BBA: More deposited in savings accounts recently

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BBA: More deposited in savings accounts recently

Statistics released by the British Banking Association (BBA) today reveal that the amount deposited in UK banks by individual savers has actually increased slightly since October, despite the credit crunch.
 
According to the BBA, which acts as a representative body for many of the UK’s major banks, the total amount of personal deposits rose to just under £4 billion in November and annual growth rate grew by 4.2 per cent.
 
The stronger showing can be partially explained by the fact that the end of the month fell over a weekend.
 
David Dooks, director of statistics at the BBA, said: "There was an increase in deposits, in part reflecting the receipt of savings reclaimed from accounts in Icelandic banks."
 
Recently a poll conducted by Alliance & Leicester suggested that many people are saving because of growing insecurity about their financial futures.

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