BSA reports savings rise

Tuesday, December 20, 2005

The Building Societies Association (BSA) has announced that savings are increasing in savings accounts at Britain's building societies.

According to the latest figures, savings grew by a quarter between November 2003 and November 2005, which the BSA claims is an example of increasing consumer awareness of the value of saving.

"Building society savings increased by 25 per cent between November 2003 and November 2005. This is perhaps evidence of the growing acceptance by people that they need to save, so they have something to fall back on in case hard times hit," said Adrian Coles, director general of the BSA.

"Cash savings not only pay for unforeseen expenses such as the car breaking down or the roof springing a leak, but also form part of a balanced portfolio to ensure a comfortable retirement."

In the savings section of building society operations, there were net inflows of £767 million, an increase of £102 million on November 2004.

Net receipts to cash ISAs stood at £67 million in November 2005.

Get some help finding the right savings account here:
http://www.europinions-finance.co.uk/savings/savings/
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