BSA claims competitive rates are attracting savings customers

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BSA claims competitive rates are attracting savings customers

Research by the Building Societies Association (BSA) has suggested more money is being held in mutual institutions and a representative from the organisation has claimed this is down to the great interest rates on offer.

Director general of the industry body Adrian Coles made his remarks after the BSA revealed balances in savings accounts with such financial services providers increased by £929 million in April.

But he was cautious about the future, suggesting some people may decide to put their money into paying off debts rather than building up a nest egg of cash.

"Maintaining positive inflows will remain a challenge while the bank rate remains low, as savers may seek higher returns elsewhere," noted Mr Coles.

He highlighted Isas as a particularly popular product currently.

The BSA recently called for the government to offer added support to homeowners in financial difficulty, suggesting they need a safety net in case they suffer excessive problems in this area.

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