BSA reports high savings figures

Money News

www.moneynews.co.uk > Banking > BSA reports high savings figures

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

BSA reports high savings figures

Britons may finally be heeding the signs from the recent credit crunch after the Building Societies Association (BSA) revealed monthly savings were on the increase.

Figures from the BSA indicate that net receipts hit £1,389 million in August, up from receipts of £399 million the year before.

Taken together with signs that approvals for building society gross advances were down, at £4,341 million in August 2007 compared to £5,582 million for the same month in 2006, some are discerning a trend in the personal finance market.

Adrian Coles, director-general of the BSA, said: "These figures confirm the slowdown in building society lending over the summer, as a combination of higher interest rates and robust lending criteria continued to bite."

Noting that the saving figures for net receipts were the highest monthly figure since April 2005, Mr Coles added he believed that successive rate rises had "encouraged savers to put more money away".

The BSA expects the trend to continue and, while investors will scrutinise the next monetary policy committee decision on the interest rate, it appears the pressure on borrowing money is set to continue in the medium-term.

Related News : Banking

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet