, thanks in part to the recent increase in the Bank of England base rate.According to the Building Societies Association (BSA), savings with building societies are at a "very high level" due to good rates of interest and the high quality of products available.Neil Johnson, public relations and policy manager for the BSA, confirmed: "For the fourth month running, savings with building societies are at a very high level."He explained: "Interest rates are at a relatively high level so there's a greater incentive for people to save."Mr Johnson added that another important factor encouraging people to save their money is the worsening economic outlook in the UK and across the world due to the global credit crunch.This has caused people to "think about where their finances are going this year", he suggested, with many people looking to save rather than spend in 2008.

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