Building societies 'are still doing well', says BSA

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Building societies 'are still doing well', says BSA

Fri 29th May 2009

Although there has been speculation about their progress amid the current economic climate, building societies are holding their own and are still well-trusted by consumers.

This is the opinion of trade body the Building Societies Association (BSA), which also backed up the claims with research.

A poll conducted by the organisation found that 55 per cent of chief executive officers in the BSA believe 2009 will be a positive year and things will improve further in 2010.

The majority also said they think consumers trust building societies, though a lot of challenges await them over the coming months.

Adrian Coles, director-general of the BSA, stated: "Generally building societies are well capitalised with lots of liquidity and - I would say - trusted."

Meanwhile, one organisation which is offering its customers the chance to put away a few pennies during the recession is Leeds Building Society, which has just launched a new fixed-rate escalator bond.

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